Author: administrator

Sales of entire year could not be estimated based on cash found during survey. By no means it could be considered as sale of day ABCAUS Case Law Citation:ABCAUS 3237 (2020) (01) ITAT In this case the appeal was filed at the behest of the assessee against the …

Reopening quashed as AO not recorded reasons of assesse’s failure to disclose material facts fully and truly but notice u/s 148 was issued on change of opinion ABCAUS Case Law Citation:ABCAUS 3236 (2020) (01) ITAT Important case law relied upon by the parties:Sadbhav Engineering Ltd. vs. DCITCIT Vs. …

Government puts in place measures to protect Commercial decision making by Banks The Finance Minister has repeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability.Every Bank was also required …

MCA notifies Companies (Winding Up) Rules 2020 w.e.f 1st April 2020 The Companies (Winding Up) Rules 2020 provides rules for : (i) Winding up by Tribunal (ii) Liquidators (iii) Winding up Order (iv) Application for stay of suits etc. on winding up order (v) Report by Company Liquidator …

Amendment in the jurisdiction of Principal Commissioner/ Commissioner of Income-tax, Guwahati & Assam MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 6/2020 New Delhi, the 27th January, 2020 (Income-Tax) S.O. 387(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of …

Income Tax Department Bihar & Jharkhand, Patna has invited application from Chartered Accountants firms for empanelment as Auditors to carry out special Tax Audit u/s 142(2A) of Income Tax Act 1961  Last date is 8th February 2020 Empanelment of CA firms for Special Tax Audit u/s 142(2A) Eligibility …

Appeal not allowable against computer extract of demand raised by CPC-TDS at traces website. Assessee granted liberty to file appeal after obtaining order ABCAUS Case Law Citation:ABCAUS 3235 (2020) (01) ITAT Important case law relied upon by the parties:Rajesh KouraniM/s. Asan Memorial Association In the instant case, the …

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020. MINISTRY OF FINANCE(Department of Financial Services) NOTIFICATION New Delhi, the 24th January, 2020 G.S.R. 45(E).—In exercise of powers conferred by sub-section (1) and clauses (c) to (g) of sub-section (2) of section …

High Court condemns GST officials staying 8 days at searched residential house, says such action punishable with three years jail term under IPC  ABCAUS Case Law Citation:ABCAUS 3234 (2020) (01) HC Important case law relied upon by the parties:Income Tax Officer v. Seth Brothers, (1969) 74 ITR 836 (SC)Dr. Nand Lal Tahiliani   v.   Commissioner   of   …

Addition u/s 69 for unexplained investment on reasoning that no prudent person would keep huge amount of cash in house. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3233 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against the …