Validity of notice u/s 148 where assessment was made u/s 143(1)- Supreme Court quashed High Court order that no substantial question of law arises  ABCAUS Case Law Citation: ABCAUS 2868 (2019) (04) SC The respondent Assessee had filed its return of income for the AY in question declaring the taxable income …

The objective of IBC 2016 is reorganization and insolvency resolution and not realisation of bad loans- IBBI In a letter written to “ The Week” the Insolvency and Bankruptcy Board of India (IBBI) has stated that the impression that Insolvency and Bankruptcy Code, 2016 (Code) is for realisation …

ICAI’s contribution in GST recognized by Goods and Services Tax Network (GSTN) The Goods and Services Tax Network (GSTN) on the occasion of its foundation day on 5th April, 2019 felicitated The Institute of Chartered Accountants of India (ICAI) in recognition of its contribution and support in development of GST ecosystem. It …

Merger of Lakshmi Vilas Bank and Indiabulls Housing Finance Ltd not approved yet- RBI Reserve Bank of India Date : Apr 06, 2019 Announcement of Merger of Lakshmi Vilas Bank and Indiabulls Housing Finance Limited Reserve Bank of India (RBI) has learnt through media reports that Lakshmi Vilas Bank …

Sale of client relationship and goodwill by CA firm was of capital asset u/s 2(14) chargeable to tax under the head capital gain and deduction u/s 54EC was allowable – ITAT ABCAUS Case Law Citation: ABCAUS 2867 (2019) (04) ITAT The appellant assessee was a partnership firm carrying …

Capital introduced by partner can not be taxed in firms hand as undisclosed income. It could be added in the hands of partners only – ITAT ABCAUS Case Law Citation: ABCAUS 2866 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties India Rice Mills vs. CIT …