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Archive: 11 January 2024

Posts in 11 January 2024

Unveiling Professional Misconduct: NFRA’s Order on Seya Industries Limited’s Statutory Audit

January 11, 2024 804 Views 0 comment Print

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.

DVAT: Coconut Oil sold as Hair Oil cannot be classified as Edible Oil

January 11, 2024 810 Views 0 comment Print

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% .

Reopening inspired from change of opinion is liable to be quashed

January 11, 2024 579 Views 0 comment Print

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.

LEI No. required for Credit of Income Tax Refunds of Rs. 50 crore and above

January 11, 2024 10359 Views 1 comment Print

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. 

E-Way Bill Changes: Mandatory e-Invoice Link from March 2024 – Advisory Withdrawn

January 11, 2024 32406 Views 0 comment Print

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

Mere absence of GSTIN should not warrant GST exemption denial: Karnataka HC

January 11, 2024 2109 Views 0 comment Print

Read the Karnataka High Court judgment on Hatsoff Helicopter Training’s tax dispute. Exemption granted for non-furnishing GSTIN. Get insights on the case.

SC Directs 6% Interest on JVAT Act Refund: Jharkhand vs Kirloskar

January 11, 2024 414 Views 0 comment Print

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.

Regulation 10(n) not mandate Customs Broker to physically verify address correctness

January 11, 2024 513 Views 0 comment Print

CESTAT Kolkata rules on Customs Broker’s compliance with CBLR. Sinha Shipping Agency wins against Customs Commissioner. Full text analysis of the order provided.

Section 115BE Addition: Madras HC Sets Aside Non-Speaking NFAC Order

January 11, 2024 942 Views 0 comment Print

Madras High Court quashes non-speaking order of NFAC in appeal against Section 115BE addition. Full text analysis of judgment and implications.

Burden to demonstrate dispatch of order by speed post with acknowledgment lies with revenue

January 11, 2024 663 Views 0 comment Print

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.

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