Month: April 2021
CBIC instructs expediting Customs Clearances for import of equipments for setting up RT-PCR test labs, medical equipments etc. consignments relating to COVID 19 pandemic Instruction No.06/2021-Customs F.No.450/117/2021-Cus-IVGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and Customs Room No. 227B, North Block, New …
Mandatory provisions of Section 153C must be followed before proceeding where AO is same for person searched and third party ABCAUS Case Law CitationABCAUS 3496 (2021) (04) ITAT Important case law relied referred:CIT vs. RRJ Securities Pvt. Ltd. 380 ITR 612 (Del.) (HC)CIT vs. Swar Agencies 397 ITR …
ICSI to award structured CPE Credits to members attending programmes organized by HQs, ROs, Chapters, CCGRT and CoE through electronic mode during May 1,2021 till June 30, 2021. ICSI (Continuous Professional Education) Guidelines, 2019 effective from 1st April, 2020 was issued by ICSI (The Institute) with a view …
Government extends certain timelines under Income Tax Act in view of Covid-19 pandemic As per Press Release issued by the Finance Ministry on 24th April, 2021, in view of the severe Covid-19 pandemic raging unabated across the country, extended certain timelines under Income Tax Act. Various taxpayers, consultants …
Section 115BBC is silent unlike section 68 which casts obligation on assessee to explain amount credited to the satisfaction of Assessing Officer. ABCAUS Case Law CitationABCAUS 3495 (2021) (04) ITAT Important case law relied referred:CIT vs. Shree Shiv Vankeshwar Educational & Social Welfare TrustITO (Exemption) vs. Shri Narain …
CIT Revision u/s 263 order not mentioning twin conditions of being erroneous and prejudicial to the interest of revenue quashed ABCAUS Case Law CitationABCAUS 3494 (2021) (04) ITAT Important case law relied referred:Malabar Industrial Co. vs. CIT 243 ITR 83 (SC)CIT vs. Max India Ltd. (2007) 295 ITR …
RBI takes supervisory action on Card Networks – American Express Banking Corp. and Diners Club International Ltd The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from on-boarding new domestic customers onto their card networks from May 1, …
IRDAI direction to Insurance Companies provide cashless treatment of Covid-19 to policyholders IRDAI has issued direction to Insurance Companies provide cashless treatment of Covid-19 to policyholders and also appealed to hospitals Press Release of IRDAI There are reports of instances of some hospitals charging differential rates and insisting …
Reduction in Gross/Net Profit rate not ipso facto a ground for making disallowance of expense but a triggering point for verification of expenses claimed. ABCAUS Case Law CitationABCAUS 3493 (2021) (04) ITAT Important case law relied referred:ITO vs. Dr. Mahendra Kumar Agarwal In the instant case, the assessee …
Opening balance of loan creditor brought forward from preceding year cannot be treated as unexplained cash credit or bogus credit ABCAUS Case Law CitationABCAUS 3492 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming an addition on account …
