Happy Durga Ashtami
CA Raj Chawla
On the auspicious occasion of Durga Ashtami,
May Goddess Durga remove all obstacles from your life and bless you with health, wealth, and prosperity. Jai Mata Di
Quotes of the day:
1. Your Kindness May be Treated as Your Weakness, Still Be Kind. Your Help to Others May go unheeded & unnoticed, Still Be Helpful. If You are Honest & Frank, People May Cheat You, Still Be Honest. The Good you do Today, People Will Often Forget Tomorrow, Do Good Anyways. B'cos it's between You & GOD.
2. The most difficult task is to make everybody happy, the simplest task is to be happy with everyone.
NICAI Update:
1. The Lok Sabha on March 25 passed the Finance Bill, 2026, with key changes to income-tax litigation thresholds and compliance provisions, including a sharp increase in monetary limits for filing appeals and an expansion of the updated return framework.
2. The threshold for the Income Tax Appellate Tribunal (ITAT) has been increased to Rs 60 lakh from Rs 50 lakh, for high courts to Rs 2 crore from Rs 1 crore and for the Supreme Court to Rs 5 crore from Rs 2 crore, the minister said .
3. Gauhati High Court considered a writ petition challenging cancellation of GST registration under Section 29(2)(c) of the CGST Act and seeking its restoration. The petitioner, a proprietor running a business in Arunachal Pradesh, submitted that due to loss of login credentials for the GST portal, he could not access the system and consequently failed to file returns, leading to cancellation of registration by order dated 31.12.2024. After retrieving the credentials, the petitioner filed all pending GST returns up to the date of cancellation and paid the applicable penalties. However, despite compliance, the authorities did not revoke the cancellation.
4. Delhi High Court has confirmed the removal of a Chartered Accountant's name from the Institute of Chartered Accountants of India (ICAI) register for three months due to professional misconduct. The CA, S.N. Shivakumar, failed to disclose public deposit liabilities and detect asset ever-greening in Escorts Finance Limited's audit report for 2004-2005.
5. The court found the CA guilty of misrepresenting liabilities and inflating assets, specifically:
· Failure to Verify Liability*: Unpaid interest on deposits worth ₹17.23 crore wasn't reflected in the audit.
· Asset Inflation*: Cheques worth ₹48 crore were shown as cash in hand, though credited later.
· Non-Compliance with RBI Directions*: Mandatory auditor's certificate wasn't issued.
6. Follow the CA Raj Chawla NICAI Update Channel on WhatsApp to get the latest ICAI news, announcements, professional updates, and important notifications instantly Link :https://whatsapp.com/channel/0029Vb6q4i8LNSZwQ3bbxY2j
With best regards
CA (Dr) Raj Chawla
B.Com (Hons), FCA, FCS, FCMA, LLB
MIMA, DISA, MICA, Phd, ASA (Aust), CMP (USA)
712, New Delhi House
27,Barakhamba Road, New Delhi-110001
Ph. Off. 011-43581083
Cell: 98110-81083
