Chartered Accountant found Guilty of Misconduct for incorporating Company without permission of ICAI [Read Order]

The Appellate Authority has recently held that the incorporation of a Company by Chartered Accountant with 90% Shares without the prior permission of the Institute of Chartered Accountants of India (ICAI) can be professional misconduct. The main allegation against the appellant was that he incorporated a Company without the prior permission of the Council of […]

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GST Master Guide and Practice Companion 2019 book

Mere Entries in the Books of Accounts does not establish Genuineness of Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that mere entries in the books of accounts do not establish the genuineness of the expenditure. The appellant is an individual engaged in the business of executing civil and structural steel contracts. During the course of assessment proceedings, the Assessing Officer observed that the assessee […]

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GST for Construction Industry book 2019

Remuneration to Director who is a CA due to Experience which has no bearing on his Shareholding, is not ‘Dividend’: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the remuneration paid to Director of company, who is an experienced Chartered Accountant in commensuration with his experience which has no bearing on his shareholding, cannot be construed as ‘Dividend’ under the Income Tax Act, 1961. The assessee Company is engaged in […]

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Income Tax Department strikes again in J & K Region

The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc. None of […]

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Finance Minister holds First Pre-Budget Consultation on Agricultural and Rural Development

The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her First Meeting was with the stakeholder Groups from Agriculture and Rural Development Sectors. In her Opening Remarks, the Finance Minister, Smt Nirmala Sitharaman focussed on […]

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