In a recent judgment, ITAT Chennai has stated that consent/acceptance given by assessee could not give jurisdiction and a right to the assessing authority to make an addition. The taxing authority can act only if there is power under the statute to do so. It further held that if the liabilities …
Companies (Auditor’s Report) Order, 2016 (CARO 2016) issued by the Ministry of Corporate Affairs (MCA) is applicable for audits of financial statements for periods beginning on or after 1st April 2015 (FY 2015-16) The new reporting requirements of CARO 2016 are distinguished and from earlier CARO Orders. ICAI has come up …
Ministry of Social Justice & Empowerment-Press Release dated 23/04/2016 New Rules notified by Government to revamp Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act The Ministry of Social Justice and Empowerment has notified the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Rules, 2016 on …
Circular No. 1026/14/2016-CX F. No. 354/25/2016-TRU Government of India Ministry of Finance Tax Research Unit New Delhi, the 23rd April, 2016 To, Principal Chief Commissioners I Chief Commissioners of Central Excise (All); Principal Chief Commissioners I Chief Commissioners of Customs & Central Excise (All); All Director Generals of …
In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard notified u/s 145 of Income Tax Act, 1961, provisions should be made for all known liabilities and losses even though the amount cannot be determined with certainty and …
In a recent judgment, ITAT Delhi has allowed depreciation on UPS at the higher rate of 60% allowable at computers following Delhi High Court judgment that computer accessories and peripherals such as, printers, scanners and server etc. form an integral part of the computer system and cannot be used without the …
