"25 November 2023" Archive

Documents found in possession of any person during search is presumed belonging to such person

Trishul Buildtech Infrastructure (P) Ltd. Vs JCIT (ITAT Bangalore)

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....

CBDT circular fixing time limit for filing application for compounding of offences struck down

Jayshree Vs Central Board of Direct Taxes (Madras High Court)

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....

Criminal proceedings quashed as there is no legally enforceable debt on date of issue of cheque

Anil Govindbhai Metaliya Vs State of Gujarat & Other(S) (Gujarat High Court)

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....

Bad debts written off by non-rural branches u/s. 36(1)(vii) are allowable

Canara Bank Vs DCIT (ITAT Bangalore)

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. ...

GST ITC optimum offset/Utilization Tool

Use our GST ITC Utilization Tool to optimize your Input Tax Credit and minimize the challan amount. Our proposed methodology follows the relevant Sections and Rules of the GST Law....

Posted Under: Income Tax |

Draft SA 720: Auditor’s Responsibilities Relating to Other Information

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....

Posted Under: Income Tax |

Draft SA 710 Comparative Information -Corresponding Figures & Comparative Financial Statements

Explore the scope, objectives, and audit procedures of SA 710 for Comparative Financial Statements. Learn about reporting requirements and key considerations in auditing...

Posted Under: Income Tax |

Draft SA 706: Emphasis of Matter & Other Matter Paragraphs in Auditor’s Report

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...

Posted Under: Income Tax |

Draft SA 705 Modifications to Opinion in Independent Auditor’s Report

Explore the types of modified opinions, circumstances requiring modifications, and the impact on the auditor’s report as per Standard on Auditing 705...

Posted Under: Income Tax |

Draft SA 701 Communicating Key Audit Matters in Independent Auditor’s Report

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...

Posted Under: Income Tax |

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February 2024