Home Highlights February 2019 Year 2019 This

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1. The circular mandates Alternative Investment Funds (AIFs) to conduct an annual audit of compliance with the Private Placement Memorandum (PPM) as per SEBI (AIF)...

2. Filing of Cost Audit Report and Compliance Report in the eXtensible Business Reporting Language (XBRL) mode. - Circular

3. Filing of Cost Audit Report (Form I) and Compliance Report (Form A) in the eXtensible Business Reporting Language (XBRL) mode. - Circular

4. Validity of show cause notice (SCN) u/s 73 - demand based on improper Audit Report u/s 65(3) - In the present case, what is found from perusal of the show cause notice...

5. Levy penalty u/s. 271B - not filing tax audit report within the due date specified under the Act - When audit report was obtained within due date, merely for delay in...

6. Levy of penalty u/s 271B – Delay in getting and furnished Tax Audit report - delay in completion of statutory audit was reasonable cause for non-compliance with section...

7. Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being a public sector unit, the assessee company after completion of statutory audit under Companies Act is...

8. Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

9. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

10. Annual return on Foreign Liabilities and Assets Reporting by Indian Companies – Revised format. - Circular

11. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

12. Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity

13. Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies

14. Penalty u/s 271B - delayed submission of the audit report - assessee’s only case is that it was not aware of the requirement of law - The explanation is not valid on...

15. Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...