CESTAT Delhi held that unless there is an undertaking by the principal manufacturer that they would discharge the duty liability (notification no. 83/94-CE), the job worker is liable to discharge duty on the clearances from the premises of job worker.
National Financial Reporting Authority Imposes Penalties and Sanctions on M/s. Sundaresha & Associates and its Auditors for Professional Misconduct
ITAT Delhi held that the assessee has option to determine the method of valuation and the AO has no power to reject the method resorted by the assessee as no infraction of methodology has been brought out by the AO.
Account merger functionality has made live at ICEGATE if the duty payment was initiated using PAN and due to any reason Payment Integration failed and amount transmitted to PAN based wallet. User can now request to transfer amounts from PAN based wallet to the associated IEC ICEGATE ID based wallet.
CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, 1962. New sub-rule (7) to rule 11AA states that for applications made under clause (iv) of the first proviso to sub-section (5) of section 80G of the Income-tax Act, 1961, provisional approval will be effective from […]
Dive into the salient features of the Competition Act, 2002, in India. Explore how this legislation aims to foster competition, safeguard consumer interests, and regulate anti-competitive practices. Understand the role of the Competition Commission of India (CCI), its powers, leniency policy, and the appeal process. Learn about penalties, compensation for damages, and the limitation period for filing complaints. Discover how the act promotes fair competition, protects consumers, and contributes to a dynamic marketplace.
SEBI has issued comprehensive guidelines for the Investor Protection Fund (IPF) and Investor Services Fund (ISF) at Stock Exchanges and Depositories. The guidelines aim to enhance investor protection and improve the functioning of IPF and ISF. The guidelines cover various aspects such as the constitution and management of IPF, contribution to IPF by stock exchanges […]
While reading and interpreting a statute, it is essential to consider various elements and aspects. This includes understanding the constitutional authority for enacting laws, determining the legislative intent, ensuring simplicity and clarity of language, considering the overall purpose of the statute, avoiding ambiguity, promoting equity, and safeguarding against injustice or inconvenience.
ITAT Kolkata ruled in Mahendra Kumar Parakh vs. ITO that cash deposit during demonetization was from past savings, directing AO to delete the addition of Rs. 2,50,000.
MCA imposes penalty as company failed to circulate annual audited financial statements to its members directors statutory auditors before AGM
