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Revision u/s 263 arising from tax auditors observation upheld as AO did not examine the matter In a recent judgment, ITAT Chennai has upheld revisionary proceedings u/s 263 which stemmed from observation of Tax Auditor that there was remission of trading liability u/s 41(1)(a) of the Act and …
H.P. State Cooperative Bank Ltd invites applications from CA firms for concurrent audit for FY 2024-25 EOI for Selection & Empanelment of Chartered Accountant Firms for Concurrent Audit of Bank’s Branches for FY 2024-2025 The H.P. State Cooperative Bank Ltd. has invited applications from practicing firms of Chartered …
Prosecution u/s 276B for delay in deposit of TDS quashed by High Court in the light of CBDT circulars In a recent judgment, Hon’ble Bombay High Court has quashed prosecution u/s 276B for delay in deposit of TDS in the light of CBDT Circular/Instructions stating that when TDS …
Implicating Customs Brokers as co-noticee in a routine manner, in matters involving interpretation of statute, must be avoided – CBIC Customs Brokers’ Associations had given representations to CBIC in respect of implicating Customs Brokers as co-noticee in the show cause notices issued to importers/exporters in matters involving interpretative …
For imported goods, it is impossible to claim CENVAT credit and hence custom duty exemption can not be denied. Supreme Court dismissed SLP In a recent order, Hon’ble Supreme Court has dismissed Special Leave Petition (SLP) of the Custom/Excise Department against the order of the CESTAT holding that …
High Court grants bail to ITC scam accused as GST liability was yet to be not determined. In a recent judgment, Hon’ble High Court of Punjab & Haryana granted bail to ITC scam accused as GST liability was yet to be determined and the assessee was not habitual …
Banking Laws (Amendment) Bill 2024 – Amendments related to auditor’s remuneration to be decided by bank The Banking Laws (Amendment) Bill 2024 has bene presented in Lok Sabha. It proposes certain amendments to provisions related to auditor’s remuneration. As per Statement of Objects and Reasons of the Banking …
List of 402 transfers/postings made in the grade of PCIT / CIT by CBDT CBDT has issued officer order making eight transfer / Postings in the grade of Principal Commissioner of Income Tax / Principal Director of Income Tax. Further, three transfer/postings has also been made in the …
Sea Cargo Manifest and Transshipment (Third Amendment) Regulations, 2024 CBIC has notified phase-wise implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR) vide Notification No. 57/2024-Customs (N.T.) dated 31st August, 2024. The SCMTR seeks to bring about transparency, predictability of movement, advance collection of information for expeditious …
CBDT rolls out Dispute Resolution Scheme (e-DRS), 2022, to minimise litigation CBDT has rolled out Dispute Resolution Scheme (e-DRS), 2022, to minimise litigation. Dispute Resolution Committees (DRCs) constituted in all 18 jurisdictional Pr. CCIT regions across the country. As per e-DRS, a taxpayer can opt for e-Dispute Resolution …
