"16 October 2021" Archive

UDIN – Everything you need to know!

What is UDIN? In order to prevent businesses/ clients from the fraudulent acts of non-CAs, practicing and certifying as CAs, the Institute of Chartered Accountants of India (ICAI) has come up with the concept of UDIN. Primarily, UDIN secures certificates, reports, documents, etc. certified by the practicing CAs. Additionally, it enables r...

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Posted Under: CA, CS, CMA |

Income-tax searches reveal large scale under-invoicing of imports

The Income Tax Department carried out search and seizure operations on an importer and trader of laptops, mobile phones and peripheral parts. The search operations commenced on 10.10.2021 and were spread across the National Capital Region, Haryana and West Bengal....

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Posted Under: CA, CS, CMA |

Requirement of ITC reversal on supply of promotional goods – Recent WB AAR Ruling

West Bengal Authority for Advance Ruling (‘AAR’) in the case of M/s Kanahiya Realty Private Limited has ruled that supply of goods such as gold coins, refrigerator etc. at nominal price to retailers against purchase of specified units of hosiery goods under a promotional scheme is neither a composite supply nor a mixed supply. AAR [&h...

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Posted Under: CA, CS, CMA |

Board’s Report Bullet points Under Companies Act, 2013

In this article we shall discuss about Board’s Report. Board’s Report is a mandatory filling under Companies Act, 2013. The Section which relates to the Board’s Report is Section 134 of the Companies Act, 2013. This is required to be filed as an attachment in Form AOC-4 with Ministry of Corporate Affairs (MCA)....

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Posted Under: CA, CS, CMA |

HC orders CBI inquiry against erring officers of Customs & Anti-Evasion Unit

Sunil Dutt Vs Department of Customs (Punjab and Haryana High Court)

Punjab HC initiated CBI enquiry to fix liability of erring Customs Department and Anti Evasion GST Units in respect of clearing of Consignment without making any entry....

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HC took strong view against Carelessness by AO in Assessment

Mantra Industries Limited Vs National Faceless Assessment Centre (NFAC or NeAC) & Ors. (Bombay High Court)

HC has held that an assessment order passed by the Assessing Officer (AO) should necessarily be made with sound consideration and application of mind, and any absence thereof shall make the order liable to be set aside and would warrant imposition of substantial costs on such AO....

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No limitation period in case of usufructuary mortgage: SC

Ram Rattan (Dead) By Lrs. Vs Devi Ram & Ors. (Supreme Court of India)

Full Bench of Punjab and Haryana HC in Ram Kishan & Ors. Vs. Sheo Ram & Ors., has held that there is no limitation period in case of usufructuary mortgage. Once a mortgage always a mortgage was the principle applied....

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Custom Authority cannot insist for producing entire original VAT/ST challans if no deficiency memo

Aditya Chemicals Vs Commissioner of Customs (CESTAT Chennai)

Aditya Chemicals Vs Commissioner of Customs (CESTAT Chennai) Production of original VAT or Sales Tax Challans not required for grant of SAD refund unless any deficiency memo is issued The Hon’ble Customs, Excise & Service Tax Appellate Tribunal, Chennai (the CESTAT Chennai) in the case of M/s Aditya Chemicals v. Commissioner of Cust...

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Judgment debtor cannot raise objections to executions in installments: SC

Dipali Biswas & Ors. Vs Nirmalendu Mukherjee (Supreme Court of India)

Dipali Biswas & Ors. Vs Nirmalendu Mukherjee (Supreme Court of India) (i) A judgment­ debtor cannot be allowed to raise objections as to the method of execution in instalments. After having failed to raise the issue in four earlier rounds of litigation, the appellants cannot be permitted to raise it now; (ii) As we have […]...

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Whether Upfront Payment of Interest on Debentures Allowed as Expenditure in Year of Payment

We are going to analyse a problem in which a company has paid upfront interest on option exercised by debentures holders and claim whole payment as expenditure in same previous year. But the AO has disallowed the same and spread the expenditure over a period of five years due to different treatment given in the […]...

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Posted Under: CA, CS, CMA |

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