Audit Trail Compliance in Accounting Software

Financial Reporting Dossier

From Published Accounts

Segment Disclosures under Ind AS 108

Allied Laws

Part A | Company Law

Audit Committee: Role and Responsibilities

From Speculation to Stability: SEBI’s Comprehensive Regulatory Measures in Derivatives Markets

Closements

Validity Of Reassessment Notice Issued U/S 148 By Jurisdictional Assessing Officer

Glimpses Of Supreme Court Rulings

Assessment — Amalgamation of Companies — Law applicable — Effect of insertion of section 170A with effect from 1st April, 2022 — Assessment to be on the basis of modified return filed by successor to business.

Depreciation — Actual cost — Tangible and intangible assets in case of succession — Depreciation claim on revalued assets or WDV — Depreciation claimed by the erstwhile firm on WDV and by the successor Assessee on price revalued by the Government Approved Valuer — Payment made by the Assessee to predecessor at actual cost of assets — Successor Assessee entitled to claim depreciation for subsequent year on the basis of actual cost paid — Order of the Tribunal holding the Assessee eligible to claim depreciation on revalued price of assets is not erroneous.

Penalty — Notice — Validity — Condition precedent — Effect of s. 270A — Difference between under-reporting and misreporting of income — Failure to specify whether notice for levy of penalty for under-reporting or misreporting of income — Notices and levy of penalty invalid and unsustainable.

Reassessment — Notice — New procedure — Mandatory condition u/s. 148A(c) — Disposal of assessee’s objections to initial notice u/s. 148A(b) — Non-consideration of assessee’s objections before passing order u/s. 148A(d) for issue of notice — Inquiry proceedings and order and notice quashed and set aside.

Reassessment — Initial notice and order — Notice — Validity — Non-resident — Receipt of licence fee from Indian payer on grant of live transmitting right of match under agreement — Agreement bifurcating licence fee between live feed and recorded content — Receipt not liable to tax in India — Notices and order quashed.

Reassessment — Notice — Statutory condition — Failure to furnish approval of designated authority to assessee along with reasons recorded — Notice and order disposing of assessee’s objections set aside.

Reassessment — New procedure — Initial notice and order for issue of notice — Issue of notice after three years — Monetary limit — Assessee’s receipt of sale consideration as co-owner less than threshold limit of ₹50 lakhs — Initial notice and order quashed.

Settlement of cases — Application for settlement — Validity — Conditions precedent for application — Additional conditions imposed by CBDT through circular not valid — Circulars cannot override provisions of Act.

Section 148: Reassessment — Assessment year 2015–16 — Barred by limitation.

Section 119(2)(b) — Condonation of delay on filing return of income — Delay in obtaining valuation report of land during Covid-19 coupled with fact that assessee was posted on Covid duty and death in family — Sufficient reason for condonation of delay.

Ss. 166, 160, 246A — Where the assessment order was framed in the case of the sole beneficiary of the private discretionary trust, appeal against the order could be filed by the beneficiary only and not by the trust.

S. 69A — Where the assessee had made frequent cash withdrawals and deposits, he should not be denied the benefit of peak credit and it was only peak shortage which could be added as unexplained income under section 69A.

S. 251 — CIT(A) is not vested with any power to summarily dismiss the appeal for non-prosecution and is obliged to dispose off the same on merit.

Sec. 263: Where there was no application of mind by CIT to take cognisance u/s 263 on the proposal sent by Additional CIT, order passed u/s 263 was to be quashed.

Where assessee-company underwent a CIRP under IBC, 2016, the provisions of IBC, 2016 overrides the provisions of the other laws for the time being enforced and once a resolution plan is approved by the Adjudicating authority, Income-tax Department is also bound by terms of the resolution plan so approved.

Article 4 of India-US DTAA — On facts, personal and economic relationships of assessee were closer to India, leading to assessee tie-breaking to India

Justice Delayed Is Justice Denied

From The President

Analysis of the Decision of the Supreme Court in Safari Retreats

Goods And Services Tax

Recent Developments in GST

Gifts and Loans — By and To Non-Resident Indians – II

Framework Convention of the United Nations

Issues Relating To Grandfathering Provisions In The Mauritius And Singapore DTAA

अर्थस्य पुरुषो दास:

AI, PI, and CHAI

Letter to the Editor

Miscellanea

Regulatory Referencer

Learning Events at BCAS

Statistically Speaking

Audit? Sorry Boss!