IBBI prescribes guidelines for preservation of records by Insolvency Professional. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by introducing Insolvency and Bankruptcy …

ICAI issues guidelines for conducting of distance/ remote/ online Peer Review  According to the announcement made in this regard, the ICAI has decided in favour of distance/remote/online Peer Review due to two years of covid-19 pandemic and the changed audit methodologies adopted for conducting audits. ICAI has stated …

Rejection of books due to admission of assessee being bogus accommodation entry provider is quiet correct – ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the addition on bogus transaction of the assessee. ABCAUS Case Law CitationABCAUS 3579 (2022) …

Education cess not a disallowable expenditure u/s 40(a)(ii) as the amendment proposed by Finance Bill 2022 is yet to take effect – ITAT ABCAUS Case Law CitationABCAUS 3578 (2022) (02) ITAT Important case law relied referred:DCM  Shriram  Ltd.Chambal Fertilisers and Chemicals Ltd.Sesa Goa LimitedSicpa India Private Ltd.Philips India …

Receipts from transfer of the Carbon Credits are capital in nature and not are chargeable to tax. In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming in upholding that the receipt from transfer of Carbon Emission Reduction (“CER”) is perquisite under …

ICAI Handbook on Pre-packaged Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 Micro, small, and medium enterprises (MSMEs) contribute significantly to gross domestic product and provide employment to a sizeable population. In view of the COVID-19 pandemic to provide an efficient alternative insolvency resolution process under …