The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates, Mumbai, reveals serious lapses and professional misconduct, unraveling a critical chapter in the realm of corporate governance and auditing standards.
Since the coconut oil was sold by assessee in small packs; was displayed in the category of hair care; the manner in which it was to applied on hair; and the purpose for which it was purchased by the consumer leave no manner of doubt that the coconut oil sold by assessee was classifiable in a residual entry attracting tax at the rate of 12.5% .
Madras High Court held that reopening of assessment invoking provisions of section 148 of the Income Tax Act inspired from a review and a change of opinion is liable to be quashed and set aside.
Legal Entity Identifier (LEI) No. has become mandatory for non-individual entities when it comes to the credit of income tax refunds of Rs. 50 crore and above.
Important update from NIC: E-Way Bills for B2B and B2E transactions require mandatory e-Invoice link for e-invoice enabled taxpayers starting March 2024
Read the Karnataka High Court judgment on Hatsoff Helicopter Training’s tax dispute. Exemption granted for non-furnishing GSTIN. Get insights on the case.
Supreme Court orders 6% interest on JVAT Act refund in State of Jharkhand vs Kirloskar Brothers case. Full text of the judgment and implications discussed.
CESTAT Kolkata rules on Customs Broker’s compliance with CBLR. Sinha Shipping Agency wins against Customs Commissioner. Full text analysis of the order provided.
Madras High Court quashes non-speaking order of NFAC in appeal against Section 115BE addition. Full text analysis of judgment and implications.
CESTAT Allahabad remands matter on customs action due to department’s failure to dispatch order to assessee, challenging the bar of limitation under Section 128.
