The tax department has set an ambitious target to dispose of as many as 1.33 lakh appeals lying before the commissioners-IT (CIT-A), almost double the resolutions achieved last year, with a sharper focus on settling high-value disputes, reports Siddhartha P Saikia in New Delhi. Currently, about 2.6 lakh cases, including about 74,000 high-value ones, are… Read More »
I-T department to block PAN, LPG subsidy of tax defaulters In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to “block” Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans. A number… Read More »
Held clause (a) of Explanation states that an order shall be deemed to be erroneous, if it has been passed without making enquiries or verification, which should have been made. In our considered view, this provision shall apply, if the order has been passed without making enquiries or verification which a reasonable and prudent officer… Read More »
Dispensation of GMCS-I by merging its syllabus with Orientation Course for 15 days (90 hours) – (14-06-2016) The Council has decided to dispense with the General Management and Communication Skills (GMCS) – I Course and merge its syllabus with Orientation Programme. Hence forthwith, it will be known as Orientation Course. Accordingly, it has been decided… Read More »
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination Paper 1: Accounting Accounting Standards AS 1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories AS 3 : Cash Flow Statements AS 6 : Depreciation Accounting AS 7 : Construction Contracts (Revised 2002) AS 9 : Revenue Recognition AS… Read More »
15th June, 2016 Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 for November, 2016 Examination Any new AS or Ind AS or revised version of AS or Ind AS, notified by the MCA, is being made applicable for CA examination only after one… Read More »
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Final Examination
Clarification that HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF. – (23-06-2016)
Invitation for empanelment as Examiners for Chartered Accountants Examinations Applications are invited from eligible members of the Institute and other professionals including academicians of reputed educational institutions, tax and legal practitioners etc., having a flair for academic activities including valuation of answer books and willing to undertake confidential assignments as a dedicated examiner, for empanelment… Read More »
IN THE ITAT MUMBAI BENCH ‘B’ Mahindra Navistar Automotives Ltd. v. Deputy Commissioner of Income-tax, 2 (2), Mumbai JOGINDER SINGH, JUDICIAL MEMBER AND SANJAY ARORA, ACCOUNTANT MEMBER IT APPEAL NOS. 3324 & 4645 (MUM.) OF 2013 [ASSESSMENT YEARS 2007-08 AND 2008-09] MAY 13, 2016 H.P. Mahajani for the Appellant. N.P. Singh for the Respondent. ORDER… Read More »