Daily Archives: March 26, 2019

Deferral of Implementation of Indian Accounting Standards (Ind AS) by RBI

By | March 26, 2019

Deferral of Implementation of Indian Accounting Standards (Ind AS) RBI/2018-2019/146DBR.BP.BC.No.29/21.07.001/2018-19 March 22, 2019 All Scheduled Commercial Banks(excluding Regional Rural Banks) Madam / Dear Sir, Deferral of Implementation of Indian Accounting Standards (Ind AS) Please refer to paragraph 3 of the Statement on Developmental and Regulatory Policies issued with the First Bi-monthly Monetary Policy 2018-19 on April 5,… Read More »

No Penalty of Sec 271E of Income Tax on conversion of loan into equity : ITAT

By | March 26, 2019

We find that the loan received by the assessee from Prakash Electronics System Ltd had been squared off by way of conversion of loan into equity in the sum of Rs 6,00,000/- was carried out by the assessee through book entries without any physical outflow of funds. It is usual business practice and is part… Read More »