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Demonetisation actually a step in cashless economy direction. Is Finance Minister’s statement a major shift in PM Modi’s stated demonetisation objectives in view of Government’s failure to manage post demonetisation affairs? Ministry of Finance Press Release 13 December, 2016 Transcription of the Finance Minister’s Statement made to media …
More and more notes are printed and issued daily-RBI briefs Media agencies on Currency Issues and alleged involvement of staff in suspicious transactions Reserve Bank of India Date : Dec 13, 2016 Shri R. Gandhi and Shri S. S. Mundra, RBI Deputy Governors brief Agencies on Currency Issues: …
Banks to preserve CCTV recordings from 08-11-2016 to 30-12-2016 for action in illegal accumulation of new currency notes-RBI Reserve Bank of India Preservation of CCTV recordings RBI/2016-17/181 DCM (Plg) No. 1712/10.27.00/2016-17 December 13, 2016 The Chairman & Managing Director Chief Executive Officers All Banks Dear Sir, Preservation of …
Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT ABCAUS Case Law Citation: ABCAUS 1082 (2016) (12) ITAT Brief Facts of the Case: The Assessing Officer (AO) found that the assessee had not disclosed one …
Axis Bank Licence Cancellation rumours for allegations of serious irregularities in deposit/exchange of Specified Bank Notes denied by RBI Date : Dec 12, 2016 RBI denies Rumours on Axis Bank The Reserve Bank of India today clarified that it has not initiated any action to cancel the banking …
Bank to mention old-new currency deposits in counterfoils and educate customers to fill-up cash deposit slips showing old or new currency with denomination – Finance Ministry The Ministry of Finance through a letter to all the MDs &CEOs/CMDs of PSBs and Chairman, IBA directs that all the bank branches …
Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is sought to be added u/s 68 69-ITAT ABCAUS Case Law Citation: ABCAUS 1081 (2016) (12) ITAT Important Case Laws cited: CIT vs. K. Chinnatharmban (292 ITR 682)(SC) Manoj …
ICAI KYC Norms mandatory for practicing CAs for all assignments pertaining to attest functions of all type of clients w.e.f 01-01-2017 ICAI ANNOUNCEMENT OF KYC NORMS All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has …
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT ABCAUS Case Law Citation: ABCAUS 1080 (2016) (12) ITAT Brief Facts of the Case: The return of income of the assessee was selected for scrutiny under the CASS …
Fake Audio Clip of ICAI President on demonetization tax reforms etc. ICAI Announcement Clarification – Fake Audio Clip in circulation under the name of President, ICAI It has been brought to our attention that a fake audio containing views on economic matters, inter alia, demonetization, tax reforms etc. …
