Detailed analysis of the CESTAT Ahmedabad ruling on the Goodluck Empire Vs CCE & ST case involving penalties under Rule 26 of Central Excise Rules, 2002.
The CESTAT Chandigarh has ruled in favor of Mankoo Machine Tools in a pivotal case on SSI exemptions. This decision clarifies that family surnames can be used across separate entities without forfeiting SSI exemptions.
CESTAT held that post facto production of certificate entitled appellant to benefits of Exemption Notification No.108/95-CE. CESTAT Cited Supreme Court decision in case of Tullow India Operations Ltd.
ITAT Kolkata in the case of Cargo Handling Corporation Vs ITO examines disallowance made under section 40(a)(ia) of Income Tax Act for non-deduction of TDS on transportation charges. ITAT deletes the disallowance as the deductee has already paid tax on transportation charges.
The ITAT Hyderabad recently ruled in favor of NCC Infrastructure Holdings Limited, declaring no disallowance of deduction under section 14A of the Income Tax Act can be made if the assessee hasn’t earned any exempt income.
The ITAT Kolkata has dismissed the appeal of Rohit Agarwal against the order of the Ld. CIT(A)-10, Kolkata. The appeal challenged the addition of Rs. 46,97,718/- as unexplained cash credit under section 68 of the Income Tax Act. The tribunal upheld the decision of the revenue authorities, stating that the transactions in question involved penny stocks and were held to be bogus by the Calcutta High Court.
Explore the verdict of ITAT Bangalore in the case of Hemavathi Ramesh Vs ITO, where cash deposits from earlier deposits were deemed taxable. Delve into the legal nuances and implications of the judgement.
An in-depth review of ITAT Pune’s ruling in Jayant Hari Mulay vs DCIT, focusing on the key takeaway that compensation paid to a landlord for delayed handover of flats is deductible as part of work-in-progress.
Draft SA 315 (Revised), Identifying & Assessing Risks of Material Misstatement deals with the overall objectives of the auditor in conducting an audit of the financial statements, including to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level. Audit risk is a function of the risks of material misstatement and detection risk. SA 200 explains that the risks of material misstatement may exist at two levels: the overall financial statement level; and the assertion level for classes of transactions, account balances and disclosures.
The CESTAT Chennai rules in favor of Nitco Limited in a dispute over the delayed delivery of a SAD refund sanction order by the Commissioner of Customs. The case now returns to the first appellate authority for review.
