Day: August 6, 2019
IBBI issues CPE guidelines for Insolvency Professionals. Minimum 10 hours each and 60 hours in three calendar years prescribed Insolvency and Bankruptcy Board of India 6th August, 2019 Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019 1. Short title and commencement (a) …
No Penalty u/s 271(1)(c) for mere disallowance in quantum proceedings in the absence of any falsity in the explanation offered ABCAUS Case Law Citation:ABCAUS 3104 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petro Products Pvt. Limited (322 ITR 158) (sc)Price Waterhouse Coopers …
Assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss u/s 28 of the Income Tax Act ABCAUS Case Law Citation:ABCAUS 3103 (2019) (08) ITAT Important case law relied upon by the parties:Dinesh Mills Ltd. 254 ITR 673 The appeal had …
Mere reflection of income in P&L Account does not make it business income. Books of accounts not conclusive evidence to determine income under a particular head ABCAUS Case Law Citation:ABCAUS 3102 (2019) (08) ITAT Important case law relied upon by the parties:Sutlej Cotton Mills Vs. CIT, West Bengal …