"24 June 2021" Archive - Page 7

AS 1 – Disclosure of Accounting Policies

AS 1 - Disclosure of Accounting Policies deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements....

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Posted Under: CA, CS, CMA |

No immunity from tax to right person if revenue taxed wrong person

No immunity from tax to the right person if revenue taxed wrong person contrary to law. SC in the case of Income Tax Officer vs Ch. Atchaiah on 11 December, 1995 There are no words in the present Act (The Income Tax Act , 1961) which empower the Income Tax Officer or give him an […]...

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Posted Under: CA, CS, CMA |

Decision of HC having jurisdiction over AO to be followed by NFAC

NFAC should follow and apply the decision of jurisdictional High Court having jurisdiction over Assessing Officer. Any relief should not be refused to assessee by NFAC merely because there was some conflicting decision of non-jurisdictional High Court....

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Posted Under: CA, CS, CMA |

CA and death of an actor

Few days after an untimely death [by suicide or murder?] of a film actor in Hindi Film industry hit the headlines in print and electronic media his Chartered Accountant’s name surfaced. As soon as CA’s name flashed Herambh Shastri Chartered Accountant by profession [ not related to any dead or alive Chartered Accountant ] started inst...

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Posted Under: CA, CS, CMA |

IFSCA Guidelines on Liquidity Risk Management for a Finance Company/Finance Unit

F. No 172/ IFSCA/Finance Company/Unit Regulations/2021-22/7 24/06/2021

The Finance Companies/Finance Units may draw reference to sub-regulation (3) of regulation 4 on Liquidity Coverage Ratio (LCR), of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 (herein referred to as ‘Regulations’) dated March 25, 2021 issued by the Authority....

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Import of 250000 MT of Urad and 1 Lac MT of Tur from Myanmar notified

Public Notice No. 9/2015-20 24/06/2021

Import of 2,50,000 metric tonnes (MT) of Urad and 1, 00,000 MT of Tur from Myanmar during 2021-22 to 2025-26 (April to March) as per the MoU entered between Government of the Republic of India and the Government of the Republic of the Union of Myanmar is notified. MINISTRY OF COMMERCE AND INDUSTRY (Department of […]...

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Govt notifies Import of 50000 MT of toor from Malawi during 2021-22 to 2025-26

Public Notice No. 08/2015-20 24/06/2021

Import of 50,000 MT of toor from Malawi during 2021-22 to 2025-26 (April to March) as per the MoU entered between Government of the Republic of India and the Government of the Republic of Malawi is notified. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce ) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi Public Notice […...

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Reviving of case after 18 years of issuance of SCN unjustified

Maxcare Laboratories Ltd. Vs Joint Commissioner (Orissa High Court)

Reviving of assessee's case after 18 years, the Opposite Parties had acted unreasonably particularly since assessee could not have reasonably expected that the proceedings against it would be kept alive for these many years without any action being taken and also, assessee could not be expected to preserve its records for these many years...

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Addressing mental health issues of inmates & staff in Prisons & Correctional facilities during Covid-19

F. No. 17013/19/2021-PR 24/06/2021

The Covid-19 pandemic has posed unique challenges to the world. Prisons and Correctional facilities have also been affected by the pandemic. Appropriate measures have been taken by Prison authorities to check the spread of Covid-19 in Prisons. However, there is a need to continue to monitor the situation rigorously without letting the gua...

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