ICAI (Aggregation of LLPs) Guidelines 2024: Key Points Effective Date: 23rd January 2025 Purpose: Allows eligible LLPs to combine and operate as a single unit with enhanced capabilities. Eligibility: LLPs with >50% practicing Chartered Accountants as partners. Majority criteria calculated based on both the number of partners and their profit-sharing ratio. Partner LLP can join… Read More »
ICAI (Aggregation of LLPs) Guidelines 2024. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Chartered Accountants) NOTIFICATION New Delhi, 23rd January, 2025 No. 1-CACAF/LLP-F/2025- In exercise of the powers conferred by Section 15(2) (fa) of the Chartered Accountants Act, 1949, as amended from time to time, the Council of the Institute of Chartered Accountants of India… Read More »
Empanelment of Chartered Accountant firms/LLPs for the year 2025-2026 5th January, 2025 ANNOUNCEMENT OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 002 Empanelment of Chartered Accountant firms/LLPs for the year 2025-2026 Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with… Read More »
Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed for Lack of Tangible Material Summary in Key Points: Issue: Whether the Assessing Officer (AO) was justified in reopening the assessment under Section 147 of the Income-tax Act, 1961, based on information about cash deposits made during demonetization, when the assessee had provided an… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 28.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 DCIT v. Rajoo Engineers Ltd. Section 56(2)(vii)(c) not applicable to amalgamation. Click here Section 56 Income Tax Act, 1961 2 Narsimha Trading Co. v. Income-tax Officer Reopening of Assessment for Cash Deposits During Demonetization – Notice Quashed… Read More »
11 IMPORTANT INCOME TAX CASE LAWS 27.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Patna Bakhtiyarpur Tollway Ltd. v. ACIT Assessee denied depreciation as it was not the owner of the asset. Disallowance of Depreciation on Toll Road Constructed on NHAI Land Click here Section 32 Income Tax Act, 1961 2… Read More »
Revision Order for Penalty under Section 270A Set Aside for Lack of Intimation under Section 143(1)(a) Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) can revise an order and direct the Assessing Officer (AO) to invoke penalty provisions under Section 270A(9)(e) of the Income-tax Act, 1961, when there has been no… Read More »
Principal Commissioner could not initiate Section 263 proceedings as the issue was pending before CIT (A). Summary in Key Points: Issue: Whether the Principal Commissioner of Income-tax (PCIT) was justified in initiating revision proceedings under Section 263 of the Income-tax Act, 1961, when the Assessing Officer (AO) had already passed an order under Section 201/201(1A)… Read More »
Deletion of Addition under Section 68 Due to Clerical Error occurred while consolidating the annual accounts Summary in Key Points: Issue: Whether an addition made under Section 68 of the Income-tax Act, 1961 for an unexplained cash credit is valid when the increase in capital balance is due to a clerical error in the assessee’s accounts… Read More »
Disallowance of Depreciation on Toll Road Constructed on NHAI Land Summary in Key Points: Issue: Whether a company that constructed a toll road on land owned by the National Highways Authority of India (NHAI) is entitled to claim depreciation on the toll road as an intangible asset. Facts: The assessee-company constructed a toll road on… Read More »