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Another quake of 6.0 magnitude rocks Philippines; No damage reported so farTrade ban: Israel hits back against Turkey with counter-measuresCanada arrests three persons in alleged killing of Sikh separatistCus - When there is nothing on record to show that appellant had connived with other three persons to import AA batteries under the guise of declaring goods as Calcium Carbonate, penalty imposed on appellant are set aside: HCCongress fields Rahul Gandhi from Rae Bareli and Kishori Lal Sharma from AmethiCus - The penalty imposed on assessee was set aside by Tribunal against which revenue is in appeal is far below the threshold limit fixed under Notification issued by CBDT, thus on the ground of monetary policy, revenue cannot proceed with this appeal: HCGST -Since both the SCNs and orders pertain to same tax period raising identical demand by two different officers of same jurisdiction, proceedings on SCNs are clubbed and shall be re-adjudicated by one proper officer: HCFormer Jharkhand HC Chief Justice, Justice Sanjaya Kumar Mishra appointed as President of GST TribunalSale of building constructed on leasehold land - GST implicationI-T - If assessee is not charging VAT paid on purchase of goods & services to its P&L account i.e., not claiming it as expenditure, there is no requirement to treat refund of such VAT as income: ITATBengal Governor restricts entry of State FM and local police into Raj BhawanI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATCops flatten camps of protesting students at Columbia UnivI-T - No additions are permitted on account of bogus purchases, if evidence submitted on purchase going into export and further details provided of sellers remaining uncontroverted: ITATTurkey stops all trades with Israel over GazaI-T- Provisions of Section 56(2)(vii)(a) cannot be invoked, where a necessary condition of the money received without consideration by assessee, has not been fulfilled: ITATGirl students advised by Pak college to keep away from political eventsI-T- As per settled position in law, cooperative housing society can claim deduction u/s 80P, if interest is earned on deposit of own funds in nationalised banks: ITATApple reports lower revenue despite good start of the yearI-T- Since difference in valuation is minor, considering specific exclusion provision benefit is granted to assessee : ITATHome-grown tech of thermal camera transferred to IndustryI-T - Presumption u/s 292C would apply only to person proceeded u/s 153A and not for assessee u/s 153C: ITATECI asks parties to cease registering voters for beneficiary-oriented schemes under guise of surveys
 
PM asks CAs to weed out corrupts from fraternity; RoC deletes 1 lakh shell companies from Register

NEW DELHI, JULY 02, 2017: WHILE addressing the CAs on the Chartered Accountants' Day yesterday, the Prime Minister, Mr Narendra Modi, urged them to identify the blacksheep and weed them out from their community as they indulge in corrupt practices. On the first day of GST implementation, he described Chartered Accountants as doctors for the economic health and well-being of society. He also compared them to the saints and sages of the economic world. He said India’s Chartered Accountants are known the world over for their excellent financial skills.

The Prime Minister said that while the country has the capacity to recover from any setback, its development is seriously impacted when a small section of people start indulging in corrupt practices. 

He recounted the various steps, including demonetization, taken by the Union Government in the last three years, against black money, and to bring elements indulging in corruption, to book. 

The Prime Minister said that as many as three lakh companies have come under the scanner, in the course of inspecting the data mined after demonetization. He said that one lakh companies who have been found to be in violation of laws, have been removed from the Register of Companies. He reiterated that the Union Government has taken bold decisions in national interest.

Giving statistics about income declarations by the people during filing of returns, the Prime Minister urged Chartered Accountants to keep national interest supreme, while advising their clients. He reminded the gathering of the large number of professionals, including lawyers, who had played a key role in the freedom struggle, and urged the Chartered Accountants to follow in their footsteps, and advise their clients to follow the path of honesty, as the country ushers in a new era of economic integration, with the Goods and Services Tax. He said that the entire country reposes faith in the certification of Chartered Accountants, and said that this faith and trust should never be broken. He explained how the tax paid by taxpayers plays a crucial role in welfare of society, and development of the nation. 

He urged Chartered Accountants to think about the goals that they can set for their profession in 2022, the 75th anniversary of India’s independence. Talking about the Big 4 auditing firms worldwide, he urged India’s Chartered Accountants to work towards creating the next big 4 global auditing firms. 

Quoting Chanakya, the Prime Minister urged Chartered Accountants to not let this opportunity slip, and invited them to join the mainstream of nation-building.


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