Income Tax - The Petitioner contended some of the directions issued by the Respondent are bad in law because the Respondent has delegated upon a special auditor the work which he himself was required to do thereby is in the nature of investigation. Such directions cannot be segregated from the other directions and therefore submitted that the entire o...
Read MoreIncome Tax - A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether [&h...
Read MoreIncome Tax - Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard quality of packing bags often termed as PP Bags, the company can increase its brand in the market. Further, certain industries such as Cement industries are regulated by BIS (Bureau of Indian Standards) norms. The ...
Read MoreIncome Tax - Introduction to GST Audit GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the prov...
Read MoreIncome Tax - In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017 ...
Read MoreIncome Tax - The Income-tax Department, Mumbai invites applications from qualified Chartered Accountant firms (within the meaning of the Chartered Accountants Act, 1949) for empanelment as Special Auditors for the F.Y. 2021-22 and 2022-23, to carry out audit in accordance with the provisions of sec. 142(2A) of the I.T. Act, 1961. The remuneration for ...
Read MoreIncome Tax - 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...
Read MoreIncome Tax - Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the earliest preferably in a week’s time....
Read MoreIncome Tax - Application from qualified chartered accountant/firm of Cas for empanlement to carry out special audit u/s 142 (2A) of the I.T. act. 1961 Last Date : Mar 10, 2015- Application from qualified chartered accountant/firm of CAs for empanlement to carry out special audit u/s 142 (2A) of the I.T. act. 1961....
Read MoreIncome Tax - The Service Tax Commissionerate, New Delhi proposes to draw a panel of auditors for conducting special audit under Section 14 AA of the Central Excise Act as made applicable to Service Tax matters by the Chartered Accountants and the Cost Accountants. Please find attached the scanned copy of the Notice for Expression of Interest issued f...
Read MoreRosy Blue (India) Pvt. Ltd. Vs DCIT (ITAT Mumbai) - Since AO had taken recourse to the provisions of section 142(2A) only with a view to extend the period of limitation by virtue of clause (iv) of Explanation 1 to section 153(9) for completion of assessment, without the conditions being satisfied in section 142(2A), therefore, the assessment framed b...
Read MoreIndia Yamaha Motor Private Limited Vs PCIT (Delhi High Court) - India Yamaha Motor Private Limited Vs PCIT (Delhi High Court) Writ of India Yamaha Motor (P) Ltd., Hon’ble Delhi High Court has admitted the Writ and has stayed the operation of letter of direction and order for special audit u/s 142(2A) of the Income Tax Act, 1961, as the same were issued in ...
Read MoreDishman Infrastructure Limited Vs ACIT (Gujarat High Court) - Dishman Infrastructure Limited Vs ACIT (Gujarat High Court) Request made by the learned Sr. Advocate Mr.M. R. Bhatt for the respondent to exclude the period during which the present petition remained pending in the High Court after issuance of the notice i.e. from 14.6.20201 till this date, deserves...
Read MorePCIT Vs Vilson Particle Board Industries Ltd (Bombay High Court) - Since there was a statutory requirement that AO had to provide reasonable opportunity of hearing to the assessee before directing the assessee to get the accounts audited under section 142(2A), therefore, in the absence of pre-decisional hearing, the decision to have special audit was, therefore, in...
Read MoreMulti Commodity Exchange of India Vs DCIT (Bombay High Court) - Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendm...
Read MoreNo.0183-2506392 El No.0183-2506419 - (03/02/2021) - Income Tax Department Amritsar Central Revenue Building, Room No. 206, 1st Floor, Maqbool Rd, C Block, Amritsar, Punjab 143001 E-mail: [email protected] No.0183-2506392 El No.0183-2506419 Date: 03.02.2021 Order Sub:- Empanelment of Chartered Accountant for Special Audit u/s 142(...
Read MoreRosy Blue (India) Pvt. Ltd. Vs DCIT (ITAT Mumbai) -
India Yamaha Motor Private Limited Vs PCIT (Delhi High Court) -
Dishman Infrastructure Limited Vs ACIT (Gujarat High Court) -
No.0183-2506392 El No.0183-2506419 - 03/02/2021
PCIT Vs Vilson Particle Board Industries Ltd (Bombay High Court) -
Multi Commodity Exchange of India Vs DCIT (Bombay High Court) -