Tender condition of experience in the same name and style of tenderer can not overlook experience in joint venture unless specifically excluded so in eligibility criteria. In a recent judgment, Hon’ble Supreme Court has held that disqualifying applicant from tender on technical evaluation by not taking into account …

Receipt of immovable property from relative is not taxable u/s 56(2)(x) and cannot be brought o tax u/s 68 for difference in stamp duty valuation and value declared in gift deeds. In a recent judgment, ITAT Chennai has held that receipt of immovable property from a ‘relative’ is …

Maintenance, archival and submission of Audit File to National Financial Reporting Authority (NFRA) – Points of compliance by the audit firms  The Standards on Auditing (SAs) including the Standard on Quality Control (SQC-1) define and provide guidance as to what constitutes an audit file and its evidentiary value …

Rejecting condonation of delay and dismissing appeal without verifying medical certificates – ITAT sets aside order of CIT(A) In a recent judgment, ITAT Lucknow set aside the order of the CIT(A) as he rejected the assessee’s request for condonation of delay without conducting any independent inquiry regarding the …

Common Area Maintenance (CAM) Charges cannot, by any stretch, be construed as payment of rent liable to TDS under section 194-I – Supreme Court dismissed SLP.  In a recent judgment, Hon’ble Supreme Court has dismissed SLP of the Income Tax Department against the judgment of the High Court …

SC upheld that merely producing audit objection in order u/s 148A(d) ignoring reply of assessee is non application of mind In a recent judgment, the Hon’ble Supreme Court upheld the judgment of Gujarat High Court in holding that merely producing of audit objection in the order under Section …