Month: May 2024
Assessee cannot be asked to prove source of cash deposit made in bank account opened by forgery – ITAT In a recent judgment, ITAT, Delhi has held that assessee cannot be asked to prove source of cash deposit made in bank account being opened by someone else by …
Expenditure can’t be disallowed because it is not debited in Profit and Loss Account – ITAT In a recent judgment, ITAT Guwahati has held that only because of expenditure not debited in Profit and Loss it does not disentitle assessee to claim deduction of the said expenditure if …
Tax recovery on the basis of wrong computation sheet stayed as tax liability was NIL as per Assessment Order In a recent judgment, the Hon’ble Andhra Pradesh High Court stayed recovery of tax on the basis of wrong computation sheet when returned income was accepted and as per …
There is no provision under Income-tax law for making ad-hoc disallowance of sundry creditors – ITAT In a recent judgment, ITAT Surat has quashed ad-hoc addition of creditors holding that there is no provision under Income-tax law for making ad-hoc disallowance of sundry creditors. ABCAUS Case Law Citation:ABCAUS …
In case of non-filer notice u/s 143(2) not mandatory and notice issued u/s 142(1) is sufficient – ITAT In a recent case, the ITAT Guwahati has held that in case of non-filer notice u/s 143(2) not mandatory and notice issued u/s 142(1) is sufficient ABCAUS Case Law Citation:ABCAUS …
One PAN was allotted to two taxpayers resulting Re-assessment order of wrong person quashed by High Court In a recent judgment, the Hon’ble High Court has quashed a re-assessment order passed u/s 147 on a wrong person because one PAN was allotted by the Department to two taxpayers …
Fixing three successive dates of hearing in a single notice invalid as adjudicating authority had to pass specific orders for adjournment on each date fixed In a recent judgment, the Hon’ble Allahabad High Court has quashed service tax demand and penalty holding that fixing three successive dates for …
Canara Bank Online Concurrent Auditors Empanelment 2024-25. Last Date to apply online is 08.06.2023 Canara Bank Online Concurrent Auditors Empanelment 2024-25 1. Canara Bank invites application from the eligible / interested Proprietary Concerns / Firms / LLP for empanelment as Concurrent Auditors for conducting Concurrent/Continuous Audit in the …
ICAI set up branch in Tonk District (Rajasthan) with effect from April 25, 2024. The Institute of Chartered Accountants of India (ICAI) has set up a Branch of Central India Regional Council (CIRC) in Tonk District (Rajasthan) with effect from April 25, 2024. The Branch shall be known …
Duty drawback cannot be a part of total turnover and is separately chargeable – ITAT In a recent judgment, the Surat ITAT has held that duty drawback received on export sales cannot be a part of total turnover and is separately chargeable. ABCAUS Case Law Citation:ABCAUS 4025 (2024) …