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ITAT Bangalore held that u/s. 292C of the Income Tax Act, there is a presumption that the documents found in the possession or control of any person in the course of search, belongs to such person and contents of such document are true.
Madras High Court held that the CBDT is not empowered to fix the time limit for filing the application for compounding of offences, which is contrary to the provisions of Section 279(2) of the IT Act. Accordingly, CBDT circular dated 14.06.2019 fixing the same is liable to be struck down.
Gujarat High Court held that criminal proceedings in case of Central Excise Duty evasion quashed as there is no legally enforceable debt on the date of issuance of cheques.
ITAT Bangalore held that assessee is eligible to avail deduction of an amount representing actual write off in the books of account of bad debts relating to nonrural/urban advances in terms with section 36(1)(vii), as proviso to the said section would not apply to non-rural advances.
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Explore the nuances of Auditing Standard 720 (Revised) and the auditors responsibilities regarding other information in an entity’s annual report. Learn the scope, objectives, and practical application. Stay informed to uphold credibility.
Explore the scope, objectives, and audit procedures of SA 710 for Comparative Financial Statements. Learn about reporting requirements and key considerations in auditing
Explore the scope and requirements of Standard on Auditing 706, covering Emphasis of Matter Paragraphs in the auditor’s report. Learn about the effective date and key considerations
Explore the types of modified opinions, circumstances requiring modifications, and the impact on the auditor’s report as per Standard on Auditing 705
Explore the significance of Auditing Standard 701 and the communication of key audit matters in the auditor’s report. Learn its objectives, requirements, and implications for financial statement audits
