Quote for the Day

"Sword and words have the same letters.
Strange fact is that they have the same effect, too.
Depends how we use them"

Useful Books:

Our senior member CA. R. S. KALRA, Co-Founder - Voice of CA has updated and amended his Exhaustive books on tedious topic of  “PRESUMPTIVE TAXATION” - Foreword by CA. (Dr.) Girish Ahuja. This book has been published by renowned Publishers M/S Bharat Law House Private Limited New Delhi.

In this book, readers will find a comprehensive exploration of the direct tax provisions framework, including its benefits, eligibility criteria, and practical applications. CA Kalra’s insights are not only rooted in theory but are also enriched by real-world examples and case studies, making this work both practical and relevant. His commitment to educating others about the nuances of taxation is evident throughout the pages of the book.

Hosting of Multipurpose Empanelment Form (MEF) 2024-25

Professional Development Committee (PDC) is pleased to host the Multipurpose Empanelment Form (MEF) for the year 2024-25, which is available at https://meficai.org/. Before filling the Multipurpose Empanelment Form (MEF) for the year 2024-25, Members are advised to go through the Advisory. Information provided through MEF is shared by ICAI with RBI, NABARD and other authorities for the purpose of empanelment for professional work.

Registration/ Login Credentials:

• Applicant already registered for MEF in previous year/(s), may login using the credentials directly of previous year for MEF 2024-25. If one has forgotten the password, please go to “Forgot Password” button to retrieve the password.
• Applicant applying for the first time, the applicant must first register for MEF 2024-25 at https://app.meficai.org/register.

Last date for submission of online Form is 7th October, 2024.

Source: icai.org

Important Case Law:

[Contributions by CA. A. K. Srivastava]

• Hon’ble Delhi High Court has delivered another judgment on reassessment.

Satish Chand Jain Vs. Assistant Commissioner of Income Tax, Circle 52(1), Delhi. WP(C) 12044/2022. Date of Judgment: 11.09.2024.

The court has held that a case reopened before 01.04.2021, and wherein income was assessed, could not be reopened as per directions in Union of India vs Ashish Agarwal (2023) 1 SCC 617. Thus only those assessments which were reopened during the period 01.04.2021 to 30.06.2021  and were not assessed upto the date of judgment in Ashish Agarwal case could be continued by following the procedure laid down.

 in the case of Satish Chand Jain vs Assistant Commissiober of Income tax, Circle 52(1), Delhi a notice u/s 148 was issued on 31.03.2021 for AY 2014-15 and consequent thereto an assessment was framed vide order dated 30.03.2022
The court held that the assessee could not be subject to another notice issued on 02.06.2022 on the same allegation and held the order u/s 148A (d) and notice u/s 148 both dated 19.07.2022 to be invalid and quashed the order and notice.

The Hon’ble court has analysed  the judgment in Ashish Agarwal case and also relied upon the judgment of Delhi High Court in the case Anindita Sengupta vs. Assistant Commissioner of Income Tax, Circle 61(1) New Delhi 2024 SCC Online Del 2296, wherein the same stand was taken.

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