ICAI presents its 72nd Annual Report for the year ended 31st March 2021
ICAI has presented its 72nd Annual Report for the year ended 31st March 2021. The Institute was constituted on 1st July 1949 by an Act of Parliament with about 1,700 members but as on 31st March, 2021, the Institute has 3,27,081 members.
The Report highlights the important activities of the Council and its various Committees during the year 2020-2021, besides the accounts of the Institute for the year ended on 31st March 2021.
As on 31st March, 2021 the Institutes have surplus & earmarked funds of Rs. 249983 lakhs and cash equivalents of Rs. 10015 lakhs.
During the financial year ended on 31st March, 2021 the ICAI earned net surplus of Rs. 21227 lakhs. Its total receipt was Rs. 12,944 lakhs.
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- No disallowance u/s 43B if expenditure not claimed in Profit and Loss Account
- Assessee developing infrastructure facility of Govt. not contractor for denying 80IA deduction
- Jurisdictional PCIT/CIT to condone delay in filing Form No. 10A for Registration u/s 12A
- AO not justified in making addition by adopting extrapolation without any material evidence
- Court can not sit over comparative financial attractiveness of rival offers decided by CoC
