Penalty u/s 271(1)(c) deleted as quantum addition was reduced significantly from 100% to 20% in respect of bogus purchases. In the instant case, the assessee had challenged the order passed by the CIT(A) confirming penalty u/s 271(1)(c) of the Income Tax Act, 1961 (the Act) imposed by the …
Shri Rao Inderjit Singh took charge as Union Minister of State in the Ministry Corporate Affairs (MCA), here today. Before taking charge as Union Minister of State for MCA, Shri Singh held Union Minister of State (Independent Charges) for Ministry of Statistics and Programme Implementation as also for …
New functionalities to be deployed on GST Portal in the month of July, 2021 As per GSTN advisory, the following changes were recently deployed/ would be deployed shortly, on the GST portal: (1) Registration Module Form/ Functionality Functionality released/ to be released for Taxpayers Current Status Timelines for …
CIT assuming jurisdiction u/s 263 has no power to direct initiating penalty proceedings u/s 271(1)(c) CIT Revision u/s 263 for AO accepting revised return without initiating penalty proceedings u/s 271(1)(c) quashed by ITAT following jurisdictional High Court order In the instant case, the assessee had challenged the revisionary …
SEBI reduces advance intimation timelines for modifications in the contract specifications of commodity derivatives contracts SEBI has specified the procedure for carrying out modifications in the contract specifications of commodity derivatives contracts vide circular no. SEBI/HO/CDMRD/CIR/P/2019/135 dated November 14, 2019. Based on their materiality, the contract modifications …
ICAI amends Form 18 to incorporate particulars of non CA partners under Regulation 53B ICAI has amended the Chartered Accountants Regulations, 1988 by notifying the Chartered Accountants (Amendment) Regulations, 2021. The amendment has substituted Form 18 , in Schedule “A” of the Chartered Accountants Regulations, 1988. Chartered Accountants …
