So far, concealment of income amounting to more than Rs. 450 crore has been detected. The assessee has made an admission of undisclosed income amounting to Rs. 105 crore. The search action has resulted in seizure of unaccounted cash of Rs.1.58 crore.
Tanvir Collections Pvt. Ltd. Vs ACIT (ITAT Delhi) Absence of satisfaction of AO of searched person must for other person without which jurisdiction assumed under 153C is invalid It is palpable that the AO of Shri B.K. Dhingra, Smt. Poonam Dhingra and M/s Madhusudan Buildcon Pvt. Ltd., did not record any satisfaction that some money, […]
The Ministry of Commerce & Industry has issued a press release dated 12 Jan 2021 to give a brief on Parliamentary Consultative Committee meeting of Commerce and Industry on which was held to discuss “New Foreign Trade Policy 2021-26”. Please find below excerpts form press release for your perusal: The meeting was chaired by the Minister of State for […]
I. Introduction Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a set of step-by-step instructions to help the employees within its organization carry out its routine operations with ease. Normally, SOPs are used demonstrate compliance with the regulation or operational practices and to document how tasks must be completed […]
PCIT Vs Novell Software Development (India) Pvt. Ltd. (Karnataka High Court) Facts: 1. Taxpayer, a captive software development and support service provider, is subsidiary of Novell Inc US. The taxpayer provided software development and support services to its US Associated Enterprise and adopted Transactional Net Margin Method. 2. The taxpayer was providing depreciation as per […]
Note on Prevention of Sexual Harassment of Women At Workplace ((Prevention, Prohibition And Redressal) Act, 2013 (Posh Act) BACKGROUND: The Act to prevent incidents of sexual harassment at workplace was enacted after 16 years of the Supreme Court judgment in the case of Vishaka & Ors. vs. State of Rajasthan & Ors. (1997 (7) SCC […]
The Standard on Quality Control (SQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost statements, cost records and other related documents, and other assurance and related services engagements and applies to all firms of Cost Accountants.
You should never accept ‘NO’ as an answer in any situation, when once you are convinced that you are right. You should fight till you succeed! I wish to narrate hereunder one of my own personal experiences, to drive home the point, as to how the ‘Effort Never Dies!’ As all of us know that […]
Ministry of Corporate Affairs (MCA) has vide its notifications dated 18th December 2020, issued amendment in following rules: 1. Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020: MCA has relaxed certain provisions under the law w.r.t. mandatory online proficiency self-assessment test that one has to undergo, post inclusion of his/her name in data […]
ICAI in it’s guidance note on tax audit has given a glimpse of the method of computation of turnover and profit for the transactions entered in derivatives
