ICAI launches Audit Quality Maturity Model version 2.0 (AQMM v 2.0) ICAI launches Audit Quality Maturity Model version 2.0 (AQMM v 2.0). The AQMM v 1.0 has been made mandatory w. e. f. April 1, 2023, to the firms auditing the following entities: (a) a listed entity; or …

Income Tax Proceedings based on diaries, loose sheets without corroborative evidence held contrary to the law declared by the Hon’ble Apex Court  In a recent judgment Hon’ble Supreme Court has dismissed the SLP of the Income Tax Department against the judgment of the Hon’ble Karnataka High Court which …

No under reporting of income if income assessed u/s 143(3) is same as per return processed u/s 143(1)(a) – ITAT In a recent judgment, the ITAT Delhi has held that there is no under reporting of income u/s 270A as income assessed u/s 143(3) and income determined in …

RBI launches nationwide RBI90Quiz for undergraduate students. Final Prize is Rs. 10 Lakhs RBI has launched RBI90Quiz for undergraduate students who are not more than 25 years of age and pursuing bachelor’s degree. Reserve Bank of India (RBI) on the occasion of 90th Anniversary has announced launch of the RBI90Quiz for …

Cash basis accounting of late payment surcharge on electric bill held not prejudicial to Revenue In a recent judgment, the Hon’ble High Court of Meghalaya has upheld the order of ITAT that accounting of electricity late payment surcharge on cash basis instead of accrual basis was not prejudicial …

High Court restored the appeal as it was dismissed only due to no provision under GST Act to condone delay In a recent judgment, Hon’ble Madras High Court quashed the impugned order in DRC-07 and remanded the case as assessee’s appeal was rejected only on the ground that …