The work of formulating down accounting standards for the companies operating in India was initiated when the Institute of Chartered Accountants of India (ICAI), a statutory body regulating the accounting profession in the country, first took up this task in 1977. However, the accounting standards prepared and issued by the ICAI were mandatory only for its members, who, while discharging their audit function, were required to examine whether the said standards of accounting were complied with. With the amendment of the Companies Act, 1956 through the Companies (Amendment) Act, 1999, accounting standards as well as the manner in which they were to be prescribed, were provided a statutory backing.
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CBDT’s clarification on arrest of ITAT Member
No.402/94/04/2008-MC Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated 16th May 2008 CLARIFICATION Sub: News item appearing in various newspaper on 15.5.2008 regarding arrest of a Member of the Income …
ITAT Member’s suspension order in Rs 30 Lakhs bribery case
Whereas, a case against Shri Jugal Kishore, accountant Member, Income Tax Appellate Tribunal, Kolkata Bench, under section 120-B IPC read with section 7 and 12 of the Prevention of Corruption Act, is under investigation by the Central Bureau of Investigation (CBI).
Work allocation – Representation of CIT(DRs) and Sr. DRs. before ITAT
Work allocation of CIT (DRs)/Sr. DRs. regarding:- Reference is invited to Boards earlier Instruction No. 10 dated 16.11.2006 on the subject of work allocation of CIT (DRs)/Sr. DRs. In supercession of earlier instruction on this subject, the Board has decided …
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Section 14A: Method for determining amount of expenditure in relation to income not includible in total income.
NOTIFICATION NO 45/2008, Dated: March 24, 2008 In exercise of the powers conferred by Section 295 of the Income-tax read with sub-section (2) of Section 14A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes …
Transfer of Hon’ble Shri. N. V. Vasudevan to Mumbai
Hon’ble Shri. N. V. Vasudevan, Judicial Member, has been transferred to the Mumbai Bench from the Delhi Bench with effect from 31st March 2008. He was a practising Advocate till he was elevated to the Bench on 22nd March 2001. …
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Transfer of Hon’ble Shri. A. K. Garodia to Delhi
Hon’ble Shri. Arun Kumar Garodia, Accountant Member, has been transferred to the Delhi Bench from the Mumbai Bench with effect from 31st March 2008. He was a practising Chartered Accountant till he was elevated to the Bench on 25th August …
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Transfer of Hon’ble Shri. C. L. Sethi to Delhi
Hon’ble Shri. Chiranji Lal Sethi, Judicial Member, has been transferred to the Delhi Bench from the Pune Bench with effect from 31st March 2008. He was a practising Advocate till he was elevated to the Bench on 28th March 2001. …
Transfer of Hon’ble Shri. R. S. Syal to Mumbai
Hon’ble Shri. Ravinder Singh Syal, Accountant Member, has been transferred to the Mumbai Bench from the Jodhpur Bench with effect from 31st March 2008. He was elevated to the Bench on 28th August 1998 and has served inter alia in …
Transfer of Hon’ble Shri. A. L. Gehlot to Mumbai
Hon’ble Shri. Anandi Lal Gehlot, Accountant Member, has been transferred to the Mumbai Bench from the Ahmedabad Bench with effect from 26th February 2008. He was a practising Chartered Accountant till he was elevated to the Bench on 26th March …
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