i) To reinvigorate the Profession of Accountancy in this fast-changing digitalized World and to curb the prevalent malpractice of fake certificates forged by non-CAs, an innovative concept of Unique Document Identification Number (UDIN) was introduced by the Council of ICAI as mandatory Council Guidelines in a …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the capital deduction is allowable for purchase of house property abroad. The assessee, Joseph K. Zachariah earned long term capital gain at Rs.10.18 Crores. Facts of the case:- The assessee has invested in the construction …
1. The Central Board of Indirect Taxes and Customs (CBIC) while clearing the misconceptions, in a series of tweets, has said the rule will be applicable to only 0.5% of the total taxpayers base of 1.2 crores. 2. The CBIC has introduced Rule 86B in GST …
1. CA. Atul Kumar Gupta, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of the International Federation of Accountants (IFAC) at the IFAC Council Meeting in November 2020. 2. CA. Gupta has been elected for a period of …
1. The Ministry of Corporate Affairs (MCA) notified the Companies (Share Capital and Debentures) Second Amendment Rules, 2020 which seeks to amend the Companies (Share Capital and Debentures) Rules, 2014. 2. The government amended Form No. SH-7 which pertains to the notice to the registrar of …
Judgement:- The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), New Delhi Bench held that no o Service Tax is applicable on Liquidated damages, forfeiture of earnest money deposit and penalty. Facts of the case:- The appellant, M/s. South Eastern Coalfields Ltd. is a public sector …
1. The Ministry of Corporate Affairs (MCA) notified the new provision namely Rule 9A for the extension of reservation of name in certain cases. The Government notified the Companies (Incorporation) Third Amendment Rules, 2020 which seeks to amend the Companies ( Incorporation) Rules, 2014. 2. In …
Judgement:- The Delhi High Court while ruling in favour of the assessee held that the ITAT is ought to set aside ex-parte order, irrespective of final order decided the appeal on merits. Facts of the case:- The Petitioner, M/s Kalra Papers Private Limited filed its Return …
Facts of the case:- The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that CIT(A) cannot reject Appeal on technical grounds without giving an opportunity for Correction. The AO passed the ex-parte assessment order under section 147 or 144 of the Income Tax Act, 1961 and …