To attract provisions of section 69A sine qua non is “ownership” of money etc. which is not recorded in the books of account not mere presumption- ITAT ABCAUS Case Law Citation:ABCAUS 3819 (2023) (11) ITAT Important Case Laws relied upon by parties:Common cause v. UOI 77 taxmann.com 245 …

Standards on Auditing applicable to companies should also apply to audit of limited liability partnerships. ICAI issues exposure Draft of Standards on Auditing for LLPS The Institute of Chartered Accountants of India (ICAI) had submitted ICAI’s recommendations to the National Financial Reporting Authority (NFRA) regarding 35 Standards on …

Income Tax order without Document Identification Number (DIN) is void ab initio. subsequent separate communication of DIN is a superfluous exercise.– ITAT ABCAUS Case Law Citation:ABCAUS 3818 (2023) (11) ITAT Important Case Laws relied upon by parties:K.P. Varghese v. Income Tax Officer, Ernakulam and Anr., (1981) 4 SCCAbhimanyu …

In ICAI Open Book’ methodology exam also the student required to write answers not copy-paste in the answer book – Supreme Court dismisses student’s SLP ABCAUS Case Law Citation:ABCAUS 3817 (2023) (11) SC The petitioner had appeared in the C.A. final examination conducted by the ICAI in the …

Addition made towards opening balance of capital account merely because no return was filed earlier deleted by ITAT ABCAUS Case Law Citation:ABCAUS 3816 (2023) (11) ITAT In the instant case, the assessee had challenged the order passed by the National Faceless Appeal Centre / CIT(A) in inter alia …

Land introduced as capital in partnership firm rightly taxed as capital gain u/s 45(3), no benefit can be given for stock-in-trade ABCAUS Case Law Citation:ABCAUS 3815 (2023) (11) ITAT Important Case Laws relied upon by parties:P. Nageswara Rao vs. Dy. CITIncome Tax Officer vs. Orchid Griha Nirman (P) …