Month: May 2024

CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness of investors – High Court In a recent judgment, Hon’ble Calcutta High Court has held that surrounding circumstances, the normal human conduct of a prudent investor, the probabilities …

High Court frowns at Provisional attachment orders passed u/s 83(1) GST lifted only their illegality being questioned In a recent judgment, the Hon’ble Allahabad High Court has expressed displeasure over not lifting of Provisional attachment orders passed under section 83(1) of CGST Act and lifted only their illegality …

In Faceless assessment grant of opportunity of personal hearing is not optional at discretion of the Assessing Officer its waiver is an exception to be exercised by the assessee – Allahabad High Court In a recent judgment, Hon’ble Allahabad High Court has held that in Faceless assessment grant …

CBDT Guidelines for compulsory selection of return for compulsory scrutiny during FY 2024-25   CBDT Guidelines for compulsory selection of returns for Complete Scrutiny during the financial year 2024-25 – Procedure for selection   CBDT has issued Guidelines for compulsory selection of return for complete scrutiny during FY …

High Court quashed reopening of assessment on the incorrect presumption that no return of income had been filed Re-assessment order u/s 147 quashed as reopening done on wrong assumption of non filing of return of income. In a recent judgment, Hon’ble Bombay High Court has quashed re-assessment order …

In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit of TDS – ITAT In a recent judgment, ITAT has held that in absence of mala fide intention bank should not be treated as assessee in default for …

Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain Writ Petition Whether bank account was fraudulently open in the name of assessee is question of fact. AABCAUS Case Law Citation:ABCAUS 3992 (2024) (05) HC In the instant …

SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY 2024-25 Applications are invited from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the Bank branches / CPCs / special outfits Eligibility Criteria:Those firms which satisfy …

Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs in exercise of the powers conferred under the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980 established an Appellate …

Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In a recent judgment, the Hon’ble Supreme Court has held that Trade Tax Department was not justified in retaining refund amount beyond the stipulated period and then adjusting refund …