Journal entries should enjoy equal immunity on par with account payee cheques or bank drafts for the provisions of section 269SS of the Income Tax Act [ITAT Mumbai in Lodha Builders Pvt Ltd vs. ACIT].
ICAI clarified that auditor to report on adequacy and operating effectiveness of internal financial controls systems in co from FY. starting on or after 01-04-2014.
Tribunal cannot decide an appeal on merits when first appellate authority had dismissed the appeal for want of pre-deposit [Gadhvi and co. vs. State Of Gujarat (Gujarat High Court)].
Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax Return only by electronic means for certain persons including company and an assessee being individual or HUF who is liable to audit u/s 44AB.
ICAI clarified that auditor to report on adequacy and operating effectiveness of internal financial controls systems in co from FY. starting on or after 01-04-2014.
Tribunal cannot decide an appeal on merits when first appellate authority had dismissed the appeal for want of pre-deposit [Gadhvi and co. vs. State Of Gujarat (Gujarat High Court)].
Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax Return only by electronic means for certain persons including company and an assessee being individual or HUF who is liable to audit u/s 44AB.