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No service tax on free materials supplied by service recipients in Construction projects. Value of such goods not included in computation of gross amount under Notification No. 15/2004-ST-Supreme Court ABCAUS Case Law Citation: ABCAUS 2213 (2018) (02) SC In construction projects the builder assessees not only render services but …
Voluntary surrender of income no defence for concealment penalty u/s 271(1)(c) unless explanation offered is found bona fide and all material facts are disclosed-High Court ABCAUS Case Law Citation: ABCAUS 2212 (2018) (02) HC The Challenge/Grievance: The present judgment involves the appeal filed by the Income Tax Department …
ITAT restores registration u/s 12AA cancelled for money laundering through donation received in lieu of cash as the amount received was applied for its objects and the allegation was based solely on sworn statement during survey proceedings. ABCAUS Case Law Citation: ABCAUS 2211 (2018) (02) ITAT Important Case …
Bill to ban Unregulated Deposit Schemes and Chit Funds Amendment Bill, 2018. Words “Fraternity Fund” to be used for chit business. Cabinet approves New Bill In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi …
Bank has enough assets to meet any liability decided as per law-PNB Punjab National Bank (PNB) in its latest communication to Bombay Stock Exchange (BSE) has provided the following clarifications with reference to various queries raised by BSE and NSE based on the media report. Sl. No. Query Response …
Bank not to refuse acceptance of coins or small denomination notes-RBI Instruction to all banks Reserve Bank of India (RBI) in its latest directive has instructed that none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters by the account …
Govt. denies news that Income Tax Department has estimated more than $3 billion loss to Indian Banks due to PNB fraud Finance Ministry has denied the news appearing in certain section of media that Tax Department has estimated that Indian banks could take a hit of more than …
Transfers-postings in the grade of Commissioner of Income Tax (CIT) Central Board of Direct Taxes (CBDT) has issued order making the following transfers/postings in the grade of Commissioner of Income Tax (CIT). Civil Code Name Current Post/Stattion New Post & Station 90074 Aparna Mittal CIT (OSD), Ahmedabad CIT(DR)(ITAT)-1, …
Excessive expenses on Magazine and Journals by 5-Star hotel. High Court remands the issue to Tribunal for fresh findings on nature of publications, their use per rooms etc. ABCAUS Case Law Citation: ABCAUS 2210 (2018) (02) HC The Challenge/Grievance: The present judgment involves the appeal filed by the …
Implementation Guide to Standard on Auditing (SA) 701-Communicating Key Audit Matters in the Independent Auditor’s Report The Auditing and Assurance Standards Board of The Institute of Chartered Accountants of India (ICAI) has brought out an Implementation Guide to Standard on Auditing (SA) 701-Communicating Key Audit Matters in the …
