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Archive: 18 February 2021

Posts in 18 February 2021

Brief Summary – Standards on Internal Audit (SIA)

February 18, 2021 32112 Views 0 comment Print

THE FIVE ‘I’ APPROACH FOR RISK ADVISORY & INTERNAL AUDIT 1. Innovation – Change is the only constant. 2. Interaction – For good ideas and true innovation, you need human interaction, disagreement, argument and debate. 3. Impact -The only limit to your impact is your creativity and commitment. 4. Information – Data will talk to […]

CIT cannot revise assessment order passed by AO without assigning any reason

February 18, 2021 969 Views 0 comment Print

CIT Vs Y.V. Subramaniam (Madras High Court) The Tribunal, while allowing the assessee’s appeal, observed that the assessment order was passed after making full verification and the order of the CIT is based on no reason and he has simply given an abrupt finding that the assessment order is erroneous insofar as it is prejudicial […]

How to Prepare For Exam through CS Online Coaching?

February 18, 2021 7893 Views 3 comments Print

One of the most searched questions usually asked by CS Candidates across India has been, Can I prepare for CS at home with the help of CS online classes? Our answer is- Yes. You recognize your goal is to be CS but are unsure of how and where to begin. Are conventional coaching the simplest […]

Additional condition for availing Input Tax Credit imposed vide Budget 2021

February 18, 2021 11067 Views 1 comment Print

Recently, the Union Budget 2021, presented on 1st February 2021, has come up with the proposal of satisfaction of one more additional condition for availing Input Tax Credit under Goods and Services Tax (i.e., GST). Accordingly, the provisions of section 16 of the Central Goods and Services Tax Act, 2017 covering eligibility and conditions for […]

MCGM order on compulsorily wearing of face mask

February 18, 2021 1179 Views 0 comment Print

All persons moving for whatsoever purpose and under whatever reason or authority in public places like street, office, shops, markets clinics and hospital premises must compulsorily wear face mask.

GST officer can suspend registration during pendency of proceedings relating to cancellation of registration

February 18, 2021 1026 Views 0 comment Print

Kans Wedding Centre Vs Commissioner Of Commercial Taxes (Kerala High Court) in the event the registered persons fail to file returns for a continuous period of six months, the proper officer can cancel the registration, but that has to be done by granting opportunity of hearing to the registered person. Rule 22 of the GST […]

Amendments to bye-laws of Society operates prospectively while granting Section 12AA registration

February 18, 2021 2280 Views 0 comment Print

Hon’ble Supreme Court of India in the case of Commissioner of Income-Tax Vs. Kamla Town Trust reported in (1996) 84 Taxman 248 (SC) held that the rectification shall not have retrospective effect and would operate prospectively from the date when the rectification saw the light of the day.

No deduction to Trust for Donation for activity which ultra vires to object clause of assessee

February 18, 2021 2736 Views 0 comment Print

Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) In the instant case before us, we have observed that the objects of the donor viz. assessee only permitted to engage in activities to establish and run hospitals, nursing homes, welfare homes, rest houses for the good and benefit of the people, and other objects which are […]

Summon can be issued by GST Authorities to give evidence & produce documents

February 18, 2021 8205 Views 0 comment Print

Jsk Marketing Limited & Anr Vs Union of India & Ors. (Bombay High Court) A conjoint reading of Section 14 of the Central Excise Act, 1944, Section 83 of the Finance Act, 1994 and  Section 70 & 174 of the CGST Act show that though the Central Excise Act and the Finance Act, 1994 to […]

Educational Material On ICAI Valuation Standard 301- Business Valuation

February 18, 2021 1353 Views 0 comment Print

Business Valuation is an act or process of determining the value of a business enterprise or ownership interest therein which involves many assumptions and hence cannot be expected to provide a precise estimate of value. Valuation of business is a complex assignment which requires informed judgement and decision making.

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