Articles

The Tribunal highlighted the proposition of law that an assessing officer cannot review his earlier opinion without any fresh, tangible material.

Reopening Assessment on Previously Examined Issue Without Fresh Material Is Invalid: ITAT

Notifications

RBI updates payment instructions for compounding fees under FEMA, allowing NEFT and RTGS transfers with revised account details.

RBI Updates Bank Account Details for Compounding Fees Under FEMA, 1999

Judgement

ICAI has reprimanded an auditor for failing to report the mandatory Cash Flow Statement in the FY 2017-18 audit of Pioneer Financial.

Professional Misconduct: ICAI Reprimands Auditor for Not Reporting Mandatory Cash Flow Statement

Tribunal upholds CIT(A) relief as AO failed to conduct any independent enquiry and relied solely on generic third-party statements

Interest on Past Unsecured Loans Cannot Be Disallowed unless original loans are first proved bogus: ITAT

ITAT holds that deposits of Rs. 1.29 crore by fruit vendor represent business turnover, not unexplained cash credits, Income estimated at 8% and Section 68 addition deleted.

ITAT Applies 8% Profit Rate and Treats Cash Deposits as Business Turnover for Fruit Dealer

The Supreme Court clarified that a defective or misdated affidavit does not render the Section 7 application non est; it is a curable defect.

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Reopening Assessment on Previously Examined Issue Without Fresh Material Is Invalid: ITAT

RBI Updates Bank Account Details for Compounding Fees Under FEMA, 1999

Professional Misconduct: ICAI Reprimands Auditor for Not Reporting Mandatory Cash Flow Statement

Interest on Past Unsecured Loans Cannot Be Disallowed unless original loans are first proved bogus: ITAT

ITAT Applies 8% Profit Rate and Treats Cash Deposits as Business Turnover for Fruit Dealer

SC Faults NCLT for Dismissing IBC Plea Without Proper Notice; Affidavit Error Held Curable