Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai) The issue under consideration is whether the amount received through the Will of God-Mother is eligible for exemption u/s 56(2)(vii)? ITAT states that a perusal of the provisions of Section 56(2)(vii) shows that any amount received by an individual without consideration and the aggregate value exceeds 50,000, the […]
ICAI Convocation 2020 is to be held as per following schedule in which members newly enrolled during the period May 2019 to October 2019 will be awarded Certificate of Membership amidst august gathering of CA fraternity.
The Income Tax Department conducted a search and survey action on a group having interest in infrastructure, mining and real estate. More than 25 premises were covered in NCR.
Last date for filing appeal in GSTAT- Removal of Difficulties Order issued to implement the decision of 37th GST Council regarding GST Appellate Tribunal (GSTAT) vide Order No. 09 /2019-Central Tax dated 03rd December, 2019. Extension of the last date for filing of appeals before the GST Appellate Tribunal against orders of Appellate Authority on […]
Refund applications could not be denied merely because the assessment orders were not challenged by assessee or reassessment of the bill of entries was not done
It is just a gentle reminder that Membership/Certificate of Practice Fees for the year 2019-20 became due for payment on 1st April, 2019. If not paid till date, kindly pay Annual Membership/COP Fees by 31st December 2019.
Cases of financial irregularities continue unabated, both in India and abroad, bringing to the forefront yet again concerns over the need to improve audit quality. Reports of resignations of auditors to swift actions from various regulatory bodies against auditors continue to grab headlines on a routine basis these days. There are several issues that need […]
The issue under consideration is whether the addition made by AO u/s 68 by considering the share application money received by assessee as unexplained cash credit is justified in law?
Disallowance of deduction under section 35(2)(AB) on the ground of non approval of expenditure claimed by the DSIR was allowable as prior to the amendment, i.e., upto 30.06.2016, the pre-requisite for allow ability of deduction was approval for Units and not approval for the quantum of expenditure. Moreover, AO disallowed the claim without due application of mind.
Reassessment could not be reopened on basis of change of opinion in case the matter of dis allowance had already been considered during the original assessment proceedings because the authority could not take advantage of their own wrong if they failed to perform their statutory duty.
