Month: October 2024

RBI invites application for scholarship Scheme 2024 for Faculty Members from Academic Institutions  The Reserve Bank of India has invited application from full-time faculty members, teaching economics or finance in any University Grants Commission (UGC) or All-India Council for Technical Education (AICTE) recognised Universities/ Colleges in India to …

GST Notifications issued to implement the recommendations of the 54th meeting of the GST CBIC has issued GST Notifications to implement the recommendations of the 54th meeting of the GST Council held on 09.09.2024. The summary of the various notification dated 08.10.2024 issued is as under: Notification No. …

Bulk entries passed in books of accounts cannot be said to be entirely bogus expenses – ITAT In a recent judgment, the ITAT Chennai has held that practice of making bulk entries in books of accounts is indeed an accounting anomaly, but cannot be straightaway construed as booking …

CIT(A) exceeded his legal brief directing verification of receipts before granting of TDS In a recent judgment, the ITAT Kolkata has held that the CIT(A) exceeded his legal brief directing Assessing Officer (AO) to verify the receipts before granting of credit of TDS duly reflected in Form 26AS. …

Rectification order u/s 154 quashed by High Court, CPC directed to give Foreign Tax Credit In a recent judgment, the Hon’ble Madras High Court has set aside the rectification order passed u/s 154 and directed Centralized Processing Center (CPC) Bengaluru to take into consideration the Foreign Tax Credit …

Income tax prosecution u/s 276B rws 278B – Trial Court directed to consider Immunity in terms of CBDT circular In a recent judgment, the Hon’ble Allahabad High Court in a case of income tax prosecution u/s 276B r.w.s. 278B for late deposit of TDS has given liberty to …

Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITAT  In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …

When assessee not liable to deduct TDS, no late fee u/s 234E can be imposed for late filing of TDS return by the assessee In a recent judgment, the ITAT Ahmadabad has held that when assessee not liable to deduct TDS, no late fee u/s 234E can be …

ITR can’t be revised by AO beyond limitation on direction of ITAT which did not exercising its power u/s 254 to allow the claim In a recent judgment, the Hon’ble Supreme Court has held as the ITAT had not exercised its power under Section 254 to consider the …

Principal Auditor mandatorily required to perform procedures specified in SA 600 in case of group audits to obtain sufficient appropriate audit evidence for the work of other auditor NFRA Circular on responsibilities of principal auditor and other auditors in group audits. Every Principal Auditor mandatorily required to perform …