Legal opinion sought by NFRA on auditing standards, penalties, and regulatory roles in India. Analysis of NFRA’s powers under the Companies Act, 2013.
ITAT Bangalore held that interest rate should be charged on the basis of prevailing LIBOR rate and no SBI PLR rate since invoices are raised in foreign currency. Accordingly, it is directed to TPO to apply LIBOR rate as basis for computation of interest.
Madras High Court, taking into consideration financial crises faced by the petitioner, granted liberty to the petitioner to pay interest amount in ten equal monthly instalments since entire tax (GST) is already paid.
CESTAT Bangalore held that the quantity of crude oil actually received into a shore tank in a port in India should be the basis for payment of customs duty. Thus, customs duty needs to be calculated based on crude oil received in shore tank.
Punjab and Haryana High Court held that disciplinary action taken district judge based on the material is not merely on basis of inference hence writ dismissed stating that there is no scope for interference in the opinion formed by the disciplinary authority.
Both the revenue authorities have accepted the books of accounts, book results could not be disturbed once it is admitted that cash sales are recorded in books and forming part of turnover of the business.
The impugned order was challenged on the premise that neither the show cause notices nor the impugned order of assessment had been served by tendering to assessee or by registered post, instead it was uploaded in the common portal.
It was held that writ courts did not interfere in cases where statutory remedies were available unless there was a clear violation of fundamental rights, lack of jurisdiction, or procedural perversity leading to manifest injustice.
The impugned order was issued thereafter on 29.04.2024. Assessee referred to the impugned order and pointed out that the reply was not considered by the proper officer because such reply was filed after four opportunities of personal hearing.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
