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Archive: 05 December 2023

Posts in 05 December 2023

Lapses in audit: NFRA imposes Penalties and Sanctions on CA

December 5, 2023 1680 Views 0 comment Print

NFRA issues Order under Section 132(4) of Companies Act, 2013 against CA Amit Vinay Chaturvedi for lapses in DHFL audit. Penalties imposed and sanctions applied

NFRA penalises and debarred auditor for lapses in DHFL audit

December 5, 2023 1146 Views 0 comment Print

NFRA issues Order under Section 132(4) of Companies Act, 2013 against CA Jignesh Mehta for lapses in DHFL audit. Penalties imposed and sanctions applied.

GST Appellate Tribunal Benches: Expansion, Criteria and Rising Appeals

December 5, 2023 1224 Views 0 comment Print

Explore the government’s plan to establish GST Appellate Tribunal Benches nationwide, the eligibility criteria for members, and the surge in pending appeals over Central GST.

Demand invoking extended period unsustainable without proving willful mis-statement or suppression

December 5, 2023 504 Views 0 comment Print

CESTAT Delhi held that once the goods are cleared for home consumption after examination and assessment, unless there is an evidence to support, demand u/s. 28 invoking extended period of limitation cannot be raised unless there is evidence of collusion or willful mis-statement or suppression of facts are proven.

Tax Authorities cannot step into shoes of businessmen to determine business purpose expenditure

December 5, 2023 4647 Views 0 comment Print

Income tax authorities could not step into the shoes of businessmen to determine how much expenditure should have been incurred for the purpose of business.  as an organization incurred both operating expenses as well as non-operating expenses for running the business and there were certain expenses which were not allocable to a particular activity.

Income Tax Insights 2022-23: Returns, Collections and Expenditure

December 5, 2023 777 Views 0 comment Print

Introduction: Lok Sabha Unstarred Question No. 87, presented by Shrimati Mala Roy, probes into crucial aspects of India’s Income Tax scenario for the Financial Year 2022-23. The question seeks information on the percentage of people filing returns, the total income tax collected, and the annual plan and non-plan expenditure of the Income Tax Department. Detailed […]

Analysis of GST Collections: FY 2022-23 Insights and Reforms

December 5, 2023 927 Views 0 comment Print

Dive into the details of India’s GST collections for FY 2022-23. Uncover factors affecting figures, pending claims, and government initiatives for recovery and reform

CA Firms Engagement in PSBs: Recent Changes and Trends

December 5, 2023 1224 Views 0 comment Print

Discover the latest developments in the engagement of CA firms by PSBs. Explore changes in concurrent audit policies, RBI directives, and the number of firms involved over the past 3 years

Gujarat HC to examine validity of Notification extending period for proceedings

December 5, 2023 3609 Views 0 comment Print

SRSS Agro Pvt. Ltd. Vs Union of India: Gujarat High Court to examine validity of Notification No. 09/2023-Central Tax extending period for proceedings initiated by Revenue Department

License Revocation Unjustified: No Evidence of Customs Broker’s Misdeclaration Awareness

December 5, 2023 342 Views 0 comment Print

CESTAT Delhi held that revocation of customs broker license unjustified as there is no evidence that shows that the customs broker was aware about the mis-declaration of weight of pan masala as declared in the shipping bill.

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