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In a significant development impacting India’s audit and accounting sector, the Supreme Court (SC) has allowed the National Financial Reporting Authority (NFRA) to proceed with disciplinary cases against chartered accountants (CAs) and audit firms, even in instances where Audit Quality Review Reports (AQRRs) have not been prepared and final orders have not yet been passed. […]
The Kerala High Court mentioned that the Joint Commissioner has jurisdiction to initiate proceedings u/s 56 of the KVAT Act against the assessment order passed under remand. The Division Bench of Justices A.K. Jayasankaran Nambiar and Easwaran S. noted that “when the fresh assessment order was passed consequence to the remand, the original assessment order […]
Janak Texturisers Pvt. Ltd. (the assessee) has filed an appeal before the Income Tax Appellate Tribunal (ITAT) Mumbai against a reassessment order passed by the Joint Commissioner of Income Tax (CIT) for the assessment year (A.Y.) 2010-11. The issue concerns the validity of the reassessment notice under section 148 of the Income Tax Act and the assessing […]
The Delhi High Court has ruled that Section 260A of the Income Tax Act, 1961, which relates to appeals to High Courts, does not envisage the filing of cross-objections by the opposite party, unlike Order XLI Rule 22 CPC. A division bench of Justices Yashwant Varma and Harish Vaidyanathan Shankar stated that “The Legislature appears […]
The Delhi High Court stated that Section 292B of the Income Tax Act, 1961, cannot be used to validate an assessment order that overlooks errors apparent on the face of the record. It was furnished via the provisions that no notice or assessment or any proceedings could be considered to be not valid only for […]
The Supreme Court has upheld the constitutional validity of Sections 69 and 70 of the Goods and Services Tax Act, which grant the power to arrest and summon. The Constitutionality of these provisions was contested on the basis that the Parliament does not have the legislative competence to legislate them. It was claimed by the […]
The Apex court is to decide whether the time limit for adjudicating the show cause notice and passing an order could be extended via the issuance of the notifications u/s 168-A of the CGST Act. The same provisions provide the authority to the government to issue the notification for extending the time limit specified under […]
It was repeated by the Supreme Court that when a charitable trust registers u/s 12-AA of the Income Tax Act (“Act”) for income tax exemptions (under Sections 10 and 11), the tax authorities must validate if the charity’s proposed activities match its charitable goals, as expressed in the Ananda Social case. The court cited that […]
The Delhi High Court said that Section 149 of the Income Tax Act, which defines a limitation period for initiating reassessment against taxpayers, is not an enabling provision but rather a prohibition on the Assessing Officer’s administrations. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela observed, “The opening sentence […]
