RBI extends timeline for finalization of audited accounts by NBFC
In view of the on-going situation and taking in to account the feedback received from various stakeholders, RBI has decided that every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains or any date as notified by SEBI for submission of financial results by listed entities.
As per RBI guidelines, every applicable NBFC is required to finalise its balance sheet within a period of 3 months from the date to which it pertains.
- AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
- Shareholders can’t be taxed for income from properties owned by the company – HC
- Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
