This is to inform to all members and students of ICAI and public at large that a fake website namely www.icaitestseries.com has been created by an unidentified person by using the ICAI name. Through the said website, TEST SERIES Scandal/Scam purportedly in the name of online TEST SERIES for CA/IPCC/INTER & FINAL is being run by the imposter(s).
Harjeet Singh Vs ITO (ITAT Delhi) It can be seen that the Assessing Officer has proceeded on wrong assumption fact. The amount of Rs. 10 lacs is not supported by any cheque number whereas the allegation is that the assessee has received accommodation entry from Sh. Gupta through cheque. In my considered opinion the basis […]
DCIT Vs Maco Corporation India (P) Ltd. (ITAT Kolkata) There is absolutely no provision for withdrawal of recognition under section 35(1)(ii) of the Act. Hence, the so-called withdrawal of recognition under section 35(1)(ii) in the hands of the payee organizations could not affect the rights and interests of assessee herein for claim of weighted deduction […]
The e-commerce sector is expected to keep growing in future because of a number of reasons. The FDI policy on e-commerce has remained unchanged. Better enforcement of this policy will contribute significantly to growth of this sector over medium and long term.
Kirtiman Cements and Packaging Industries Ltd. Vs ACIT (ITAT Delhi) Provisions of law on unabsorbed deprecation which is allowed as depreciation of current year under section 32(2) fall in section 71 and not under section 72, as such, allowable as ‘business expenditure’. Therefore, unabsorbed depreciation of current year and earlier year was allowable against income […]
In re IMS Proschool Pvt. Ltd. (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld the ruling given by the Advance Ruling Authority by observing that since they are not providing any services in relation to the NSDC programme implemented by the NSDC, they are not eligible for the exemption provided in the entry […]
In re Taraltec Solutions Pvt. Ltd (AAAR Maharashtra) It is evident that the impugned product manufactured by the Appellant does not merit classification under the sub-heading 8413 91- as “Hand Pumps and parts thereof” as contended by the Appellant. We hold that the same is classifiable, in line with the contention made by the Jurisdictional […]
Catholic Syrian Bank Ltd Vs DCIT (ITAT Cochin) In the present case, there were no affidavits from the concerned persons who are handling the impugned issues and who are required to take proper steps in filing the appeals before the CIT(A). In our opinion, the decision of the co-ordinate Bench is without doubt binding upon […]
Change in structure of question paper of practical training assessment It has been decided to include questions on current Economic and Business affairs of 8-10 marks at both the levels of practical training assessment. The study content related to the same would be published in “The Chartered Accountant Student” – the monthly journal being published […]
The Interim Finance Minister detailed the tax reforms on the direct taxes and GST front, and the benefits of the same to the citizens of India. He highlighted that tax collections as well as the tax base have shown significant increase and India has made considerable progress towards achieving a moderate taxation-high compliance regime.
