The Institute of Chartered Accountants of India ( ICAI ) to conduct an Assessment / Refresher Course Scheme for the students who have not taken membership or not restored their membership even after a lapse...
The Institute of Chartered Accountants (ICAI) on Monday released that draft regulation to amend the Chartered Accountants Regulations, 1988. The regulation came to be known as the Chartered Accountants (Amendment) Regulations, 2020. The Amendment seeks...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that non-issuance of a notice to the amalgamated company will render the assessment invalid. The assessee, M/s Siemens Power Engineering Pvt. Ltd. had pursuant to the...
The Central Board of Indirect Taxes and Customs (CBIC) on Thursday notified the second phase of All India roll-out of Faceless Assessment. The first phase was begun from June 08, 2020, at Bengaluru and Chennai...
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that framing of an assessment against a non-existent amalgamating entity was not procedural irregularity but a jurisdictional defect not covered under section 292B, so, assessment made...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the Assessing Officer (AO) cannot reopen the assessment merely on the basis of change of opinion and directed the AO to restrict the disallowance in...
The Institute of Chartered Accountants of India (ICAI) has issued detailed guidelines for audits to assess the going concern nature of the company and key audit considerations amid COVID-19. Auditor reporting and transparency about the...
The Accenture Solutions Private Ltd has invited applications from eligible candidates. The Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology, and operations, with...
The High Court of Madras held that there is no jurisdiction of Assessing officer (AO) in the reopening of Assessment after 4 years by reason of failure on part of the assessee. The Assessing Officer,...
The Competition Commission of India (CCI) has been looking at non-compete restrictions stipulated in mergers and acquisitions while reviewing combinations. Notifying parties are required to furnish information on non-compete restrictions for the purpose of its...
The Delhi Customs, on Wednesday issued procedure for assessment in cases of nonsubmission of Original Country of Origin Certificates. In the wake of COVID-19 facilitation measures amended the Public Notice dated April 9, 2020, addressing...
The High Court of Kerala quashed the reassessment proceedings under section 17D of the Kerala General Sales Tax Act (KGST), 1961 since the provision does not prescribe any time limit and no additional material to...
The Income Tax Appellate Tribunal (ITAT) has held that the genuineness of the donations made out of business receipts which are allowable as expenditure under the provisions of the Income Tax Act, 1961 cannot be...
The Income Tax Appellate Tribunal (ITAT), Cochin bench, in a recent ruling held that the amount deposited by the assessee as a security deposit is not taxable on the year of termination of the dealership...
The Central Board of Indirect Taxes and Customs (CBIC) issued a notice inviting the suggestions, views, comments, etc. from the stakeholders for the purpose of Faceless e-Assessment. For the purpose of facilitation of the matters,...
In a Relief to Price Waterhouse & Co ( PwC ), the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has quashed the re-assessment and held that in order to reopen the assessment by the...
The Supreme Court of India has held that when the liability to pay an erroneously withheld sum is acknowledged and accepted by the Revenue Department, then to deny relief by directing payment in terms of...
The Bombay High Court held that Pharmaceutical Company on providing free medicine samples to doctors cannot invoke Fringe Benefits Tax (FBT)provisions. Aristo Pharmaceuticals, the respondent is engaged in the business of manufacturing of pharmaceutical products...
The High Court of Madras in the case of M/s Jayachandran Alloys (P.) Ltd. v The Superintendent of GST and Central Excise holding in favour of the petitioner ruled that power to punish would stand...
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the Commissioner of Income Tax (Appeals) cannot CIT(A) can’t adjudicate issue by introducing a new source of income not discussed in the original assessment....
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that as the special audit reference was illegal, the assessment order is barred by time limitation and hence, liable to be...
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