Home Highlights January 2018 Year 2018 This

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1. Levy of penalty- Fraudulent issuance of GDRs by the Company - the imposition of penalty upon the appellant after 12 years from date of resigning is excessive. In a large...

2. Reduction of penalty - no reason whatsoever is given for reducing the penalty from ₹ 20 lakhs to ₹ 1 lakh except observing that it "appears to be excessive"....

3. Small service provider exemption - determination of turnover not exceeding ₹ 10 lakhs - the amount of services rendered to SEZ unit should be reduced to arrive at...

4. Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

5. Compounding of offences relating to contravention - The quantum of penalty specified by the ROC in his report furnished maximum penalty prescribed under the relevant...

6. Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs -...

7. Presumptive income - enhancement of threshold limits - U/s 44AD if 95% of gross receipts and payments through no-cash mode than limit of presumptive taxation increased...

8. Professional misconduct by CA - The NFRA concluded that the actions of the firm and the engagement partner constituted professional misconduct. They failed to cooperate...

9. Imposition of penalty u/s 114 AA of Customs Act for abatement - Textile Broker - allegation that appellant facilatated in inflating the FOB value for the purpose of...

10. Detention of goods alongwith vehicle - e-way bill had expired/lapsed - As for penalty, the petitioner enjoys the benefit of Circular no.10 of 2019 dated 31.05.2019 where...

11. Penalty u/s 271AAB - Defects in the notice issued u/s 274 - CIT(A) reduced the penalty to 10% applying provisions of Section 271AAB(a) of the Act as against penalty...

12. Quantum of penalty levied under Section 114 (iii) of the Customs Act, 1962 - fraudulent export as goods were grossly undervalued - the appellant has acted only on the...

13. Professional Misconduct - The reports issued in form 10 DA u/s 80 JJAA of Income Tax Act by the Chartered Accountant - failure to obtain sufficient appropriate evidence...

14. Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA refuted the firm’s claims that only the EP was accountable,...

15. In case of a person who is/was availing composition scheme u/s 10. What will be the due date of payment tax and submitting the return once he crosses the threshold limit...