ToR for Chartered/Cost Accountant Firms at District/City Health Societies Odisha FY 2024-25 Terms of Reference (ToR) for the Chartered / Cost Accountant Firms applying for undertaking monthly concurrent audit accounts records at the Odisha State Health and Family Welfare Society (OSH&FWS), District Health Societies and City Health Societies …

Valuation of closing stock is revenue neutral  – ITAT deleted addition on account of valuation of stock In a recent judgment, ITAT has held that valuation of closing stock is revenue neutral. Even if it is enhanced for the year under consideration the same will reduce the profit …

Disallowance towards land filling expenses was right as except contractor bills no other evidence was produced – ITAT In a recent judgment, ITAT has confirmed the disallowance towards land filling expenses as except contractor bills no other evidence was produced showing how the property was made beneficial with …

Eligible donations by trust/institution to another trust/institution are application for charitable or religious purposes only to the extent of 85% of such donations – CBDT Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred …

Assessee was liable to pay penalty u/s 272A(1)(d) on the first default as thereafter, the AO could have proceeded to frame an ex-parte order – ITAT In a recent judgment, ITAT has deleted the penalty u/s 272A(1)(d) for multiple default in non-compliance to the notice holding that assessee …

Income tax prosecution u/s 276CC where assessee filed belated return under section 139(4) – Allahabad High Court admits application In a recent judgment, the Hon’ble Allahabad High Court has admitted an application contending that where assessee had filed return of income under Section 139(4) of the Income Tax …