Facts of the case:- The Bombay High Court felt that no right to cross-examine the witness before the reply to Show Cause Notice is filed and before adjudication commences. The petitioner, Prakash Raghunath Autade denied each and every allegation made in the show-cause notice. He, however, …
1. The Central Board of Direct Taxes (CBDT) has reduced the Time limit to re-open Income Tax assessment from 6 years to 3 years. The assessment can be reopened upto 10 yrs, only when there is evidence of concealment of income of more than Rs. 50 …
The Delhi High Court upholds ICAI’s decision dismissing a complaint alleging Professional Misconduct by CA as a Report related to verification of books has passed the test of judicial scrutiny. Facts of the case:- A complaint was filed by the Appellant, Wholesale Trading Services before the …
1. The Supreme Court to hear plea seeking ‘Opt Out’ Option For Symptomatic Students Without RT-PCR Test for December 2021 exams. 2. The application filed by Sanjeev K Arora, a prospective candidate of the CA Exam scheduled to be held between December 5, 2021, to December …
1. The Institute of Chartered Accountants of India (ICAI) has submitted the Pre-Budget Memorandum, 2022. The Institute has suggested that the provisions of Section 2(1B) of the Income Tax Act be amended to clarify that the shares are to be issued by the amalgamated company to …
1. The Supreme Court to hear the PIL challenging pattern and mode of the Intermediate and Final Cost Accountants (CMA) Examination The Institute of Cost Accountants of India (ICMAI) will conduct the CMA intermediate and final exams, in online mode, from December 8 to December 15. …
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the interest paid on bank loan cannot be liable to Tax Deduction at Source (TDS) and therefore, the disallowance under section 40(a)(ia) of the Income Tax Act, 1961. Facts of the case:- The Assessing Officer, …
1. The Insolvency and Bankruptcy Board of India (IBBI) issued the clarification on the requirement of seeking a No Objection Certificate or No Dues Certificate from the Income Tax Department during the Voluntary Liquidation Process under IBC. 2. Regulation 14 of the IBBI (Voluntary Liquidation Process) …
In a major setback to the HDFC Bank, the Delhi High Court refused to issue Form ‘F’ in respect of inter-state stock transfers due to default in paying Central Sales Tax. Facts of the case:- A petitioner that as a part of its business operation, from …
1. The Institute of Chartered Accountants of India (ICAI) has notified the Appointment of authorized representatives at Polling Booths. 2. As per rule 26 of the Chartered Accountants (Election to the Council) Rules, 2006 a candidate is entitled to be present at the polling booths in …