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Revised Standard on Auditing SA-720. The Auditor’s Responsibilities Relating to Other Information ICAI has issued revised Standard on Auditing SA-720. The Standard on Auditing (SA) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included …
No Addition for cash deposits in bank when sufficient cash is in hand. Assessee not supposed to keep track of notes withdrawn from bank and tally them with deposit made in bank account. ABCAUS Case Law Citation: ABCAUS 2173 (2018) (01) ITAT The Challenge/Grievance: The instant appeal was …
Concealment penalty deleted as assessee was unaware of tax on sale of property. Assessee agreed to pay taxes on the capital gain and paid the tax same date the assessment order was passed ABCAUS Case Law Citation: ABCAUS 2172 (2018) (01) ITAT The Challenge/Grievance: The main grievance of …
Deposits per se in the bank account no basis of holding that income has escaped assessment. Nothing can be added to or deleted from reasons recorded for reopening-ITAT ABCAUS Case Law Citation: ABCAUS 2171 (2018) (01) ITAT Important Case Laws Cited/relied upon by the parties: NTPC Ltd. vs. …
Insolvency and Bankruptcy Code 2016 to apply to personal guarantors to corporate debtors. Wilful defaulter, NPA Account holders, disqualified directors not eligible to be resolution applicant. The Government has notified the Insolvency and Bankruptcy Code (Amendment) Act, 2017 retrospectively and it shall be deemed to have come into …
Self Help Portal for GST related issues launched. Email Helpdesk discontinued After providing facility to lodge Online GST grievance on GST Portal. a new Self Help Portal for GST related issues helpdesk email discontinued. Now for lodging complaints, in place of email, the portal should be used. The portal shall become love on …
Extension of last date for filing Form GSTR-3B return for the month of December, 2017 The last date for filing return in FORM GSTR-3B for the month of December, 2017 is extended by two days to 22nd January, 2018 Firstly, the official twitter handle of the GoI for …
TDS Defaulter arrested and sent to jail by the Tis Hazari Court As per Press Release of Finance Ministry, Tis Hazari Court has sentenced a TDS defaulter to jail. The Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT …
Mere categorisation of land as agricultural in revenue records not suffice for capital gain exemption. Whether a land is agricultural or not is a question of fact – High Court Prelude: Section 2(14) of the Income Tax Act, 1961 (the Act) defines “capital assets”. It also provides for …
Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income Tax Act. Explanation rejected by ITAT in assessment proceedings, can not be considered bona fide in penalty proceedings-High Court ABCAUS Case Law Citation: ABCAUS 2169 (2018) (01) HC …
