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Implication of inclusion of practicing CA, CS & CWA under PML Act, 2002

CA, CS, CMA : Explore the implications of the inclusion of practicing professionals like CAs, CSs, and CWAs under the Prevention of Money-Launde...

May 10, 2023 10086 Views 0 comment Print

FAQ’s on issues in filing of Tax Audit Report Form 3CA-CD/3CB-CD

Income Tax : Discover the FAQs on issues in filing Tax Audit Report Form 3CA-CD/3CB-CD. Learn about prerequisites, process, and more....

September 27, 2022 26553 Views 2 comments Print

SC pulled up department for delay in filing of appeal, imposes personal cost of Rs 25,000

Goods and Services Tax : Hon’ble SC has in the case of UNION OF INDIA & ORS v/s M/S VISHNU AROMA POUCHING PVT. LTD. & ANR in SPECIAL LEAVE PETITI...

July 13, 2021 1455 Views 0 comment Print

Certain Relaxations Needed to Make More Vishwas In Vivad Se Vishwas Scheme

Income Tax : How much Vivad would be closed and how much Vishwas the Vivad se Vishwas scheme will be able to achieve that in coming months woul...

March 16, 2020 8538 Views 0 comment Print

24th July | Income Tax Day – “कोष मूलो दण्डः (Kosh Muloo Dand)”

Income Tax : As mark of celebration of 159th Income Tax Day on 24th July,2019, CBDT in a mega event to be held in Delhi to be graced by Hon’b...

July 24, 2019 6231 Views 3 comments Print

Latest News

GSTIN can be updated on SSP portal till 23rd April

CA, CS, CMA : Members & Students Services (Grievances Handling and e-Sahaayataa) Directorate The Institute of Chartered Accountants of India...

April 17, 2023 1374 Views 0 comment Print

Representation Against Proposed Amendment In Section 43B

Income Tax : We are drawing your kind attention towards Proposed Amendment in Section 43B of The Income Tax Act, 1961, which is detrimental to ...

March 18, 2023 12054 Views 2 comments Print

CBDT Proposes common Income-tax Return (ITR) Form

Income Tax : CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and...

November 1, 2022 9432 Views 0 comment Print

CBIC clarifies time limit for certain compliances under GST

Goods and Services Tax : Clarification regarding time limit for certain compliances pursuant to issuance of Notification No. 18/2022-Central Tax dated 28.0...

October 4, 2022 11886 Views 0 comment Print

EOW cracked a major PAN India income tax refund scam

Income Tax : EOW cracked a major PAN India income tax refund scam being  operated from Delhi NCR area. Economic Offences Wing, Bhubaneswar arr...

September 14, 2022 20952 Views 2 comments Print

Latest Judiciary

Urgent Need for a Time-Bound ‘National Litigation Policy’ Plan: Delhi High Court

Corporate Law : Explore Delhi High Court's landmark verdict in Union of India vs. Kiran Kanojia. Insights into National Litigation Policy, its im...

September 25, 2023 768 Views 0 comment Print

HC Quashes Section 263 Order and Imposes Rs 10,000 Cost on PCIT

Income Tax : Allahabad High Court quashes Section 263 order and imposes cost of Rs 10,000 on PCIT for lack of proper opportunity. Analysis of t...

August 18, 2023 10407 Views 0 comment Print

No addition in case of search Assessment, if no incriminating material found during search: SC

Income Tax : In respect of completed/unabated assessments, no addition can be made in absence of any incriminating material found during search...

April 25, 2023 13413 Views 0 comment Print

SC explains charitable purpose & advancement of general public utility

Income Tax : ACIT Vs Ahmedabad Urban Development Authority (Supreme Court) In these batch of appeals and special leave petitions, the primary q...

October 21, 2022 12306 Views 0 comment Print

Section 10(23C) approval cannot be given to profit-oriented educational institutions: SC

Income Tax : Where the objective of the institution appears to be profit-oriented, such institutions would not be entitled to approval under Se...

October 19, 2022 15666 Views 0 comment Print

Latest Notifications

Clarification with regard to trust audit reports issued by CBDT

Income Tax : Understand CBDT's recent clarifications on trust audit reports. Learn about substantial contributions, relatives, and concerns in...

October 9, 2023 6654 Views 0 comment Print

CA, CS & CMA brought under PMLA net if they manage client assets

CA, CS, CMA : Government notifies that following transactions done by CA, CS & CMA on behalf of their client will be covered under Preventio...

