Since AO passed the assessment order and accepted the return filed by assessee after examining the issue regarding increase in capital account as assessee had credited his capital account with agricultural income and the capital gain from sale of flats and had reflected that same in its capital account, therefore, CIT had exceeded jurisdiction under section 263 by directing AO to make fresh assessment on the issues which were not the subject matter of the AO’s limited scrutiny.
India Resurgence Arc Private Limited Vs M/s. Amit Metaliks Limited & Anr. (Supreme Court of India) “Equality” means equality among equals or within the same class. In the present facts of the case, the appellant company is said to be the assignee of the rights, title and interest carried by Religare Finvest Limited as secured […]
Roshni Sana Jaiswal Vs Commissioner of Central Taxes (Delhi High Court) The petitioner was acting as a director on the Board of Directors of a company, between 2006 and 2008 and the department initiated investigation against that that company alleging that the company was availing Input Tax Credit against fake/ineligible invoices. The petitioner was also […]
Since last year or so, the entire country is going through tumultuous patches for society as a whole. Present second wave of COVID-19 has put the resources of country at greater strain wherein the entire mankind is struggling to keep their hope float leave alone the prospects of future.
Section 194N was introduced by Finance Act 2019 and substituted by Finance Act 2020. The main ingredient of Section 194N is that TDS @ 2% shall be deducted in case any person withdraws in cash an amount exceeding Rs. 1.00 Crore In cash from his bank account in an year. A person who has not […]
1. What dose Bonus Share means? Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares. 2. What are the […]
Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal.
Shri Piyush Goyal urges the countries to share Covid vaccines liberally with those who are in dire need of it, stating that Global solidarity is the need of the hour;
Nowadays cheques are used closely everywhere for many purposes which include loan repayment, salary & wage payment, bill payment, and fee payment, etc. so on a daily basis, banks process and clear the vast majority of cheques which is used to secure evidence of payment. However, cheques are still a very common mode of payment for all nowadays. It is always advisable to issue crossed “Account Payee Only” cheques in order to avoid its misuse.
What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance Budget, 2021, […]
