Author: administrator

Section 69/69C mandates that assessee must have incurred any expenditure. Additions can not be made by just estimating the expenditure-ITAT

ITAT Lucknow in a recent judgment has held that section 69 of the Income Tax Act, 1961 provides that the assessee must have incurred any expenditure and the additions can not be made by the Assessing Officer by just estimated the expenditure. Case Law Details: ITA Nos.35,36 & 37/Lkw/2016 Assessment years: 2004-05, …

Amended Accounting Standards 2016 shall apply to accounting periods commencing on or after the date of notification-MCA Circular

General Circular No. 04/2016 F. No.01/01/2009-CL-V Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan, Dr R.P. Road, New Delhi Dated: 27th  April, 2016 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Clarification with regard to Companies (Accounting Standards) Amendment Rules …