May 3, 2023 38382 Views 3 comments Print

NFRA imposes penalty of Rs 1 crore on Auditors

Company Law : NFRA's investigations inter-alia revealed that CDGL's Auditors for FY 2018-19 failed to meet relevant requirements of Standards on...

April 12, 2023 59172 Views 0 comment Print

NFRA Letter regarding instances of non compliances with Ind As

Company Law : Instances of non-compliance with Indian Accounting Standards (Ind ASs) on Accounting Policies for measurement of Revenue from Cont...

March 29, 2023 10143 Views 0 comment Print

CBDT condones delay in Form 10A filing upto Nov 25

Income Tax : Representations have been received by the Board stating that Form No.10A in some of such cases could not be filed by 31.03.2022. I...

November 1, 2022 18129 Views 0 comment Print

Its inhuman to collect money for admission in medical college

August 14, 2014 621 Views 0 comment Print

Hon’ble Cochin ITAT has in the case of M/s Sree Anjaneya Medical Trust while disposing off the appellant’s plea for registration u/s 12A has held that collection of money for admission of students in the professional colleges is not only inhuman but also against the scheme of the Constitution of sec 12A.

Asset Side of Balance Sheet cannot be isolated from Liability side

August 14, 2014 2305 Views 0 comment Print

The assessee is engaged in agricultural and allied activity. This company is one of the group companies constituted by Shri B.Ramalinga Raju and his family members. During the course of scrutiny proceedings, the Assessing Officer called for the books of account of the assessee

Sec 153A cannot be used to re-agitate concluded assessment in absence of any incriminating material

July 25, 2014 1508 Views 0 comment Print

Sec 153A cannot be used to re-agitate concluded assessment in the absence of any incriminating material. Hon’ble Agra ITAT Bench has in the order of DCIT V/S Kalyani Chaturvedi has held that assessments that have attained finality don’t abate at the time of search and they cannot be done de-novo u/s 153A of the Income Tax Act, 1961 in the absence of any fresh incriminating material found during the course of search by observing as under :-

Addition cannot be made only on the basis of a surrender simplictor

July 18, 2014 1301 Views 0 comment Print

Brief Facts of the case are that the assessee is engaged in the business of foodgrains. During the course of the assessment proceedings, the Assessing Officer noticed that the assessee has shown unsecured creditors amounting to Rs 80,27,616 but, as certain payments made to these persons

Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March – SC

July 5, 2014 17014 Views 0 comment Print

SC approves HC ruling – Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March and not to amounts already ‘paid‘ during the year

ITAT admits Linkedin Profile as additional Evidence

July 5, 2014 3193 Views 0 comment Print

In the petition for admission of additional evidence it is submitted on behalf of department that the Linkedin Profile of employees of Assessee are available in public domain and down loaded from the web site of internet and the source is indicated against the same.

A.O should refrain from adopting double standards of accepting in remand proceedings yet challenging it at appellate forum

July 4, 2014 862 Views 0 comment Print

In the case of ACIT v/s Praveen Kumar there was an addition made on account of unsecured loan and interest paid thereon. All the details were furnished before the A.O in form of account of the creditors along with acknowledgement of their income tax returns and bank statement .But summons issued to lenders were not responded .

If no additions made on grounds of reassessment, than no addition can be made on other aspects

June 10, 2014 2725 Views 0 comment Print

If no additions made on grounds set for reasons for reassessment, than no addition can be made on other aspects The legal position is fairly well settled on the issue that in a reassessment proceeding, when no additions are made in respect of the income, purportedly escaping the assessment, set out in the reasons for re-opening the assessment, no other additions can be made either.

Charity from loan taken is Not a valid reason for denying sec 12AA registration

June 10, 2014 1067 Views 0 comment Print

Merely because and institution has borrowed funds, one cannot conclude that the objects of such institution cannot be charitable. The assessee may borrow funds for fulfillment of its objects, therefore, we have stated in framing words, the mere facts of borrowing cannot be against the assessee at the stage of grant of registration.

Transfer of loan through journal entry is not violation of sec 269

June 8, 2014 3480 Views 0 comment Print

Hon’ble Delhi High court in the case of Dinesh Jain has held that Penalty u/s. 271E is leviable if a person repays any loan, otherwise, than in accordance with provisions of section 269T. As per section 269T no person shall repay the loan otherwise, than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan.

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June 2024