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Books of Accounts can’t be Rejected due to Non-Presentation during Survey: Allahabad HC [Read Judgment]

The High Court of Allahabad held that non-presentation of the books of accounts at the time of the survey cannot be the sole reason for rejection of...

CBIC cautions Taxpayers from Fake Messages on GST Refunds

State Government is 'Operational Creditor', and Taxes payable shall be 'Operational Debt': Jharkhand...

Exclusion of Comparables based on Turnover is valid: ITAT [Read Order]

Reduction in Price of Stock-in-Trade can be allowed while Computing Business Income only in Trading...

Interest from Fixed Deposit taxable as ‘Other Income’: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that income from interest is chargeable to tax as 'income from other sources' under Section 56 of the Income Tax Act. The assessee made fixed deposits...

[BREAKING] COVID-19: ICAI again Postpones CA Exams May 2020 [Read Announcement]

The Institute of Chartered Accountants of India ( ICAI ) has postponed the CA Exams May 2020 due to COVID-19 outbreak. The ICAI in an announcement said that, In continuation to the Important...

COVID-19: Maharashtra waives Late Fee on Professional Tax [Read Circular]

The government of Maharashtra issued a circular on the exemption from payment of late fee under Section 6(3) of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 ...

Car Mats subject to Excise Duty under Residuary Entry: SC [Read Judgment]

The Supreme Court held that Chapter 87 of the Central Excise Tariff of India does not contain car mats as an independent tariff entry, so car mats to be included under the residuary sub-head “other”. ...

ICAI permits Communication with Retiring Auditor through E-mail

The Institute of Chartered Accountants of India ( ICAI ) has permitted the communication with the Retiring Auditor through E-Mail. In a statement issued by ICAI said that the members have raised...

Yahoo gets Income Tax Relief from ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt....

GST Interest Recovery and Attachment of Bank Account can’t be done without Notice: Karnataka HC [Read Judgment]

The High Court of Karnataka held that show cause notice is a prerequisite condition for quantification of interest or attachment of bank account without which, the proceedings would be null and void....

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