New definition of MSMEs – Existing EM & UAMs obtained till 30.06.2020 to be valid till 31.03.2022 RBI in August 2020 has notified new definition of Micro, Small and Medium Enterprises. Later, the Government clarified that the existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) …

Supreme Court uphold quashing of reassessment notice issued beyond four years without failure of assessee to disclose fully & truly all material facts In a recent order, the Hon’ble Supreme Court has upheld the order of the High Court in quashing the reassessment notice issued beyond the period …

Debit entries should also be considered for cash credit entries u/s 68. Credit entries cannot be looked into isolation ignoring debit entries. ABCAUS Case Law CitationABCAUS 3581 (2022) (02) ITAT Important case law relied referred:CIT Vs. Rohini builders 256 ITR 36 In the instant case, the assessee had …

TDS not applicable on payment of bank guarantee commission to bank listed in second schedule to RBI Act as there is no element of agency  ABCAUS Case Law CitationABCAUS 3580 (2022) (02) ITAT Important case law relied referred:Kotak Securities Ltd. Vs. DCIT 18 taxmann.com 48 (Mum.) TDS not …

RBI clarification on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances  RBI in November 2021 had issued a Circular on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances.  In response to the queries received seeking certain clarifications, the RBI has …

ICAI bans a CA for additional month and withdraws removal of another CA for alleged misconduct ICAI had earlier removed the names of these chartered accountants from the Register of Members and had also imposed a fine with condition that in case of default in payment of fine …