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 …
a) The Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB), a high quality globally accepted Accounting Standards. b) The IFRS Standards/IFRIC are being issued/revised by the IASB from time to time and in order to …
The Ministry of Corporate Affairs (MCA) notified that the provisions of the Companies (Amendment) Act, 2020 will be enforced from 21 December 2020. The 17 provisions includes Section 1; Section 3; Sections 6 to 10 (both inclusive); Sections 12 to 17 (both inclusive); Clauses (a) and …
1. In a major setback, India, three months after losing Vodafone arbitration case, has lost another arbitration case related to a tax dispute to the UK oil major Cairn Energy Plc. The international arbitration tribunal, in a verdict that came on Tuesday night, has asked India …
1. In continuation of announcement dated 7th November 2020 provided an opt-out facility to the examinees of November 2020 exams to appear in January/ May 2021 examinations, based on candidates opted out/appeared, list of candidates eligible to appear in January/ May 2021 has been finalized. 2. …
Judgement:- The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT) quashed the quashes demand of service tax on Commission received from foreign companies. Facts of the case The appellant, Wintech Taparia Ltd. is a manufacturer of food processing machines. The appellant is also registered under service …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that no Tax is applicable on Compensation received for loss of Trees. Facts of the case: The assessee, M/s. Flower valley Agro Tech Pvt. Ltd. being resident corporate assessee is stated to be engaged in the …
1. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode (CBT) It has been decided to conduct Advanced ICITSS – Adv. IT Test – in Computer Based Mode (CBT) on Tuesday, the 12th January 2021 …
a) The Income Tax Department has introduced the ‘Jhatpat Processing’ with the tagline of File Karo Jhat Se, Processing Hogi Pat Se which means file your income tax return and get it processed quickly. b) The Jhatpat Processing has already started for ITR-1 and 4 and …
Judgement:- The Karnataka High Court held that the prosecution initiated under Prevention of Money Laundering Act (PMLA), 2002 and confiscation proceedings resorted are not based on ex post facto law. Facts of the case:- The batch of petitions has questioned the correctness and legality of the …
