Government reduces turnover limit from Rs. 500 crores to Rs. 250 crores for applicability of Trade Receivables Discounting System platform Companies with turnover more than Rs. 250 crore to comply with Trade Receivables Discounting System platform. This will enable MSME to access credit from banks based on their …

Addition confirmed by High Court as assessee failed to rebut presumption drawn u/s 68 rws 69A In a recent judgment, Hon’ble Chhattisgarh High Court confirmed the addition for cash deposit in bank account as AO, CIT(A) and ITAT gave concurrent finding that the assessee did not produce any …

DRI officers are “proper officers” and are competent to issue show cause notice u/s 28 the Customs Act, 1962 for custom duty recovery – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that officers of Directorate of Revenue Intelligence, Commissionerates of Customs (Preventive), Directorate General …

Pooja Expenses incurred allowable business expenditure under section 37 of the Income Tax Act, 1961 – ITAT  In a recent judgment, ITAT Nagpur has held that Pooja Expenses incurred were allowable business expenditure under section 37 of the Income Tax Act, 1961. ABCAUS Case Law Citation:4311 (2024) (11) …

SEBI directs Mutual Funds to disclose expenses, half yearly returns,  yield and risk-o-meter of schemes Under  the  current  regulatory  framework  for  Mutual  Funds,  various  disclosure requirements  have  been  mandated,  which  include  disclosures  by  Mutual  Funds with  respect  to  expenses  and  risks  pertaining  to  schemes.  Based  on  the recommendation …

Corrigendum to issued to rectify mistake in original assessment order was a valid assessment order – ITAT  In a recent judgment, ITAT Chennai has held that corrigendum to assessment order issued by the Assessing Officer (AO) to rectify mistake in original assessment order was a valid assessment order. …