Part III of the Insolvency and Bankruptcy Code (Code) provides insights into the interim moratorium and its impact on individuals and partnership firms. Learn about the scope of protection, willful defaulter proceedings, quasi-criminal proceedings, future liabilities, and the role of the interim moratorium in personal guarantor cases.
ITAT Indore held that in the absence of any major discrepancies or defects in the books of accounts, the rejection of the books of account only for want of tax audit report is not justified.
Bombay High Court held that it is settled principle that for the mistake on the part of the professionals, the litigant should not suffer. Accordingly, condonation of delay of 36 days in filing of return of income granted.
Gujarat High Court held that show cause notice proposing cancellation of GST registration without specifying reasons for cancellation is cryptic and deserved to be quashed.
Jharkhand High Court held that ‘Provision for Warranty Expenses’ is allowable as business expense as large number of sophisticated goods were manufactured in past and if facts established show that defects existing in some of items manufactured and sold then provision for warranty is entitled to deduction.
ITAT Pune held that revisionary jurisdiction under section 263 of the Income Tax Act unjustified in absence of satisfying twin conditions which is mandatory preceded the invocation of revisionary jurisdiction.
DGGI in Gurugram has successfully dismantled a massive network of fake entities involved in fraudulent tax practices. The operation has prevented a tax evasion amounting to Rs. 1,124.66 crore, safeguarding the government exchequer.
Uncover insights into common errors in the Company Auditor’s Report Order (CARO) with our comprehensive analysis. Discover the significance of CARO in ensuring transparent corporate reporting and learn how auditors can address errors to maintain credibility. From inadequate compliance to insufficient audit evidence, inaccurate reporting, and non-disclosure of related party transactions, each section provides a deep dive into key challenges auditors face.
The Institute of Chartered Accountants of India (ICAI) has recently made a significant decision regarding the revocation of Unique Document Identification Numbers (UDINs). UDINs are unique codes assigned to attestations and certifications made by chartered accountants in India. In its 420th meeting held on March 23rd-24th, 2023, the ICAI Council announced that the revocation of […]
Get insights into the recent CESTAT decision on service tax refund for services consumed outside India. Explore the case of M/s. Aegis Limited vs. Commissioner of Central Excise & ST, Surat-I, where the tribunal ruled that services consumed abroad are beyond the scope of service tax, warranting a refund of erroneously paid taxes.
