AO can not extrapolate numbers on seized dumb document into lakhs. Addition made by deciphering erased figures by forensic report was based on surmises and conjunctures- ITAT   ABCAUS Case Law Citation: ABCAUS 2028 (2017) (08) ITAT Assessment Year :  2010-11 Important Case Laws Cited/relied upon by the …

RBI directs NBFCs to appoint nominated counsels in High Court to represent them when a petition is filed seeking interim orders/ directions against any NBFC Reserve Bank of India Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated …

Important judgment on EPS payment by exempted establishment under Section 17(1)(C) by Kerala High Court in the case of cooperative bank Hon’ble High Court of Kerala has dismissed the Petition flied by an exempted establishment challenging the assessment order passed by Kannur. P.F. office. The petition was filed …

ICAI Educational Material on Ind-AS 16 Property, Plant and Equipment and FAQ ICAI Educational Material on Ind-AS 16 Property, Plant and Equipment Ind AS Implementation Committee of the Institute of Chartered Accountants of India (ICAI) has brought out an Educational Material on Indian Accounting Standard (Ind AS) 16, Property, …

Draft Companies Cost Records and Audit Amendment Rules 2017 Pursuant to of IndAS. Summary of changes proposed in Form CRA-1 and Cost Audit Report Form CRA-3 Government of India Ministry of Corporate Affairs NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (COST RECORDS AND AUDIT) AMENDMENT RULES, 2017 Dated: …

Peak credit theory not applicable if deposits are unexplained u/s 68. High Court overruled ITAT decision where CA was providing accomodation entries and could not explain the deposits in his bank account. The Court held that where assessee is unable to explain the sources of deposits and the corresponding …