Top News
Draft Model Tenancy Act – 2020: A major step to streamline the property renting process in India.
After releasing the draft in 2019, the Union Cabinet on 2nd June 2021 approved the Model Tenancy Act (MTA) to streamline the process of renting a property in India and aid the rent economy...
Income Tax
Guidelines for compulsory selection of IT Returns for complete scrutiny during the FY 2021-22
The Central Board of Direct Taxes (CBDT) on Thursday issued the Guidelines for compulsory selection of returns for Complete scrutiny during the Financial Year 2021-22.
In the case pertaining to Survey under Section 133A after...
Case Laws
Where department has accepted repayment of loan in subsequent year, no addition can be made in current year on account of cash credit.
The ACIT Vs. Smt. Anuradha Anilkumar Agarwal
Facts of the case
Pertaining to Ground 1:The assessee has shown total purchases of Rs.8,27,50,188/- in respect of Finished Sarees, Grey and Border. According to the AO,...
Finance
Is RBI’s latest circular on Crypto currencies a green signal for Legalization/Regularization of crypto currency trading in India?
Legalization/ Regularization of crypto currency trading in India?
Case Laws
When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)
Sh. Mukesh Nanubhai Desai vs ACIT
Facts of the case
Assessee has earned exempt income of Rs. 8,67,79,658/- on account of Long term capital gain on which STT was paid exempt u/s 10(38) of Rs. 8,66,13,252/-...
Case Laws
Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.
Nilkanth Developers vs PCIT - 3
Facts of the case
Assessment order u/s. 143(3) was passed
26.03.2013 for A.Y.2010-11 disallowing
deduction claimed u/s. 80IB(10) of Rs.1,25,78,872/-. The same was confirmed by
CIT(A) but on further appeal before ITAT,...
Income Tax
Format of Statutory Auditors Report for FY – 2020-21
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF ABC
PRIVATE LIMITED
Report on the Audit of the Financial
Statements
Opinion:
We have audited the accompanying Financial Statements
of ABC PRIVATE LIMITED (“the Company”), which comprises the Balance Sheet as
at March 31, 2021,...
Finance
Cash deposited by a client in insurance agent’s bank account is mere remittance.
Ashish N. Vashi vs ITO
Facts of the case The assessee is an insurance agent, he used to collect cash from various parties and deposit them into his bank account and out of...
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