Home Highlights April 2016 Year 2016 This

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1. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

2. The Reserve Bank of India (RBI) has discontinued the requirement for Authorized Dealer Category-I (AD Category-I) banks to submit a monthly return on the Liberalised...

3. Deduction claimed u/s 11(1)(a) - audit report was filed belatedly - in the assessment year under consideration, viz., AY 2015-16, the requirement under the Act was to...

4. Penalty u/s 271B - Assessee may have a view that prior to the date he was not required to file the audit report along with the return of income but obtain tax audit...

5. This circular from SEBI provides the periodic reporting format for Research Analysts and Proxy Advisers. Key points: - Research Analysts (RAs) are required to furnish...

6. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

7. Special audit report u/s 142(2A) - An admitted fact on record that the AO had no occasion to examine the books of accounts furnished by the assessee, which were actually...

8. The High Court quashed the reassessment notices issued u/s 148 and the consequent initiation of reassessment proceedings, ruling in favor of the assessee. The key points...

9. Valuation- inter-connected undertaking - related parties or not - applicability of doctrine of mutuality of interest - The fact that Appellant 1 and Appellant 2 were not...

10. Enhancement made by the Ld. CIT(A) u/s 251(1) r.w.s. 56(2) (viib) - AO substituted fair market value determined by the assessee through his own valuation - Assessees...

11. New and Revised Auditors’ reporting standards (w.e.f. accounting periods starting 01/04/2018)

12. Adoption of special auditor's report only in part - estimation made on the assessment - validity of audit report based on sampling made by the Auditor - Auditing and...

13. Companies (Auditor's Report) Order, 2016 - Notification

14. Exemption u/s.11 - Denial of exemption audit report in form 10B was not furnished along with the return of income - audit report was filed by the assessee before the...

15. Rejection of rectification petition - turnover of the petitioner was erroneously reported in the GSTR 1 return - The High Court acknowledges the petitioner's claim...