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Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings’ (Report No. 32 of 2014).
Movement of the goods either on intra-state or inter-state basis has been proving as a night mare for the assessees and transporters, in view of the wide mis-use of the powers relating to inspection, detention and seizure by the VAT department in many of the States.
From the clarification issued by the Hon’ble High Court, it is clear that until and unless the decision of Marilyn Shipping & Transport (supra) is reversed by the Court, it is binding on all the benches of the Tribunal.
We find that the learned Tribunal taking note of the pendency of the appeal in this Court, preferred by the Revenue against the decision of the Special Bench of the Tribunal in M/s. Merilyn Shipping & Transport in I.T.A. No.477/Viz/2008 dated 29-03-2012, directed the Assessing Officer to re-decide the issue after the disposal of the appeal by this Court.
The first issue relates to rejection of books of account and estimation of profit. The assessee is a private limited company and it has got its account audited under the provisions of Companies Act, 1956. The assessee has stated that it was following cash system of accounting.
All the auditors cannot be placed on an equal footing and an assumption cannot be made that an auditor would be able to fulfil his obligations only up to 30 tax audit assignments under section 44AB of the Income-tax Act, per financial year.
The Comptroller and Auditor General Report no. 32 of 2014 has taken the list of Chartered Accountants who have signed tax Audit cases under Income tax Act of more than 400 during FY 2012-13 and there are 22 people in the list.
Introduction- With an upsurge in financial accounting fraud in the global economy, forensic accounting has become an emerging topic of great importance for academic, research and industries. Forensic accounting is perceived to have evolved in response to certain emerging fraud related cases. The scandals that shocked the corporate world with classical examples being the often […]
The Union Government in third week of December, 2014 (19 December, 2014) introduced Constitution (122 Amendment) Bill, 2014 in Parliament which when passed shall pave the way for introduction of proposed Goods and Service Tax (GST) in India.
Hon’ble Prime Minister Shri Narendra Modi Ji has nominated ICAI for the Swachh Bharat Abhiyaan during his visit to Varanasi to mark Good Governance Day on 25th December 2014.
