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Archive: 29 October 2021

Posts in 29 October 2021

Unique Identification Authority of India (Adjudication of Penalties) Rules, 2021

October 29, 2021 600 Views 0 comment Print

(1) These rules may be called the Unique Identification Authority of India (Adjudication of Penalties) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette.

Tax Audit: Appointment of Auditor on Income Tax Portal

October 29, 2021 8643 Views 1 comment Print

Tax Audit Auditor Appointment 1. Login to ITD Portal using Clients Credentials 2. Click e-File 3. Go to Income Tax Forms 4. Click on File Income Tax Forms 5. Search for Form 3CA/Form 3CB 6. Click on File Now 7. Fill in the Form as Below or search for Added CA from Drop Down or […]

Loan Defaults: Anticipatory bail not granted in serious economic offence

October 29, 2021 3066 Views 1 comment Print

Vuppalapati Venkata Rama Rao Vs Directorate of Enforcement and another (Telangana High Court) Economic offences having deep-rooted conspiracies and involving huge loss needs to be viewed seriously – case not fit to grant anticipatory bail Facts- The Punjab National Bank has alleged that the company has availed various credit facilities from the consortium of banks […]

DRI not a ‘Proper Officer’ to issue Show Cause Notice under Customs Act, 1962

October 29, 2021 5031 Views 0 comment Print

In present facts of the case the Hon’ble High Court relied on the Judgment of M/s Canon India and have observed that Joint/Additional Director (in short “DRI”) is not the ‘proper officer’ to issue show cause notice under Section 28(4) of Customs Act, 1962.

The Expert Role of Chartered Accountant In Stock Audit

October 29, 2021 13035 Views 0 comment Print

The role of chartered accountants in the capacity of Auditors assures smooth-running business that helps to reduce fraud and accounting. Audit in banks is useful not only from the point of view of the management, who is the appointing authority but also from the point of other parties, who are interested in their different objectives viz, the Government, public, RBI, Investors, Depositors and Analysts.

An Analysis of Input Tax Credit Concept Under GST

October 29, 2021 9537 Views 2 comments Print

One of the main objective of GST was to eradicate cascading effect of taxes which existed under excise, VAT and service tax. Under GST input tax credit can be claimed irrespective of place of supplier, thus making accessibility for sales and purchase of goods easier. Amendment in Section 16 Eligibility and Conditions for taking Input […]

De novo reassessment in case of failure of respective authority to consider objections sent by assessee-dealer

October 29, 2021 2109 Views 0 comment Print

Sales tax authority should de novo do revision/reassessment under Section 27 of TNVAT Act by considering the objections of assessee-dealer and made an order as expeditiously as possible.

MSME Udyam Industry Registration

October 29, 2021 3723 Views 0 comment Print

Everything you need to know about MSME Udyam Industry Registration (formerly known as Udyog Adhar) What is Udyam Registration? The main question in the minds of many novice entrepreneurs is what Udyam registration is. If you are having the same question, then you are at the right place. Udyam Registration, also known as MSME Registration, […]

If AO made addition on estimated GP basis than other item-wise disallowance should not be made

October 29, 2021 3357 Views 0 comment Print

Devyani Tex Chem Pvt. Ltd. Vs ACIT (ITAT Surat) From the above facts it is abundantly clear that books of accounts of the assessee were rejected by the assessing officer and on appeal, ld CIT(A) upheld the rejection of books of accounts and reduced the profit estimation. We also upheld the order of ld CIT(A), […]

HC allows provisional release of goods detained by Custom Dept for re-export

October 29, 2021 1281 Views 0 comment Print

Modern Insecticides Limited Vs Commissioner of Customs and others (Punjab and Haryana High Court) In the present case, it has come on record that the samples with respect to the goods in question have already been taken by the Authorities. Moreover, the petitioner is a 100% export-oriented unit and thus, any difference in the declaration […]

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