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Disallowance u/s 40A(3) for cash payment to BSNL deleted as BSNL is a State and payments were made for business expediency and were not doubted – ITAT ABCAUS Case Law Citation: ABCAUS 2231 (2018) (03) ITAT Section 40A(3) of the Income Tax Act, 1961 (the Act) puts an …

Concealment penalty u/s 271(1)(c) deleted on humanitarian grounds as the assessee had died, his business was closed and his widow was depositing the quantum demand-ITAT ABCAUS Case Law Citation: ABCAUS 2230 (2018) (03) ITAT The appellant assessee was aggrieved by the order of the CIT(A) in confirming the …

No scope for imposing penalty u/s 271A in the case of Civil Contractor which is covered u/s 44AA(2) and is not carrying on any specified profession – ITAT ABCAUS Case Law Citation: ABCAUS 2229 (2018) (03) ITAT Prelude: Section 44AA if the Income Tax Act, 1961 provides for …

Companies required to follow IndAS to report Abridged Financial Statements in AOC3A. Companies (Accounts) Amendment Rules 2018. MCA Notification Ministry of Corporate Affairs (MCA) has issued Notification amending the Companies (Accounts) Rules, 2014 by Companies (Accounts) Amendment Rules, 2018. Section 136 of the Companies Act, 2013 provides for …

Clarifications regarding GST in respect of certain services-CBEC Circular CBEC has issued Clarifications regarding GST in respect of certain services . The clarification has been issued with regard to the following issues as approved by the Fitment Committee to the GST Council in its meeting held on 9th …

The Substantial reduction in mandatory documents required for import & export-CBEC  The Central Board of Excise and Customs (CBEC) has reduced the mandatory documents for imports and exports. As per an advisory issued by the Board, the following changes have been implemented: 1. only three documents mandatory for general …

Cabinet approves Fugitive Economic Offenders Bill, 2018 Offences worth Rs.100 crore or more under the Bill Property of Fugitive Economic Offenders to be attached The Union Cabinet chaired by Prime Minister Shri Narendra Modi, has approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, …

Cabinet approves Establishment of National Financial Reporting Authority  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary …

CBDT crosses milestone of 200 APA. With entering into 7 more Advance Pricing Agreements in February, 2018, the  total number of APAs has gone up to 203.  The Central Board of Direct Taxes (CBDT) entered into seven more Advance Pricing Agreements (APAs) during the month of February, 2018. …

TDS on testing and commissioning services deductible u/s 194C as contractual payments as not as fees for technical services u/s 194J-ITAT follows High Court decision  ABCAUS Case Law Citation: ABCAUS 2228 (2018) (03) ITAT Important Case Laws Cited/relied upon by the parties Pr. CIT Vs. Bharat Heavy Electricals …