Profit on Bogus purchase/ accommodation entries @ 5% upheld by the High Court. Only profit element embedded is to be taxed not entire purchase ABCAUS Case Law Citation:ABCAUS 3272 (2020) (02) HC Important case law relied upon by the parties:Kaveri Rice Mills vs. Commissioner of Income-Tax, (2006)157 Taxman …

Salient features of the CARO 2020 applicable for financial year commencing on 1st April 2019 onwards MCA has notified the Companies (Auditor’s Report) Order, 2020, CARO 2020 is applicable for the financial years commencing on or after the 1st April, 2019. Salient features of the CARO 2020 are …

For Revision u/s 263, records include records relating to assessment proceedings of preceding assessment years ABCAUS Case Law Citation:ABCAUS 3271 (2020) (02) ITAT Important case law relied upon by the parties:Rotork Controls India Private Limited v. CIT reported in (2009) 314 ITR 62(SC)CIT v. Gabriel India Ltd., reported …

CARO 2020. MCA notifies Companies (Auditor’s Report) Order 2020. Read Key Changes / Highlights  CARO 2020 – Companies (Auditor’s Report) Order, 2020 Note: Due to Covid-19 virus, MCA has extended the applicability of CARO 2020 from the financial year 2020-2021 instead of being applicable from the financial year …

Addition u/s 56(2)(ii) deleted as Law cannot operate in vaccum de-horse ground realities though deeming section not requires any incriminating material   ABCAUS Case Law Citation:ABCAUS 3270 (2020) (02) ITAT Section 56(2) of the Income Tax Act, 1961 (the Act) is a deeming provision which creates an artificial …

Mauritius included in FATF list of jurisdictions under increased monitoring – SEBI. Though FPIs from Mauritius continue to be eligible for FPI Registration  Mauritius included in FATF list  The Financial Action Task Force on February 21, 2020, has placed Mauritius in the list of “jurisdictions under increased monitoring”, …