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When reasons for reopening were never sought by assessee plea can not be taken that reasons not supplied or not supplied within reasonable time In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the proceedings u/s 147/148 of the Income Tax …
Bad debts claimed u/s 36(1(vii) disallowed as only provision was made and bad debts not written off in books of account In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance of bad debts claimed u/s 36(1)(vii) of the Income Tax …
RBI debars Haribhakti & Co. LLP, Chartered Accountants from NBFC audit for 2 years from 01.04.2022 The Reserve Bank of India (RBI) has debarred M/s Haribhakti & Co. LLP, Chartered Accountants from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a …
CBDT exempts non residents, foreign company and eligible foreign investors from filing return of income  CBDT has exempted the following class of persons from the requirement of furnishing a return of income u/s 139(1) from assessment year 2021-2022 onwards subject to fulfilment of certain conditions:  Sl. …
CIT approval u/s 153D in bulk draft assessment orders on a single day held to be mechanical approval vitiating entire proceedings. ABCAUS Case Law CitationABCAUS 3555 (2021) (10) ITAT Important case law relied referred:Shri Navin Jain vs. DCIT In the instant case the assessee had taken an additional …
Period of limitation of Revisional order u/s 263(2) is date of order passed by Commissioner and not date when order is received by assessee – SC ABCAUS Case Law CitationABCAUS 3554 (2021) (10) SC In the instant case, the Revenue had challenged the order passed by the Hon’ble …
 CBIC Instruction on Submission of Intimation of Arrest Report & Incident Report  F. No. 394/05/2021-Commr. (Inv-Cus) Instruction No. 21/2021-Customs Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes & Customs (Investigation – Customs)******* 10th Floor, Tower-2, Jeevan Bharti Building,Parliament Street, New Delhi-110001.Email: inv-customs@gov.inTel. 011-21400625 …
Notice u/s 148 for reassessment proceedings issued when the company was no longer in existence and was dissolved by the orders of the Registrar of the Companies was invalid – ITAT ABCAUS Case Law CitationABCAUS 3553 (2021) (10) ITAT Important case law relied referred:National Thermal Power Co. Ltd. …
SEBI relaxes procedural matters related to Issues and Listing SEBI vide Circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020, granted one time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, pertaining to Rights Issue opening upto July 31, 2020. Based …
RBI latest Master Circular on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Reserve Bank of India has issued latest Master Circular on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances. This Circular replaces earlier Master Circular dated 1st July …
