The Central Board of Indirect Taxes and Customs (CBIC) issued a clarification on Custom Faceless Assessment on Issues raised by Stakeholders. With the objective to enhance the efficiency of the process involved in Faceless Assessment, CBIC said that certain key areas, which require immediate attention, have …
Judgement:- The Madras High Court held that provisions of section 115JB are applicable on Insurance companies w.e.f April 1, 2003. Facts of the case:- The revenue pointed out the error in the order passed by the Tribunal while deciding the issue with regard to ‘addition of …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Bangalore Bench quashed the proceedings initiated under section 201 against Cafe Coffee Day as it was barred by limitation. Facts of the case:- The question raised was whether the order passed under section 201(1) and 201(1A) of the Act …
Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes. Request(s) for extension of various due dates under …
The Income Tax Appellate Tribunal (ITAT) disallowed the depreciation on Non-Competition Fee. Facts of the case: The assessee, Fortis Hospitals Ltd. during the year under consideration acquired the Wockhardt Group of hospitals pursuant to an agreement entered into. The said agreement included payment of a non-compete …
1. Like every year, Office of the Comptroller and Auditor General of India invited online applications from Chartered Accountant firms/LLPs who desire to be empanelled with their office for the year 2021-2022 for the purpose of appointment of auditors of Companies as per Sections 139 (5) …
Judgement:- The Madras High Court while quashing the impugned order held that the recovery of tax in advance by inspecting officials is illegal. Facts of the case:- The Petitioner, M/s. Sri Ganesh Lubricants, challenged the demand of the Commercial Tax Officer calling upon the petitioner to …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that an assessment order cannot be termed as “erroneous” unless it is not in accordance with the law. Facts of the case:- The assessee, Versova Shanti Co.op. Housing Soc. Ltd. was assessed for the year under …
1. The next practical training assessment is being conducted online on January 9, 10, 16 and 17, 2021. The students who have completed their 1st/ 2nd year of practical training during April 1, 2019 – September 30, 2020, are eligible to appear in this test. If …
1. The next CA Examinations are scheduled to be held from 21st JANUARY to 7th FEBRURY 2021. 2. In continuation to the Announcement dated 20th August 2020, regarding empanelment to act as observer at exam centres, it is informed that the window for empanelment of members …