Indian Valuation Standards notified, effective from 01.07.2018
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Indian Valuation Standards notified, effective from 01 July 2018 The Institute of Chartered Accountants of India has notified the Indian…
Indian Valuation Standards
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- Option once exercised by filing of Form 10IC, it remains valid for subsequent assessment years: No need to file it every year: ITAT Delhi
- Validity of notice issued U/s 148A(b) to deceased person and subsequent notices to the Legal heir
- Issuance of notice by the wrong officer will invalidate the assessment proceeding
- Without any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai
- Actual turnover of Kaccha Aarahtias (commission agents) is the commission charged and not the total sale proceeds on behalf of their principals: TDS credit allowed by ITAT Visakhapatnam
- Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148 of the Act w.r.t Finance Act 2021
- Penalty cannot be imposed on disallowance of 80P claim which is highly debatable
- Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling
- Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai
- Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares
