Home Highlights March 2017 Year 2017 This

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1. Notification on Income Computation and Disclosure Standards (ICDS) - ICDS notified in 2015 rescinded - Notification

2. Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18 - OLD ICDS notified in 2015 rescinded - CBDT

3. Validity and applicability of 'income computation and disclosure standards' (“ICDS”) issued by CBDT - scope of validation laws - Specific ICDS have been struck down as...

4. Final Report of the Committee constituted for formulating Accounting Standards for the purposes of notification under section 145(2) of the Income-tax Act, 1961.

5. Income recognition - Accrual of income - the addition made by shifting back the gross sale receipts recognized by the assessee in FYs 2011- 12 & 2012-13 to FY 2010-11,...

6. Constitutionality and legality of Income Computation and Disclosure Standards (ICDS) II and Notification 87/2016, which mandate the use of the First In First Out (FIFO)...

7. Addition on account of provision for Solid Waste Dispsal Expenses - contingent liability or accrued liability - The accounting method followed by the assessee was in...

8. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

9. Dishonour of cheque - no order for conversion into summons triable matter - application of Section 145(2) of Negotiable Instruments Act, 1881 - violation of natural...

10. Allowance of standard deduction u/s 24(a), deduction for actual repairs, and deduction of accumulated income u/s 11(2) in the case of a charitable trust claiming...

11. Clarification for form ADT-I filed through GNL-2 under the Companies Act, 2013

12. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

13. Rejection of book results u/s 145 - estimating the income at 5 percent of gross receipts - no material was brought to establish that the purchases and expenses had been...

14. Penalty 271AAA(2) - disclosure of undisclosed income - money found during search u/s 132 - assessee has fulfilled the requirement of sub-section (2) of section 271AAA -...

15. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...