"24 November 2023" Archive

Impact of DPDP Act, 2023 on Insurance: IRDAI Forms Task Force

Orders No. Ref. IRDAI/GA&HR/ORD/207 /11/2023    24/11/2023

Explore the formation of a task force by IRDAI to analyze the implications of the Digital Personal Data Protection Act, 2023 on the insurance sector. Learn about key members and the expected impact...

Provision of fixing time limit for making payment under SVLDRS Scheme is directory in nature

RR Housing (India) Pvt.Ltd. Vs Designated Committee (SVLDRS) (Madras High Court)

Madras High Court held that provision of fixing time limit under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019 (SVLDRS Scheme) is directory in nature and not mandatory. Accordingly, time limit for making payment of tax under SVLDRS Scheme is directory in nature....

Circular issued by Tax Research Unit clarifying classification of polypropylene woven and non-woven bags quashed

Association of Technical Textiles Manufacturers and Processors & Anr Vs Union Of India & Ors (Delhi High Court)

Delhi High Court held that in the absence of a conferral of any power upon the Tax Research Unit (TRU), it cannot issue clarification regarding the classification of polypropylene woven and non-woven bags under the Customs Tariff Act, 1975. Accordingly, Circular dated 31 December 2018 issued by TRU is quashed and set aside....

Addition towards inadequate reflection of stock unsustainable as assessee is only a commission agent

Portfolio Fashions Pvt. Ltd. Vs CIT (ITAT Mumbai)

ITAT Mumbai held that addition towards suppression of profit by not reflecting properly the opening and closing stock unsustainable as assessee is only a commission agent and assessee has recorded the transactions to square up the sales and purchases in its Books of Accounts and declared only the commission income as its main source of in...

Draft SA 240 Auditor’s Responsibilities Relating to Fraud in Audit of Financial Statements

Explore the auditors responsibilities in detecting and addressing fraud in financial statements. Understand fraud risk factors, prevention, detection, and audit procedures...

Posted Under: Corporate Law |

Exposure Draft SA 230 Audit Documentation

Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for effective preparation, retention, and assembly...

Posted Under: Corporate Law |

Exposure Draft of SA 300: Planning an Audit of Financial Statements

Explore the significance of Standard on Auditing 300 in planning and executing financial statement audits. Learn the requirements, strategies, and considerations...

Posted Under: Corporate Law |

Section 137(1) Violation, non filling of Financial Statements: MCA Imposes Penalty

Order No. roc-K/Adjudication/137(1)/5231/2023/ 24/11/2023

Read the adjudication order by the Registrar of Companies, Kerala, penalizing EMTEX INTERNATIONAL LIMITED for non-filing of financial statements under Section 137(1)....

Draft Standard on Auditing 210 Agreeing the Terms of Audit Engagements

Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from the comprehensive analysis...

Posted Under: Corporate Law |

Draft: SA 200 – Independent Auditor’s Objectives and Audit Conduct

Explore the overall objectives of the independent auditor and the essential elements of conducting audits in accordance with auditing standards. Learn the ethical requirements and key considerations for a comprehensive financial statement audit...

Posted Under: Corporate Law |

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