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ICAI issues Frequently Asked Questions (FAQs) on Guidance Note on Financial Statements of Non-Corporate Entities The Accounting Standards Board of ICAI, last year in June 2022, had issued a Technical Guide on Financial Statements of Non-Corporate Entities recommending formats of financial statements of non-corporate entities so as to …
Organizing Garba event was not business within the meaning of section 2(15) to deny the benefit of exemption u/s 11 and 12 of the Income Tax Act, 1961 – SLP dismissed Organizing the event like Graba event cannot be termed as a business or trade within the meaning …
Govt. denies any directions given to Banks to close inactive PM Jan Dhan Yojana accounts No directions have been given to Banks to close inactive PM Jan Dhan Yojana accounts – says Govt. The other day, several news portal and social media reported that over 11 crore Bank …
When Trust had no activities, it was incumbent upon the CIT(E) to evaluate such explanation objectively then rejecting application for registration. In a recent judgment, ITAT Rajkot has held that when the trust has explicitly stated that it has not filed returns as it had no activities and …
Profit from exchange rate fluctuation is independent of export earnings. Fluctuations from the EEFC account does not fall within the meaning of “derived from” the export. In a recent judgment, Allahabad High Court has denied deduction u/s 80HHC following Supreme Court that the profit from exchange rate fluctuation …
Engagement of Yong Professionals during 2025 in DGFT, New Delhi – Application invited The Directorate General of Foreign Trade (DGFT) has invited applications to engage Young Professionals for its various Divisions during the year 2025 DGFT formulates, implements and monitors the Foreign Trade Policy (FTP) which provides the …
Merely because of no response to notice u/s 133(6) in the manner the AO expected not a basis for making additions – ITAT In a recent judgment, ITAT Delhi held that merely because bank not responded to notice issued u/s 133(6) in the manner the AO expected cannot …
Interest paid on delayed payment of GST/VAT is compensatory and not penal in nature for allowability under section 37. In a recent judgment, ITAT Delhi has held that interest paid on delayed remittance of GST / VAT is compensatory and not penal in nature for the purpose of …
Once appeal of assessee is set aside by ITAT with certain directions, then the consequential proceedings are fresh proceedings – ITAT In a recent judgment, ITAT Delhi has held that once the appeal of the assessee is set aside by Tribunal with certain directions for reconsideration of the …
New facts surfaced during investigation and would not have become known but for investigation amounts to wilful suppression to evade tax – High Court In a recent judgment, Patna High Court has held that where facts surfaced during investigation were not earlier known to them and they would …
