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Archive: 29 September 2023

Posts in 29 September 2023

Process to Increase Authorized Share Capital

September 29, 2023 5133 Views 0 comment Print

Step-by-step process to increase authorized share capital for a Private Limited Company in compliance with the Companies Act, 2013.

Understanding Significant Beneficial Ownership (SBO) Rules

September 29, 2023 4398 Views 0 comment Print

Learn about Significant Beneficial Ownership (SBO) rules under Companies Act, 2013, including thresholds, reporting requirements, and common examples.

Section 129 of CGST Act: Detention, Seizure & Release of Goods in Transit

September 29, 2023 30798 Views 1 comment Print

Explore Section 129 of CGST Act, which deals with detention, seizure, and release of goods and conveyance during transit, along with key provisions and relevant case laws.

WDV of assets cannot be adjusted by amount of compensation for defective product

September 29, 2023 300 Views 0 comment Print

ITAT Mumbai held that amount of compensation for defective product being capital in nature cannot be adjusted from WDV of the assets.

NFRA Imposes Penalty on Auditor of Sobha Ltd for Audit Misconduct

September 29, 2023 4506 Views 0 comment Print

Introduction: The National Financial Reporting Authority (NFRA), under the authority of the Government of India, has issued Order No. 58/2023 dated 29.09.2023, which pertains to the statutory audit of Sobha Ltd for the Financial Year (FY) 2017-18 and 2018-19. The order addresses lapses in the conduct of the audit and charges of professional misconduct against […]

Changes in GST notified: No IGST on Ocean Freight in CIF Contracts

September 29, 2023 25524 Views 0 comment Print

Explore recent changes in GST regulations regarding ocean freight in CIF contracts, including legal challenges and Supreme Court rulings.

Extended period not invocable as wrong assessment not pointed out during scrutinizing return

September 29, 2023 351 Views 0 comment Print

CESTAT Delhi held that if the audit points out some wrong assessment which was not pointed out by the officer scrutinizing the ER-1 return, the fault lies at the doorstep of the officer. Hence, invocation of extended period of limitation bad-in-law.

CESTAT Orders Reconsideration on Merits as Commissioner (Appeals) Incorrectly Rejected Appeal

September 29, 2023 327 Views 0 comment Print

In Gidderbaha vs. Commissioner of CGST & Central Excise Ludhiana case, CESTAT orders reconsideration on merits due to improper rejection based on pre-deposit compliance.

Section 271B penalty not attracted if no books of account been maintained

September 29, 2023 1203 Views 0 comment Print

ITAT Mumbai ruling on penalty u/s.271B for non-maintenance of books of accounts by an assessee engaged in trading, financing, realty, and commodities business. Analysis of Varadagovind Parthasarthy Iyer vs ITO case.

No Penalty on Customs House Agent Not Directly Involved in Facilitating Illegal Imports

September 29, 2023 273 Views 0 comment Print

CESTAT Chennai’s ruling on penalty under Section 112(a) of the Customs Act for importing Chinese mobile phones. Analysis of K. Natarajan vs. Commissioner of Customs case.

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