"28 December 2014" Archive

ICAI will act against members signing Tax Audit Report more than prescribed limit

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)....

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Posted Under: CA, CS, CMA |

Vehicle Detention & Seizure of materials under VAT Acts – Need for transparent directions

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. ...

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Posted Under: CA, CS, CMA |

Decision of special bench is to be followed by other benches unless reversed by High Court

Income Tax Officer Vs Smt. Zeenat N. Shaik (ITAT Mumbai)

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....

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Despite stay Special Bench Judgment in Merilyn Shipping binds smaller benches of Tribunal

Commissioner of Income Tax-II Vs M/s Janapriya Engineers Syndicate (Hyderabad High Court)

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 appea...

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Books of accounts cannot be treated as defective without pointing out the defects

ITO Vs M/s Royal Health Care Pvt. Ltd. (ITAT Mumbai)

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....

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Tax Audit Limit is arbitrary & Unconstitutional – HC

K. Bhagavatheeswaran Vs Institute Of Chartered Accountants of India (Madras High Court)

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. ...

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Tax Audit Puzzles- Arbitrary Limit & CAG Report

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....

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Forensic Accounting: An Emerging Sector

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 w...

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Posted Under: CA, CS, CMA |

Proposed GST – Still Miles Away

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. ...

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Posted Under: CA, CS, CMA |

PM nominates ICAI for Swachh Bharat Abhiyaan

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. ...

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Posted Under: CA, CS, CMA |

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