Discover the concept of Deferred Tax and its impact on balance sheets and profit and loss accounts. Explore the two approaches used by companies to calculate deferred tax amounts: AS-22 and IND AS-12. Learn how timing differences, such as depreciation, unabsorbed depreciation, MAT credit, and income received in advance, create deferred tax liabilities or assets.
GVK Jaipur Expressway Ltd fined for breaching Section 179(3) of the Companies Act, 2013 by granting a loan without timely board approval.
MCA has issued a penalty order against Teleone Consumers Product Private Limited for violating Section 118 of Companies Act, 2013. Violation pertains to non-compliance with secretarial standards related to recording of minutes of meetings.
Delhi High Court sets aside assessment orders due to non-consideration of Ssapp Overseas Pvt Ltd’s request to file a belated reply, citing a violation of natural justice.
Delhi HC confirmed CESTAT’s order on Commissioner of Customs vs Bergen Engines India Pvt Ltd case. HC finds no justifiable reasons for delay in filing appeal after defect notice.
Madhya Pradesh HC Court clarified that Section 74 of GST Act requires Revenue to ensure that a Show Cause Notice must contain adequate information to enable assessee to respond in Balaji Electricals Vs Appellate Authority & Joint Commissioner State Tax.
Madras High Court in the case of Ocean Sky Impex Pvt Ltd Vs Commissioner of Customs related to provisional release of seized goods granted petitioner an opportunity for a personal hearing.
Versatile Wires Limited Vs Commissioner of CGST & CX – CESTAT Kolkata, ruled out penalty u/s 11AC due to lack of evidence of fraud, collusion, willful misstatement, or contravention of CENVAT Credit Rules
ITAT Delhi quashed revisional order in Havells India Limited Vs PCIT case due to unfulfilled prerequisites for invoking Section 263 of IT Act.
Allahabad HC held that Indian made foreign liquor isn’t included in Reversed Entry Act of 2007, leading to nullification of entry tax demand on United Spirits Limited
