Extension of last date for updation of Member’s Profile with GSTIN at ICAI Self Service Portal – Till 23rd April, 2023 ICAI vide Announcement dated 1st April, 2023 provided for updation of Member’s Profile at Self Service Portal with GSTIN of CA Firm/LLP, in which such member is …

Statement recorded u/s 132(4) is not sacrosanct merely because assessee failed to demonstrate any coercion and duress – ITAT ABCAUS Case Law Citation:ABCAUS 3708 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in upholding   the addition of undisclosed income …

Assessee cannot be asked to explain the bank transactions of an unrelated party  – ITAT deleted addition u/s 69A ABCAUS Case Law Citation:ABCAUS 3707 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition representing alleged unexplained gold …

Determining tax liability under Section 74 of UPGST Act, following Income Tax guidelines is impermissible – Allahabad High Court  ABCAUS Case Law Citation:ABCAUS 3706 (2023) (04) HC In the instant case, the Petitioner assessee had challenged the order passed by the UPGST Authorities u/s 74 of UPGST Act. …

Mere providing evidence relied upon by AO no substitute of fundamental right of opportunity for cross-examination – ITAT ABCAUS Case Law Citation:ABCAUS 3705 (2023) (04) ITAT Important Case Laws relied upon by parties:Andaman Timber Industries vs. Commissioner of Central Excise, 314 ELT 641 (SC)I.C.D.S.  Ltd. vs CIT 273 …

Penal interest on loan defaults replaced by Penal Charges i.e, no further interest on such charges. RBI releases Draft Circular on Fair Lending Practice – Penal Charges in Loan Accounts The Reserve Bank of India has released the Draft Circular on Fair Lending Practice – Penal Charges in …