Cash redeposits claimed out of withdrawals unlikely if deposited in remote bank branches not near to the assessee’s office or residence. No person will go to a branch to deposit extra cash leaving another bank branch near to his office/residence-ITAT ABCAUS Case Law Citation: ABCAUS 2255 (2018) (03) …

ICAI jurisdiction in disciplinary proceedings is confined to Show-Cause Notice.  It can not ask response on applicability of Income Tax Act, FEMA, Benami Act, Prevention of Money Laundering Act, etc. ABCAUS Case Law Citation: ABCAUS 2254 (2018) (03) HC The Serious Fraud Investigation Office (SFIO) lodged a complaint …

Revised format of Income tax notices u/s 142(1)(ii) & (iii) The Directorate of Income Tax (Systems) has issued a Departmental Order on the subject of issue of notices under section 142(1)(ii) & (iii) of Income tax Act 1961 in revised format. The concept of electronic assessment proceeding was …

The Legislature cannot overturn a judgment by way of introducing an amendment to make the judgment wrong or a nullity-Supreme Court declares retrospective amendment as illegal ABCAUS Case Law Citation: ABCAUS 2253 (2018) (03) SC The Karnataka Money Lenders Act, 1961 (M.L. Act) regulates and control the transactions …

Addition for cash deposit in joint bank account with grandfather upheld. High Court rejected the plea that the assessee was only helping his old grand-father for operating the bank account. ABCAUS Case Law Citation: ABCAUS 2252 (2018) (03) HC The appellant assessee was aggrieved by the order of …

Supreme Court issues direction for implementation of the BOCW Act and Cess Act for the benefit of building and other construction workers. Symbolic justice-there is nothing more to offer to several millions of construction workers in the unorganized sector – not social justice, not economic justice. The reason is …