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Updates Of The Day...

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Updates Of the Day

1.Banks shall comply with the Indian Accounting Standards (Ind AS) for financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 or thereafter. RBI/2015-16/315 DBR.BP.BC.No.76/21.07.001/2015-16
2.RBI extends the Date for withdrawal of Pre-2005 series banknotes to June 30, 2016.
3.Expense on gifts to doctors allowed being not prohibited in law, CBDT circular only applicable A.Y. 2013-14 onwards [Syncom Formulations (I) Ltd. vs. DCIT (ITAT Mumbai), ITA No.6429 & 6428 /Mum/2012 & ITA No.11/Mum/2012, AY 2010-11 & 2011-12]
4.Assessment completed by AO relying on estimations cannot be remanded back by CIT to reverify some aspects of estimation relied on.[Sri Surakshitha Homes vs. ITO (ITAT Hyderabad), IT Appeal No.-784/2013]
5.No Penalty for non disclosure of manner of income, if same was not asked during statement recorded u/s/ 132(4).[DCIT vs. Shri Rajiv Chopra (ITAT Chandigarh), ITA No. 990/CHD/2014]
6.Section 80IC : Despite substantial expansion there cannot be two initial assessment year. [Sh. Sumit Kumar vs. ITO (ITAT Chandigarh),ITA No. 139/Chd/2014, Date of Pronouncement : 29/10/2015, Assessment Year: 2010-11]
7.GN (A) 35 : Guidance Note on Accounting for Depreciation as per Schedule II to Companies Act, 2013.

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