Provisions of Section 44AD not apply when the gross receipts is above 40 lakhs. High Court remands the case back to Appellate Tribunal ABCAUS Case Law Citation: ABCAUS 2205 (2018) (02) HC The Challenge/Grievance: The appellant assessee had challenged the order passed by the Income Tax Appellate Tribunal …
RBI’s statement on fraud in PNB-No instruction given to PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. Reserve Bank of India (RBI), in a statement issued yesterday has denied having directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other …
Constitutional validity of Section 21A of the Banking Regulation Act upheld by Supreme Court. PIL challenged it on the ground large suicide by farmers ABCAUS Case Law Citation: ABCAUS 2204 (2018) (02) SC A Public Interest Litigation (PIL) was filed in the Hon’ble Supreme Court challenging the constitutional …
Orders of Supreme Court, High Courts and CESTAT accepted by the CBEC and on which no review petitions, SLPs have been filed. The Central Board of Excise and Customs (CBEC/Board) has issued Circular No. 1063/2/2018-CX dated 16.02.2018 on the subject “Orders of Supreme Court, High Courts and CESTAT …
Supreme Court explains the law on cancellation of certificate u/s 12AA. Grant of Registration u/s 12A is quasi judicial function and Section 21 of General Clauses Act not applicable- ABCAUS Case Law Citation: ABCAUS 2203 (2018) (02) SC Brief Facts of the Case: The appellant was a State …
Assessment made on revised ITR with fake figures filed for bank loan purpose quashed as the original return was belated and revised return was invalid legally. ABCAUS Case Law Citation: ABCAUS 2202 (2018) (02) ITAT Brief Facts of the Case: The appellant assessee was an individual engaged …