RBI imposes monetary penalty of Rs 20 million on Union Bank of India for non-compliance with KYC norms for certain accounts related to fraud in a bank Reserve Bank of India Date : Jul 31, 2017 Reserve Bank of India imposes monetary penalty on Union Bank of India The …

Revised guidelines for stay of demand at first appeal stage. Minimum deposit amount for grant of stay increased to 20% of the disputed amount from existing 15% F. No. 404/72/93-ITCC (FTS:284146) Government of India Ministry of Finance Department  of Revenue Central Board ofDirect Taxes New Delhi,  31st July, …

Filing Income tax return without linking Aadhaar to PAN allowed but linking to be done before 31st August, 2017. However, ITRs shall not be processed until linkage.  Filing Income tax return without linking Aadhaar to PAN Allowed With the extension of the due date of 31st July 2017 …

If accounts are audited AO has to explain the rejection of profit with sufficient clarity. When there are audited accounts of an entity and the calculation of the GP ratios hinges upon their analysis, the AO should not lightly undertake an exercise that would amount to negating those …

Limitation period for revision Petition 264 starts with service of intimation u/s 143(1) and not from the date when assessee comes to know about the processing of the return – High Court The expression ‘the date on which he otherwise came to know of it’ as per section …

Rejection of technical bid due to curable defect of missing notary stamp on some of the tender documents held as untenable and bad in law. The Bidder acted in a capricious manner resulting in discrimination. Delhi High Court  ABCAUS Case Law Citation: ABCAUS 2009 (2017) (07) HC The …