Month: April 2018
Penalty u/s 271B for sales disclosed during survey can not be levied for failure to get accounts audited u/s 44AB when such sales not entered in the regular books of accounts-ITAT ABCAUS Case Law Citation: ABCAUS 2273 (2018) (04) ITAT The appellant assessee had challenged the order of …
Expenses claimed in profit and loss account not amount to concealment. ITAT deletes penalty u/s 271(1)(c) following Supreme Court judgment ABCAUS Case Law Citation: ABCAUS 2272 (2018) (04) ITAT The appellant assessee had challenged the action of CIT(A) on confirming the penalty imposed by the Assessing Officer u/s 271(1)(c) …
Process to be followed for registration as Registered Valuer with Insolvency and Bankruptcy Board (IBBI) of India under the Companies (Registered Valuers and Valuation) Rules, 2017 With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency …
Rectification of wrong penalty section not required notice to assesseee u/s 154(3) as assessee could not controvert the findings recorded ABCAUS Case Law Citation: ABCAUS 2271 (2018) (04) HC The instant petition was filed under Article 226 of the Constitution of India challenging the order of rectification passed …
CBDT constitutes working group on High Net Worth Individuals-HNWI. They may migrate to other countries and treat themselves non-residents for tax purposes High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons with investible assets exceeding a given amount. World wide, …
ICAI FAQs on Ind AS-103-Business Combinations, Education Material by the Ind AS Implementation Group The Ind AS Implementation Group of ICAI has come out with an Educational Material on Ind AS-103, Business Combinations. The said education material is in the form of Frequently Asked Questions (FAQs) which explains …
Taxpayers to be provided facility to complete filing TRAN-1 where it could not be filed due to IT glitches at GST portal. Filing to be completed for TRAN-1 by 30-04-2018 & for GSTR 3B by 31-05-2018 Circular No. 39/13/2018-GST F. No. 267/7/2018-CX.8 Government of India Ministry of Finance Department of …
ICSI should keep uniformity in awarding the punishment for professional misconduct in the interest of justice-Appellate Authority reduces punishment ABCAUS Case Law Citation: ABCAUS 2270 (2018) (04) AA The appellant in the instant case was a practicing company secretary who was aggrieved of the order passed by the …
Companies exempted from the applicability of AS-22 and AS-12-MCA Notification MCA Vide Notification No. S.O. 529(E) dated 5th February, 2018, had directed that with effect from the 1st April, 2017, the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability …
Verification of demonetized data till 30-06-2018-CBDT. In its Central Action Plan (CAP) for the First Quarter i.e. (April, 2018 to June, 2018), CBDT has specified verification of Non-PAN/demonetized data/other high value data as Key Result Areas (KRA). As per CAP, 100% verification of data pending as on 01.04.2018 (including demonetization …