DCIT Vs Runwal Multihousing Pvt. Ltd. (ITAT Pune) we find that the assessee was regularly following the Percentage completion method by valuing the closing work-in-progress at estimated realizable price. Certain unforeseen circumstances developed. The assessee switched over from the Percentage completion method to the Project completion method by filing a revised return. It is not […]
On 1st February 2020, the Hon’ble Finance Minister, Mrs. Nirmala Sitharaman announced the Direct Tax Vivad se Vishwas Scheme during her speech for the Budget 2020. Th Scheme was introduced to reduce to the pending income tax litigations present at multiple appellate forums and for more efficient collection of revenue.
The Hon’ble AAR, Karnataka, in the matter of Sri. B.R. Sridhar [Order No. KAR ADRG 55/2020 (dated, November 7, 2020)] held that the amounts received by Sri. B.R. Sridhar (Owner/ Applicant), either by himself or through his agents, towards sale of their share of flats consequent to a Joint Development Agreement (JDA) are not exigible […]
Accounting Standards Board (ASB) decided to issue the Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, corresponding to amendments in IFRS 17 for public comments. It may be noted that in May 2017, the IASB issued new standard on insurance Contracts, IFRS 17, Insurance Contracts, replacing IFRS 4 which was in the nature of an interim standard pending the completion of the project on insurance contracts by the IASB. IFRS 17, first comprehensive international standard, sets out the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard.
One more attempt will be granted to the students of Executive & Professional Programme (2012 Old Syllabus) in June 2021 session of Examination. Further, with effect from December 2021 Session of Examinations, all remaining students under Executive and Professional Programmes (2012 Old Syllabus) shall be compulsorily switched over to 2017 New Syllabus.
PCIT Vs Headstrong Services India Pvt. Ltd. (Delhi High Court) It is now settled law that failure to adhere to the mandatory procedure prescribed under Section 144C of the Act would vitiate the entire proceedings and the same cannot be treated as an irregularity/ curable defect. In ESPN Star Sports Mauritius S.N.C. ET Companies vs. […]
CTM Technical Textiles Ltd Vs Union of India (Gujarat High Court) Both the goods in question are being manufactured by the writ-applicants by weaving; it being warp knitting in case of the Agro Shade Net and weaving by warp and weft in case of the Geo Grid fabrics. Both these commodities are in the nature […]
Union Government for the first time lays down Rights to the Electricity Consumers through’Electricity (Rights of Consumers) Rules, 2020′. Beginning of an era of empowering Power Consumers in a paradigm shift bringing Consumers to Centre Stage : Shri R K Singh
Atotech India Pvt. Ltd. Vs DCIT (ITAT Delhi) TP Adjustment: Payment made for management related activities under CSA- ITAT remanded the issue back to AO We find that the only controversy involved in all the assessee’s appeals is with regard to payment made for management related activities under CSA which has been taken at ‘Nil’ […]
The Reserve Bank of India (RBI) has, vide order dated December 24, 2020 cancelled the banking licence issued to Subhadra Local Area Bank Ltd., Kolhapur, Maharashtra under Section 22 (4) of the Banking Regulation Act, 1949 to carry on banking business in India. The order is made effective from close of business on December 24, 2020.
