Month: February 2018
Validity of income tax notice served on authorised representative upheld by Supreme Court as there was sufficient material to draw inference of deemed service ABCAUS Case Law Citation: ABCAUS 2214 (2018) (02) SC The respondent assessee was Proprietor of a Petrol Pump and was regularly assessed to the …
Amendment to various Companies Rules of 2014. Ministry of Corporate Affairs have amended the following Rules: Rules Changes Notification Companies (Audit and Auditors) Rules, 2018 Substitution of following forms: (a) Form ADT-1. Notice to Registrar fir auditors appointment, and (b) Form ADT-2. Application for removal of auditor before expiry …
Expert Committee to look into role of various audits conducted in banks to check divergence in asset classification, provisioning and frauds Reserve Bank of India (RBI) in press release issued has stated that in view of large divergences observed in asset classification and provisioning in the credit portfolio of banks …
FAQs related to IGST Refund-Common Error codes and Rectification Procedures F. No. 450/ 119120 17-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) New Delhi. Dated 15th February, 2018 To All Principal Chief Commissioners of Customs. All Chief Commissioners of …
No service tax on free materials supplied by service recipients in Construction projects. Value of such goods not included in computation of gross amount under Notification No. 15/2004-ST-Supreme Court ABCAUS Case Law Citation: ABCAUS 2213 (2018) (02) SC In construction projects the builder assessees not only render services but …
Voluntary surrender of income no defence for concealment penalty u/s 271(1)(c) unless explanation offered is found bona fide and all material facts are disclosed-High Court ABCAUS Case Law Citation: ABCAUS 2212 (2018) (02) HC The Challenge/Grievance: The present judgment involves the appeal filed by the Income Tax Department …
ITAT restores registration u/s 12AA cancelled for money laundering through donation received in lieu of cash as the amount received was applied for its objects and the allegation was based solely on sworn statement during survey proceedings. ABCAUS Case Law Citation: ABCAUS 2211 (2018) (02) ITAT Important Case …
Bill to ban Unregulated Deposit Schemes and Chit Funds Amendment Bill, 2018. Words “Fraternity Fund” to be used for chit business. Cabinet approves New Bill In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi …
Bank has enough assets to meet any liability decided as per law-PNB Punjab National Bank (PNB) in its latest communication to Bombay Stock Exchange (BSE) has provided the following clarifications with reference to various queries raised by BSE and NSE based on the media report. Sl. No. Query Response …
Bank not to refuse acceptance of coins or small denomination notes-RBI Instruction to all banks Reserve Bank of India (RBI) in its latest directive has instructed that none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters by the account …