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Section 263 Jurisdiction not invocable when Re-Assessment was Illegal

April 6, 2021 1098 Views 0 comment Print

SBS Realtors Private Limited Vs ITO (ITAT Delhi) Learned Counsel for the Assessee submitted that since the re-assessment order is illegal and bad in Law and is covered by the Order of the Tribunal Dated 01.04.2019 in the case of assessee on the same issue, therefore, the Learned Pr. CIT cannot exercise jurisdiction under section […]

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

April 4, 2021 2520 Views 0 comment Print

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006.

Advisory on Treatment of Various Items of Cost in view of COVID19

April 4, 2021 939 Views 0 comment Print

Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records & Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021

Request for extension of time to file returns of income

April 2, 2021 51168 Views 53 comments Print

Request for extension of time to file the returns of income U/s. 139(4) of the Income-tax Act 1961 (the Act) – Unsatisfactory working of income tax computer portal and spread of another wave of Corona virus in certain parts of country

CIT (A) cannot delve on any issue not arising from assessment order

April 1, 2021 3033 Views 0 comment Print

United Provinces Sugar Company Ltd Vs ITO (ITAT Kolkata) A perusal of the propositions of law laid down in all these case-law, takes us to the conclusion that the ld. CIT(A) cannot touch or delve on any issue which does not arise from the order of assessment and which was outside the scope of or […]

IRDAI Guidelines for Practical Training for Surveyors & Loss Assessors

April 1, 2021 4032 Views 0 comment Print

a) Institutional Practical training for Two Months with National Insurance Academy (NIA) or Insurance Institute of India (III). This should include but not limited to the following: (i) Introduction to different types of policies, endorsements, various terminologies used in insurance, and nature of claims;

Standard Technical Note (Template)- Health Insurance

April 1, 2021 918 Views 0 comment Print

In order to expedite the product clearance process, it has been decided to standardize the Technical Note so that insurers can provide all necessary details in a prescribed standard format. This will help to ensure uniformity amongst insurers in the matter of filing pricing and product related information for health insurance products.

All stake holders are treading in new GST regime with uncertainties: HC

April 1, 2021 828 Views 0 comment Print

H.R. Enterprises Vs State Of Rajasthan (Rajasthan High Court at Jodhpur) High Court observed that The assessees and the authorities under CGST/SGST/IGST are giving their own interpretation of the provisions of the Act relating to Goods in Transit. All stake holders are treading in the new GST regime with uncertainties as the path is comparatively […]

Amendment to Orders under Para 3 & 4 of Faceless Penalty Scheme, 2021

April 1, 2021 1905 Views 0 comment Print

The words National Faceless Assessment Centre (NeAC) and Regional Faceless Assessment Centre (ReAC) shall henceforth be read as National Faceless Assessment Centre (NaFAC) and Regional Faceless Assessment Centre (ReFAC) respectively.

RBI extends timeline for processing of recurring online transactions

March 31, 2021 804 Views 0 comment Print

To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till September 30, 2021.

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