Addition u/s 69 for unexplained cash deleted by the Tribunal. It was held that tag of another bank found on cash bundles not to be given weightage as it is a common practice amongst banks to issue currency bundles as received by them ABCAUS Case Law CitationABCAUS 3457 …

Supreme Court fixes banks liability on locker operation. Banks cannot wash off hands and claim no liability towards their customers–Supreme Court ABCAUS Case Law CitationABCAUS 3456 (2021) (02) SC Important case law relied referred:UCO Bank v. RG Srivastava 1996 (1) CPR 97Charan Singh v. Healing Touch Hospital & …

RBI has issued a Master Direction on Digital Payment Security Controls in pursuance of the Statement on Developmental and Regulatory Policies of the Bi-monthly Monetary Policy Statement for 2020-21. Master Direction on Digital Payment Security Controls The said Master directions are called the Reserve Bank of India (Digital …

Major Port Authorities Act, 2021 has received the assent of the President on the 17th February, 2021 The Major Port Authorities Act, 2021 The said Act provides for regulation, operation and planning of Major Ports in India and to vest the administration, control and management of such ports …

ICAI Guidance Note on Accounting by E-commerce Entities. In view of increased number of online transactions for buying and selling of products / services, ICAI has revised its ‘Guidance Note on Dot-Com companies’ as the ‘Guidance Note on Accounting by E-commerce Entities’. This revised Guidance note deals with …

ICAI Guidance Note on Accrual basis of accounting 2021. The importance of Accrual basis of accounting assumes importance as one of the fundamental accounting assumption for preparing and presenting the financial statement is ‘Accrual’. The Institute of Chartered Accountants of India (ICAI) through its Research Committee has issued …