No addition u/s 68 for unsecured loan taken without payment of interest where assessee furnished name, address, PAN and transaction was routed through banking channels. ABCAUS Case Law Citation ABCAUS 3576 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

  CBDT issues Clarification regarding the Most-Favoured-Nation (MFN) clause in the Protocol to India’s DTAAs with certain countries   F.No.S03/1/2021-FT&TR-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (FT&TR-I) Circular No. 3/2022 New Delhi, 3rd February, 2022 Subject: Clarification regarding the Most-Favoured-Nation …

SEBI issues Guidelines on Accounting as per IND AS of Mutual Funds Schemes SEBI vide notification dated January 25, 2022 had amended SEBI (Mutual Funds)Regulations, 1996(MF Regulations), which,inter-alia, mandated that the Asset Management Companies (AMCs) shall prepare the Financial Statements and Accounts of the Mutual Fund Schemes in …

ICAI bans four chartered accountants for professional  misconduct ICAI has banned four chartered accountants for committing professional misconduct. The summary of the decisions taken by the the Disciplinary Committee in terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and …

Reasons to believe escapement of income should be for the same assessment Year. Reasons recorded for earlier years can not be the basis – ITAT In a recent judgment, the ITAT has held that reasons to believe escapement of income u/s 148 should be for the very assessment …

Cash deposits by CA stated to be trading income added as unexplained income u/s 68 as ICAI does not allow CAs to do any business activity ABCAUS Case Law CitationABCAUS 3574 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …