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Sec. 263 Revision Justified as AO Failed to Invoke Sec. 69 With Sec. 56(2)(x) on Undervalued Property | ITAT

Judiciary and Counsel Details Bench Members: Representation: Case Background The case revolves around the purchase of immovable properties by the assessee, where discrepancies arose between the actual sale consideration and the value determined by the Stamp Valuation Authority (SVA). The Assessing Officer (AO) added the entire value determined by the SVA under section 56(2)(x) of…

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Understanding Corporate Governance: Building Trust and Ensuring Compliance

1. Introduction to Corporate Governance What is Corporate Governance? Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It ensures that businesses are managed in a transparent, ethical, and accountable manner. Importance of Corporate Governance in Modern Businesses With increasing complexities in the business world,…

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Accounting for Decision-Making: Unlocking Strategic Business Insights

1. Introduction to Accounting for Decision-Making The Role of Accounting in Strategic Business Decisions Accounting is not just about compliance; it is a powerful tool for making data-driven decisions. From allocating resources to improving profitability, accounting provides actionable insights. Difference Between Financial and Managerial Accounting 2. Analyzing Financial Data for Effective Decision-Making Key Financial Ratios…

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Corporate Law Unveiled: Navigating Legalities for Business Success

1. The Scope of Corporate Law: A Practical Overview Areas Governed by Corporate LawCorporate law covers company incorporation, operations, governance, and dissolution. It regulates contractual relationships, protects stakeholder interests, and ensures compliance with national laws. Distinctions Between Corporate and Business LawWhile business law broadly addresses all aspects of commerce, corporate law is more specific, focusing…

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Mastering Accounting: Advanced Financial Practices and Strategic Insights

1. The Evolution of Accounting: From Ledger Books to Digital Tools The History of Accounting Practices Accounting has its roots in ancient civilizations, where merchants recorded transactions on clay tablets. Over centuries, it evolved into a structured practice with the introduction of double-entry bookkeeping during the Renaissance period. Impact of Technology on Modern Accounting Today,…

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Advanced Guide to Taxation: Diving Deeper into Tax Systems and Policies

1.The Evolution of Taxation Systems: A Historical Perspective How Taxation Began: A Brief History Taxation, as a concept, dates back to ancient civilizations. From Mesopotamia to the Mauryan Empire in India, rulers imposed taxes to fund wars, build infrastructure, and sustain their economies. Over time, taxation evolved to include diverse categories such as income, property,…

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Bitcoin Price Surge: Trump’s Victory Propels Crypto Market to New Heights

As soon as it became clear that Donald Trump was poised to secure another term in office, Bitcoin’s price skyrocketed. Within hours of Trump’s victory announcement, Bitcoin surged to an all-time high of over $75,000, marking a remarkable 50% increase since August. This price surge is attributed to Trump’s vocal support for the crypto industry…

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