The Reserve Bank of India (RBI) today released the Annual Report of the ‘Ombudsman Schemes of the Reserve Bank for the year 2019-20’. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949.
DCIT Vs NLC India Ltd. (ITAT Chennai) The main objection of the AO is that the new unit started cannot be considered as separate undertaking because it is using the same manufacturing technology and the finished goods are also the same, i.e., power. The new unit, i.e., unit TPS-I Expansion is nothing but the expansion […]
B V Harish Vs State of Karnataka (Karnataka High Court) In this case Karnataka High Court quashed and set aside a criminal case registered against founders of Bitcoin company, Unocoin for setting up a Bitcoin ATM in Bengaluru in 2018 as the case has been registered against the petitioners based on the Circular dated 06.04.2018 […]
ACIT Vs. M/s GTM Builders & Promoters Pvt. Ltd. (ITAT Delhi) As per accounting standards AS-7, the purchases and working progress have to be reconciled along with architect report. The AO has not rejected the books of accounts and accepted the book profits while making the addition. The Assessing Officer’s observation that none of the […]
NOTICE INVITING TENDER FOR APPOINTMENT OF INTERNAL AUDITOR IN MADRAS FERTILIZERS LIMITED (A Government of India Undertaking) Regd Office: Post Bag No.2, Manali, Chennai – 600 068. TELEPHONE: 044 – 25945293 / 25945291 E-MAIL: ca@madrasfert.co.in/ ia@madrasfert.co.in WEBSITE: www.madrasfert.co.in MADRAS FERTILIZERS LIMITED (A GOVT. OF INDIA UNDERTAKING) MANALI, CHENNAI 600 068 TELEPHONE: 044 – 25945293 / […]
Income Tax Slab Rates, we all are aware of this word, and I won’t be wrong if I will say that, our thoughts roam around this word, correct, I guess. Actually, it’s obvious for us to be very much information about the “Income Tax Slab Rate” because we have to pay the taxes to the […]
FIH India Private Limited Vs DCIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee has written off input Service Tax during the impugned financial year relevant to assessment year 2010-11. But, the dispute is with regard to deductibility of input service tax. The AO has disputed deduction claimed by […]
The assessee is an individual, who is an employee of HDFC Bank Limited, Mumbai, and currently on deputation to HDFC Bank Representative Office in Dubai. The status of the assessee is of the non-resident.
Agriculture Infrastructure & Development Cess- Implementation Challenges In last budget proposals, Clause 115(1) of the Finance Bill,2021 has introduced Agriculture Infrastructure and Development Cess (in short ‘AIDC’) on the goods specified in the first schedule to Customs Tariff Act, 1975 on being imported into India. Further, in clause wise explanation in the Memorandum, it has […]
As the budget 2021 unveiled, it came up with the proposals to boost the economy and certain important proposed amendments. One of the proposed amendments was ‘No more Depreciation on Goodwill’.
