Category: Corporate Laws

Madras High Court: Onus to prove the genuineness of Transaction solely lies on Assessee, mere Statutory Approvals doesn’t sanctify Transaction

Judgment:- The Madras High Court held that the onus to prove the genuineness of transaction solely lies on the assessee, mere statutory approvals do not sanctify transaction. Facts of the case:- The assessee, M/s.Vishwatej Developers Private Limited had filed their return of income admitting loss and …

ICAI: Exposure Draft of Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors

Accounting Standards Board The Institute of Chartered Accountants of India 2nd June, 2021 Exposure Draft of Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors As you are kindly aware that the Indian Accounting Standards (Ind AS) …

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