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Archive: 07 November 2023

Posts in 07 November 2023

Excise Duty demand of approx. 24 Crores was quashed on amount recovered as Liquidated Damages due to non-violation of Rule 6

November 7, 2023 255 Views 0 comment Print

Excise duty demand of approximately 24 crores against Volkswagen India was quashed on the amount recovered as liquidated damages on the ground of non-violation of Rule 6 of the Central Excise Rules,2002 and in the event of rejection of the invoice value as transaction value, it was not open to the adjudicating authority to re-determine value without recourse to Rule 6 of Central Excise Rules.

Exemption from Service Tax for Mark-Up Profit on Ocean Freight Discrepancy

November 7, 2023 987 Views 0 comment Print

Department did not have a case that assessee had not discharged Service Tax on the agency commission received as a Steamer Agent or CHA.

No Section 80P deduction on insurance activities as not fall under Banking business

November 7, 2023 252 Views 0 comment Print

Deduction claimed by assessee in return of income which was directly relatable to the insurance activities, as it did not fall under section 80P(2) i.e., Insurance activities.

Auditors in India: Roles, Regulations, and Responsibilities

November 7, 2023 4494 Views 0 comment Print

Discover the crucial role of auditors in India, from financial statement examination to compliance verification. Learn about regulations and career paths.

Dematerialized Securities to be issued by private companies

November 7, 2023 2091 Views 2 comments Print

Learn about the recent amendment mandating private companies to issue dematerialized shares and the compliance requirements under the Companies Act in India.

RBI Issues IT Governance & Risk Management Directions

November 7, 2023 5115 Views 0 comment Print

Discover key highlights of Reserve Bank of India’s latest IT governance, risk management, and assurance practices. Stay informed on these vital updates

Delhi HC Allows Consolidation of GST proceedings initiated by different authorities

November 7, 2023 10476 Views 0 comment Print

In a recent Delhi High Court judgment, it was ruled that GST proceedings initiated by different authorities can be consolidated. Learn more about case and its implications.

Maharashtra Value Added Tax (Amendment) Rules, 2023

November 7, 2023 957 Views 0 comment Print

Explore latest amendments to Maharashtra Value Added Tax Rules in 2023. Understand key changes affecting businesses and individuals. Stay informed with updated VAT regulations

Granting short period of time for filing reply violates legal right of assessee

November 7, 2023 2550 Views 0 comment Print

Granting a short period of time to file a reply violates the legal right of an assessee. Learn about judgment of Madras High Court in case of M/s Health and Allied Insurance Company Ltd. v. Commissioner of State Tax, Chennai

Instruction for scrutiny of GST Returns for Financial Year 2017-2018

November 7, 2023 69102 Views 0 comment Print

Explore challenges faced by taxpayers during GST return scrutiny for FY 2017-18. Learn about recent instructions from Delhi GST department to resolve issues and ensure a fair process.

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