Once a method of recognizing revenue accepted by revenue in earlier and later years, same cannot be disturbed for the intervening year- ITAT In a recent judgment, ITAT has quashed a revisionary order holding that Once a method of recognizing revenue accepted by revenue in earlier and later …

Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT In a recent judgment, Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT following law laid by Hon’ble Apex Court ABCAUS Case Law Citation:ABCAUS 3842 …

Interest u/s 234C is chargeable on returned income only and not on the assessed income – ITAT In a recent judgment, ITAT has held that interest u/s 234C is chargeable on returned income only and not on the assessed income  ABCAUS Case Law Citation:ABCAUS 3841 (2024) (01) ITAT …

Singing of the balance sheet itself is construed as acknowledgement of debt. No cessation of liability u/s 41 if trade payables shown as outstanding in the balance sheet  – ITAT In a recent judgment, ITAT has held that singing of the balance sheet itself is construed as acknowledgement …

RBI issues Guidelines on Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks RBI has issued guidelines on Appointment/Re-appointment of Statutory Auditors of Co-operative Banks. The guidelines shall come into effect from April 1, 2024.  State Co-operative Banks (StCBs) and Central Co-operative Banks …

No presumption that if assessee owns some agricultural land, agricultural income arises automatically – Supreme Court dismisses SLP An income cannot be based on mere presumption that if the assessee owns some agricultural land, the income from agricultural operation arises automatically. Recently the Apex Court dismissed the SLP …