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 …

Providing mid day meals to students is charitable activity as general public utility u/s 2(15)-High Court uphelds ITAT order directing registration u/s 12AA  ABCAUS Case Law Citation: ABCAUS 2209 (2018) (02) HC The Challenge/Grievance: The Revenue had filed the appeal under Section 260-A of the Income Tax Act, …

CESTAT erred in granting Cenvat Credit on Boiler Structure on the basis of CBEC Circular-High Court  ABCAUS Case Law Citation: ABCAUS 2208 (2018) (02) HC The Commissioner Central Excise (Revenue) had filed an appeal under Section 35-G of Central Excise Act, 1944 read with Section 174 of Central …