From Published Accounts

IFRS Disclosures About Uncertainties: What Finance Leaders Need To Know

Why Globalisation Matters The Strategic Imperative For Indian Accounting Firms

How To Go Global (India’s Big Four Moment)

Regulatory, Ethical And Policy Dimensions Of Global Accounting Practices

Talent, Leadership, and Culture Building Firms That Travel Well

Technology as Infrastructure

Financing Global Growth

Learning From Global Firms, What Indian Firms Can Adopt And What They Can Avoid

Globalisation Readiness Self-Assessment For Indian Mid-Sized CA & Professional Services Firms

Allied Laws

Company Law

Using Companies As Investment Vehicles: Reboot By RBI

Outsourcing Directives For SEBI Regulated Intermediaries – Delegation V/S Accountability

Glimpses Of Supreme Court Rulings

Charitable trust — Charitable purpose — Exemption — Filing of audit report within the prescribed time is a condition precedent — Assessee, a trust engaged in providing medical aid to the underprivileged — Delay of 687 days in filing of audit report not condoned by CIT(E) — High Court held that, considering the nature of the work done by the assessee and the fact that the audit report had already been filed, and that the reason for the delay in filing was bona fide, this was a fit case to condone the delay.

Revision u/s. 264 — Scope of power of Commissioner u/s. 264 — Capital gain — Exemption u/s. 54F — Failure to claim exemption u/s. 54F in the return — Revised return not filed — Claimed raised in revision u/s. 264 — Commissioner rejected application u/s. 264 — Held by the High Court that the Power of Commissioner is wide enough to grant relief even for the assessee’s errors and mistakes — Power u/s. 264 is intended to prevent miscarriage of justice and grant relief even where errors are committed by the assessee — Rejection order quashed and set aside — Matter remanded to the Principal Commissioner to consider afresh and decide in accordance with law.

S. 115BBE — Scope of amendment — Enhancement of rate of tax from 30% to 60% — Prospective or retrospective operation of taxing statutes — Absence of express retrospective language — Onerous fiscal amendment — Applicable prospectively from 01/04/2017 and not from F. Y. 2016-17.

Settlement of case — Application for settlement in assessment pursuant to search and seizure — Undisclosed income in jewellery business — Modus operandi of inflation of refinery loss — Full and true disclosure in application of the manner in which undisclosed income derived — Rejection of application on ground of failure to make a full and true disclosure — Single Judge of the High Court dismissed the writ petition — Division Bench of the High Court allowed the appeal and held that failure of competent authority to scrutinize the assessee’s application in detail resulted in the dismissal of the writ petition — Order in the writ petition and order rejecting application for settlement of the case set aside — Matter remanded to the competent authority with a direction to scrutinize the application.

Stay of demand — S. 220(6) — Pre-deposit of 20% of the disputed demand — Not a mandatory condition — Issue is decided by the Jurisdictional High Court — Assessee eligible for grant of complete stay of demand.

TDS — Section 195 — Payment of interest to a Non-resident — Payment under a judgment debt — Execution of decree — Retains the character of a judgment debt — Cannot be subjected to deduction of tax in the absence of a provision in the decree.

The issuance of valid notice u/s. 143(2) by a jurisdictionally competent AO is a mandatory requirement for completing assessment u/s. 143(3) of the Act and failure to issue such a notice, or issuing it without proper jurisdiction vitiates the entire assessment and renders it void ab initio. Section 292BB is only confined to service of notice and does not apply to issuance of notice.

In the absence of consideration and absolute possession, capital gains cannot be taxed u/s 45(1).

Once the assessee has demonstrated that capital gains has been substantially invested in construction of a residential house, the deduction cannot be denied merely on the ground that certain additional documents such as approval letters, possession certificate or complete set of bills were not furnished. The provisions of section 54/54F are beneficial in nature and are intended to promote investment in residential housing. Therefore, the same should be interpreted liberally. Substantive compliance of the conditions is sufficient, and the claim cannot be denied on mere technicalities.

Utilization of borrowed funds does not alter the character of investment transactions where other indicators of business activity are absent. In terms of para 3(b) of CBDT Circular No. 6/2016, the Assessing Officer is bound to accept the treatment adopted by the assessee where shares are held for more than 12 months and are consistently reflected as investments in the balance sheet and there is no allegation of bogus or sham transactions.

A trust engaged in teaching of Islamic studies, Quranic texts or Arabic language to the public, without conducting religious rituals, ceremonies, or worship, is carrying on an educational activity rather than a religious activity and accordingly, such trust is eligible for registration under section 12AB and approval under section 80G.

Where assessee deposited employees’ contribution to PF and ESI after due date under the respective Acts but before due date of return under section 139(1) during COVID-19 period, since issue regarding deductibility was debatable and pending before Supreme Court, adjustment under section 143(1) was not permissible.

Amounts deposited in the bank account of a Chartered Accountant for payment of clients’ taxes, supported by corresponding tax challans and matching debits, cannot be treated as unexplained money under section 69A in his hands.

Article 4 & 12 of India-USA DTAA – Even in the absence of a specific reference in Article 4(1)(b) of the DTAA, a single-member LLC is entitled to the benefits of the DTAA as it satisfies the ‘liable to tax’ requirement. The consideration for offshore repairs to aircraft engines is taxable only in the US in the absence of fulfillment of the make-available condition.

Article 5 of India-Denmark DTAA – Software sold through a distributor’s channel on a principal-to-principal basis cannot constitute a dependent agent permanent establishment.

Globalisation Of Indian Firms | A Timed Opportunity

From The President

When Stakes Overrule Skills: Supreme Court’s Verdict On Online Gaming

Recent Decisions in GST

Recent Developments in GST

द्रव्येण सर्वे वशा !!

BCAS Foundation Annual Activities Report 2025-2026

ICAI and Its Members

Regulatory Referencer

Learning Events At BCAS

Tech Mantra