Month: June 2018
Return filed with wrong jurisdiction cannot be considered for deciding the validity of reopening u/s 148 as AO’s belief is based on material available with him – ITAT ABCAUS Case Law Citation ABCAUS 2368 (2018) 06 ITAT The instant appeal was filed by the assessee challenging the order …
Fee and other Expenses incurred by Insolvency Professional for Corporate Insolvency Resolution Process-Circular by IBBI Insolvency and Bankruptcy Board of India (IBBI) has issued circular on the subject of Fee and other Expenses incurred by Insolvency Professional for Corporate Insolvency Resolution Process Under the Insolvency and Bankruptcy Code, …
GST Special Refund Fortnight Extended to 14.06.2018 in view of the overwhelming response. Earlier, GST Special Refund Fortnight was announced to be organized from 31.05.2018 to 14.06.2018 in which Center and State GST officers will strive to clear all GST refund applications received on or before 30.04.2018 Thus information …
RBI cautions public on job scam through electronic communication by fake email and false letterheads. Advises to refer only its official website for any Recruitment related information RBI, in its Press Release dated 12th June, 2018 has warned general public about the job scam. As per the release, …
Depreciation allowed when asset was not used for a single day during the year due to seizure by bank for loan default – ITAT followed law settled by High Courts ABCAUS Case Law Citation ABCAUS 2367 (2018) 06 ITAT The instant appeal was preferred by the Income Tax Department …
ICAI Exposure Draft proposing amendments to eight Ind AS S. No. Exposure Draft 1. Annual Improvements to Ind AS 2018 Corresponding to Annual Improvements to IFRS Standards 2015–2017 Cycle issued by the IASB >> Standards amended are as under: Ind AS 103, Business Combinations Ind AS 111, Joint …
RBI Draft guidelines on Loan System for Delivery of Bank Credit-Minimum level of loan component and Effective date RBI had issued Statement on Developmental and Regulatory Policies issued on 5th April, 2018. The Statement set out various developmental and regulatory policy measures inter alia for strengthening regulation and supervision. …
Blind reliance on 26AS Statement to declare income or claim TDS puts you to the risk of income tax notice for concealment and demand for subsequent mismatch of income/TDS or both. I am sure, many of us would have witnessed persons who consider Government machinery as their accountant. …
DVO valuation of property occupied by tenants with court cases going under Rent Control Act set aside by the ITAT as the objections were dealt with by the DVO ABCAUS Case Law Citation ABCAUS 2366 (2018) 06 ITAT The instant appeal was preferred by the assessee against the …
Indian Valuation Standards 2018 issued by ICAI effective for the valuation reports issued on or after 1st July 2018. Indian Valuation Standards 2018 by ICAI The Council of the Institute of Chartered Accountants of India (ICAI) at its 375th meeting has issued the Valuation Standards which as claimed …