Statutory Auditor of the company play a crucial role while conducting audit and submission of their report. In this case, the statutory auditor has made omission of reporting of RPTs and it is negligence of their duty.
Inquiry into affairs of the company is independently directed by the Ministry of Corporate Affair to this office to investigate the Related Party Transaction matter of the Sun Pharmaceutical Industries Ltd. with Aditya Medisales Ltd covering the FY 2014-15 to 2017-18 and the omission of reporting of Related Parties Transaction (RPTs) and violation of the provisions the Companies Act, 2013.
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The Presenting Officer further submitted that the Auditor of the company i.e. M/s SRBC & Co. LLP, Chartered Accountants, has not comply its duty as per the provision of Section 143(3) of the Companies Act, 2013, with respect to non-quantification of the Related Party Transaction as per para 23A of the IND-AS-24. Hence, non-complying the […]
ITAT Mumbai held that based on suo motu disallowance, additional disallowance on travel expenses and foreign travel expenses unjustified.
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The Auditor requires to report on various clauses covered under sub-section (3) of Section 143 of the Companies Act, 2013 (the Act) in Independent Auditor’s Report.
Madras High Court granted the stay in respect of 80% of the demand, as 20% of the disputed tax, interest and penalty already recovered by the department from the bank account of the petitioner.
CESTAT Chennai held that non-payment of service tax under GTA by assessee (Co-operative Society) was due to bonafide belief and there was no deliberate intention for not paying tax. Accordingly, extended period of limitation not invocable.
Income Tax Act has contained various provisions relevant to Non-Resident person depend upon its residential status, Scope of Income, business connection or permanent establishment in India etc.
