Author: administrator

Reassessment quashed as the alleged transaction were clearly mentioned, reflected and contained in the Income Tax Returns filed by the assessee. In a recent judgment, Hon’ble High Court of Karnataka quashed reassessment proceedings as the transactions referred to in notice u/s 148A(b) and order passed u/s 148A(d) were …

EPFO invites RFP for appointment of CA Firm for FY 2024-25 for preparation of Annual Financial Statements and automation. EPFO has invited Request for Proposals (RFP) for appointment of Chartered Accountant Firm for FY 2024-25 as Consultant for Preparation of Annual Financial Statements of Employees’ Provident Fund Organisation …

Penalty order quashed as show cause notice and opportunity of personal hearing was wrapped up in 48 hours In a recent judgment, Hon’ble High Court of Himanchal Pradesh quashed penalty order as the show cause notice and opportunity of personal hearing was wrapped up in 48 hours. ABCAUS …

Department can’t suo motu issue a new PAN when assesseee have a valid PAN under which returns are filed. In a recent judgment, the Hon’ble Patna High Court quashed re-assessment order as notices and the assessment order showed a new PAN number suo motu issued by the department …

Sundry creditors are not loans or advances where creditworthiness to give advances is essential point for examination – ITAT In a recent judgment, the ITAT Lucknow has held that sundry creditors do not represent loans or advances taken by the assessee where creditworthiness to extending the advances are …

ITAT is required to examine correctness of the findings recorded by appellate authority and record conclusion why such findings are not acceptable In a recent judgment, the Hon’ble Calcutta High Court has held the ITAT over-turning the order passed by the appellate authority was required to examine the …

ABCAUS Excel Depreciation Calculator FY 2024-25 under Companies Act 2013 as per Schedule-II Version 03.21 The maiden ABCAUS Excel Companies Act 2013 Depreciation Calculator was first launched in March, 2015.  The ABCAUS Depreciation calculator for FY 2024-25 has also been formulated and styled the same way as its …

Approved Resolution Plan is binding on Income Tax Department. Demands raised subsequently are invalid – Supreme Court In a recent judgment, the Hon’ble Supreme Court has held that the approved Resolution Plan is binding on the Income Tax Department and any subsequent demand raised are invalid. ABCAUS Case …

The Reserve Bank of India (RBI) has appointed Shri Indranil Bhattacharyya as Executive Director (ED) with effect from March 19, 2025. Prior to his promotion as ED, Shri Bhattacharyya was serving as Adviser in the Monetary Policy Department of the Bank. Over a span of nearly three decades, …

Statements recorded u/s 131(1A) instead of section 133A(iii) by survey team were invalid hence no addition can be made merely on the basis of invalid statements – ITAT In a recent judgment, ITAT Chennai has held that statements recorded u/s 131(1A) instead of section 133A(iii) by the survey …