Home Highlights January 2024 Year 2024 This

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1. 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,...

2. Special audit u/s 142(2A) - Complexity and Volume of Transactions - Reasonable Opportunity to be Heard - Despite recognizing a breach of natural justice due to the...

3. Scope of SCN - Refund claim - Unutilised Input Tax Credit (ITC) - applicability of principle of res judicata - Adherence to the Accounting Standards or not - Specific...

4. Money Laundering - Compliance of summons issued by the petitioner, ED u/s 50 - District Collectors to appear before the ED - The Supreme Court expressed disapproval of...

5. Validity of special audit u/s 142(2A) - The Jharkhand High Court upheld the orders for a special audit of the petitioner’s accounts for the assessment years 2020-21 and...

6. The Assam State GST Circular No. 3/2023, addresses the structured approach and guidelines for the scrutiny of returns under the GST framework. This directive builds on...

7. Valuation of imported goods - Stainless Steel Seamless Pipes - Can such defective pipes which do not confirm to the prescribed standard be used for the same purpose for...

8. 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...

9. Service Tax Audit - Post GST era - Power of Officers of the CGST Audit to conduct audit as per Section 174 (2) (e) & (f) of the Act of 2017 read with the Act of 1994 -...

10. Buyback offer made by the company in violation of regulatory provisions - role of the Company Secretary, compliance officer - The crucial point which has been missed by...

11. Adoption of special auditor's report only in part - estimation made on the assessment - validity of audit report based on sampling made by the Auditor - Auditing and...

12. Absolute Confiscation - penalty - Skimmed Milk Powder - prohibited goods or not - The technical specification of the impugned goods clearly falls under the FSSAI...

13. Oppression and Mismanagement - The Appellate Tribunal highlighted the absence of reasoning in the impugned order, especially regarding the direction for an independent...

14. Levy of penalty u/s. 271(1)(b) - Non compliance requirement in respect of special audit u/s. 142(2A) - Assessment proceedings furnished by the Ld. Counsel, it is...

15. Levy of penalty u/s. 271(1)(b) - Non compliance requirement in respect of special audit u/s. 142(2A) - relevant ledgers for all the years under consideration were...