ICAI Revised Guidance Note-Audit of Consolidated Financial Statements 2016. Since 2003 number of developments took place necessitating revised version

ICAI Revised Guidance Note-Audit of Consolidated Financial Statements 2016. Since 2003 number of developments took place necessitating revised version

October 17, 2016 ICAI
ICAI Revised Guidance Note-Audit of Consolidated Financial Statements The Auditing and Assurance Standards Board of ICAI has released out a revised Guidance Note on Audit of Consolidated Financial Statements. Earlier, the Institute of Chartered Accountants of India had issued the ‘Guidance Note on Audit of Consolidated Financial Statements in 2003. As …
Public Sector Company Deemed Demerger on Shares Transfer by Central Government and reconstruction or splitting up. CBDT Notification No. 93/2016

Public Sector Company Deemed Demerger on Shares Transfer by Central Government and reconstruction or splitting up. CBDT Notification No. 93/2016

October 17, 2016 Income Tax
Public Sector Company Deemed Demerger on Shares Transfer by Central Government  MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No. 93/2016 New Delhi, the 14th October, 2016 (INCOME-TAX) S.O. 3204(E).— In exercise of the powers conferred by Explanation 5 to clause (19AA) of section …
Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions-wise un-reconciled differences.

Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions-wise un-reconciled differences.

October 17, 2016 Income Tax
Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions -wise unreconciled differences. Directorate of Income Tax has issued a letter to all Principal Chief Commissioners of Income Tax (PrCCIT) stating that it has observed noticeable differences in the amount of demand as reported …
Partnership salary allowed in profit loss ratio as per deed as the remuneration clause provided the manner of quantifying as per CBDT Circular No. 739

Partnership salary allowed in profit loss ratio as per deed as the remuneration clause provided the manner of quantifying as per CBDT Circular No. 739

October 16, 2016 Income Tax, ITAT, Judgments
Partnership salary allowed in profit loss ratio as per deed. Remuneration clause provided the manner of quantifying as per CBDT Circular No. 739 – ITAT ABCAUS Case Law Ctation 1035 (2016)(10) ITAT Important Judgments Cited: Assistant Commissioner of Income Tax Vs. M/s. DCS International Trading Durga Dass Davki …
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, penalty not justified

No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, penalty not justified

October 16, 2016 Income Tax, Judgments
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, it would not justify the levy of concealment penalty-ITAT ABCAUS Case Law Citation: 1034 (2016) (10) ITAT Brief Facts of the Case: A search operation u/s 132 of the Income Tax Act, …