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In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …
In a recent judgment, ITAT Chennai has held that the assessee is not entitled to additional depreciation u/s.32(1)(iia) of the Income Tax Act, 1961 on the machineries acquired in earlier year than the relevant financial year as there is no provision for postponement or carry forward of the residual …
MCA Notification-Format of financial statements for a company whose financial statements are drawn as per Companies (Indian Accounting Standards) Rules, 2015. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi , 6th April, 2016 G.S.R. 404(E).—In exercise of the powers conferred by sub section (1) of section 467 of the Companies Act, …
In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of recipient , does not mean that it is a deductible expenditure in the hands of the person making the payment instead the deduction is required to be examined …
GOVERNMENT OF INDIA Ministry of Corporate Affairs Notification New Delhi, the 4th April, 2016 GSR (E) – In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes …
How to enable WhatsApp end-to-end encryption WhatsApp Messenger has introduced the facility of end-to-end encryption when messages are sent using the latest versions 2.12.556. According to WhatsAPP, there are many other messaging apps that only encrypt messages between users and them, but WhatsApp’s end-to-end encryption ensures that only …
In a recent judgment, Allahabad High Court has held that right of appeal is a matter of procedure which gets converted into a substantive right as a creature of statute which cannot create a retrospective right. The appeal has to be filed within the limitation prescribed. Case Details: ITA …
“When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred” ITAT quotes Apex Court observation while condoning delay of seven days in filing appeal before CIT(A). Case Details: ITA No. 435,436,437 & 438/JP/2014 Assessment Years : 2006-07 to 2009-10 …
In a recent judgment, ITAT Jaipur while allowing assessee’s claim of exemption u/s 11 held that the Supreme Court decision in Goetze India Ltd. vs. CIT that assessee was not entitled to claim exemption which was not made in the return was applicable to AO and not to the appellate authority. Case …
AASB of ICAI has constituted Expert panel for providing online support by addressing Bank Branch Audit related queries for FY 2015-16. The facility is available till 15/04/2016 only. The announcement of ICAI in this regard is as under: AUDITING & ASSURANCE STANDARDS BOARD CONSTITUTES EXPERT PANEL FOR ADDRESSING BANK …
