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Challenges to reconnect with Nature

June 3, 2017 741 Views 0 comment Print

Since 1972 World Environment Day is celebrated over the world to raise awareness about forests and wider issues of environmental protection. The theme of this year’s World Environment Day is ‘Connecting People to Nature. It implores us to get outdoors and into nature, to appreciate its beauty and to take forward the call to protect the Earth that we share.

Search & Seizure of Undisclosed income deposited into A/c of 3rd party

June 3, 2017 7512 Views 0 comment Print

1. The main argument on merits by both Petitioners is that without a search warrant in their respective names, and without there being a demand raised and finalised, there is no power under Section 132 read with Section 132B of the Act to require RBL to issue a DD favouring the Department for the balance […]

15th Meeting of the GST Council to be held on 3rd June, 2017

June 2, 2017 723 Views 0 comment Print

15th Meeting of the GST Council to be held tomorrow, 3rd June, 2017 – Approval of amendments to the draft GST Rules and related forms and Finalization of the rates of tax and cess on the remaining commodities are on the Agenda among others for tomorrow’s meeting.

HUF income cannot be taxed in members hand after demise of Karta

June 2, 2017 2103 Views 0 comment Print

In P.G Sunandamma Vs. ITO, the ITAT, Bangalore, held that the transfer of excise license to a member of HUF on death of Karta cannot be reason to assess HUFs income in the hands of that individual member.

AO cannot review assessment order already framed vide section 154 rectification

June 2, 2017 4566 Views 0 comment Print

he issue raised by the AO in proceeding under section 154 of the Act is highly debatable and requires the issue to be reconsidered by the AO about applicability of provision of section 115JB of the Act which was not raised by the AO in the original assessment proceeding. Therefore AO has no power to […]

ICAI FAQs on Revised Scheme of Education & Training

June 2, 2017 11250 Views 8 comments Print

The three levels will now be called as Foundation, Intermediate and Final in place of earlier levels i.e. Common Proficiency Course (CPC), Intermediate (integrated Proficiency Competence) Course and Final.

ICAI: Summary of Revised Scheme of Education and Training

June 2, 2017 1908 Views 0 comment Print

Register with Board of Studies (BoS) after appearing in Class XII examination so as to complete four months study period (i.e. register till 30th June/ 31st Dec. for November/ May Examination).

Acceptance of late charges / amendment fees by JNCH on 24 X 7 basis

June 2, 2017 1149 Views 0 comment Print

Trade has represented that they are facing difficulty in making payment of certain late charges / amendment fees (as detailed below) beyond working hours.

SEBI on Formation of Committee on Corporate Governance

June 2, 2017 1173 Views 0 comment Print

The Committee shall make recommendations to SEBI on the following issues with the aim of improving standards of corporate governance of listed companies in India: 1. Ensuring independence in spirit of Independent Directors and their active participation in functioning of the company;

AO has no power to review entire assessment order on debatable issues and to make additions in order U/s.154

June 2, 2017 3099 Views 0 comment Print

Hon’ble Supreme Court in the leading case, ITO vs. Volkart Brothers [(1971) 82 ITR 50 (SC)] has held that a mistake apparent on the record must be an obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions.

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