The four Standards namely CSAS-1: Auditing Standard on Audit Engagement; CSAS-2: Auditing Standard on Audit Process and Documentation; CSAS-3: Auditing Standard on Forming of Opinion and CSAS-4: Auditing Standard on Secretarial Audit are applicable on recommendatory basis on Audit engagements accepted by the Auditor on or after 1st July, 2019; and mandatory for Audit engagements accepted by the Auditor on or after 1st April, 2020:
CSAS-3- Auditing Standard on Forming of Opinion deals with basis and manner for forming Auditor’s opinion on subject matter of the audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Audit Evidence iii. Records iv. Materiality v. Misstatement vi. Third Party vii. Third Party Information Requirements 1. Process for forming of Opinion 2. Precedence […]
M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai) In the absence of a statutory provision which prescribes that registration is mandatory, the claim of the Appellant cannot be rejected and both the authorities below have committed an error in rejecting the same. In a very recent decision of the Tribunal in the matter of […]
In re M/s Sanika Developers (GST AAR Karnataka) The activity of construction of complex or building intended for sale to a buyer wholely or partly, where the entire consideration has been received /receivable after completion of construction, be treated as supply of taxable service ? But the Applicant requested to permit them to withdraw the […]
Extension of time limit for filing of Monthly Return for production and removal of goods and other relevant particulars and CENVAT credit specified in Form ER-1 and specified in ER-2.
This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. Hence, we hold that provision of section 68 of the Act are not applicable in the instant case and accordingly the entire addition deserves to be deleted,
Section 153A: Completed assessment cannot interfered absence discovery incriminating material during search
Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2019 shall come into force on the date of their publication in the Official Gazette.
In re M/s. Prakash Chand Jain (GST AAR Madhya Pradesh) The product in question is essentially a Rechargeable LED Torch Light (as also mentioned on the packing of the product provided by the applicant). It comes equipped with an inbuilt rechargeable battery with AC adapter for recharging purpose. The product, thus, unquestionably merits classification under […]
In re Senco Gold Ltd (GST AAR West Bangal) The Applicant intends to settle the mutual debts through book adjustments. He seeks an advance ruling on whether the input tax credit is admissible when he settles through book adjustment the debt created on inward supplies from the Franchisee. AAR held that The Applicant can pay […]
