Author: administrator

Whether Registration u/s 12AA results in approval u/s 80G(5)-ITAT orders grant of certificate based on consistent judicial opinion ABCAUS Case Law Citation: ABCAUS 2243 (2018) (03) ITAT The appellant assessee society was  aggrieved by the order passed by the CIT(Exemption) rejecting its application seeking grant of approval u/s …

Gold Imports 80-20 Scheme-Government to examine why private parties were benefitted and take action against the persons involved In a press release issued today, the Government has clarified on the news items appearing in media that the scheme benefitted some private parties. The other day, the Union Law …

Benefit of registration u/s 12AA can not be denied on the ground that it is sub-judice before the High Court unless registration granted has been withdrawn ABCAUS Case Law Citation: ABCAUS 2242 (2018) (03) ITAT The appellant assessee was a section 25 company fully owned Government of India …

Attachment under income tax act relates back to and takes effect from the date of notice as per Rule 51. The High Court cannot be oblivious of the conduct of the party invoking the remedy under Article 226. ABCAUS Case Law Citation: ABCAUS 2241 (2018) (03) HC A …

ICAI Guidance Note on Audit of Banks-2018 Edition The Auditing and Assurance Standards Board (AASB) of the ICAI has issued the Guidance Note on Audit of Banks 2018 edition. The Guidance Note on Audit of Banks which is issued by the AASB of ICAI every year is an …

Addition u/s 41(1) made on the ground of untraceable creditors-the liability had not ceased or any advantage was taken. High Court upheld deletion made by ITAT ABCAUS Case Law Citation: ABCAUS 2240 (2018) (03) HC The Revenue was aggrieved by the order of the Income Tax Appellate Tribunal …

Cenvat credit on inputs lost during storage upheld by High Court as the Revenue in a similar case was not successful before the Supreme Court   ABCAUS Case Law Citation: ABCAUS 2239 (2018) (03) HC The Excise Department had preferred the instant appeal before the High Court under Section …

Recommendations regarding Data Analytics made during the 26th meeting of the GST Council  In the 26th meeting held here today , the GST Council has been apprised of the fact that CBEC and GSTN have started detailed data analytics across a number of data sets available with them. The …

Recommendations regarding E-way Bill made during  meeting of the GST Council  In the 26th meeting held here today , the GST Council has recommended the introduction of e-way bill for inter-State movement of goods across the country from 01st April 2018. For intra-State movement of goods, e-way bill system …

GST Reverse charge mechanism deferred till 30.06.2018 as per recommendations made in 26th meeting of the GST Council. Highlights of the decisions taken   I. Return filing System The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, …