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A service tax is liable to get paid on buses meant for carrying passengers and cannot be called a means of transport of goods, the Delhi Bench of Customs, Excise and Service Tax Appellate (CESTAT) ruled. The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) noted that on the applicability of […]
In organizational management, audits act as an indispensable tool to increase efficiency, ensure compliance, and drive overall effectiveness. The audit type comprises mainly systems audit and process audit. Each furnishes distinct objectives, and understanding their comparative nuances is important for companies who are asking to optimize their performance and reduce their risks. Quick to Understand […]
Expenditures on freebies to doctors by the pharmaceutical sector violate Medical Council of India ( MCI ) regulations and disallow deductions u/s 37(1) of the Income Tax Act 1961, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held. Concerning the case the taxpayer is a public company, engaged in the business […]
For the Assessment Year 2024-25 nearly 800,000 income tax returns have been filed earlier as the Central Board of Direct Taxes enabled functionalities for commonly used income tax returns from April 1 in the current year. Since the eligible taxpayer has begun using the chance to smash the last-minute rush, over 829,000 ITR had been […]
The GST demand order issued on the exact date of issuance of Show Cause Notice ( SCN ) has been set aside by the Madras High Court. The Assistant Commissioner (ST) asked to initiate the proceedings under the statute. Both the SCN and the impugned order were issued on the same date, which, they argued, […]
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the taxpayer is qualified for CENVAT credit on inputs and input services utilised for the production of electricity, which are transferred to its sister unit at Urse free of charge. The bench of Ajay Sharma (Judicial Member) witnessed that no allegation […]
Delhi High Court in a case asked for re-adjudication when the order passed u/s 73 of the Central Goods and Services Tax Act, 2017 without furnishing a chance to clarify the response concerning the Show Cause Notice (SCN). The applicant Decolene Fibers Pvt. Ltd. filed the writ petition against the show cause notice and order […]
U/s 134(4) of the Companies Act following an investigation and proceedings, a verdict has been reached against an audit firm and its key personnel. After due process, the Audit Firm M/s Dhiraj & Dheeraj, along with CA Piyush Patni (EP) and CA Pawan Kumar Gupta (EQCR), have been found guilty of professional misconduct. The verdict […]
The addition made by the AO u/s 41(1) of the Income-tax Act on account of the sale of copper wire is been removed by the Punjab & Haryana High Court, learning that the AO incurred the additions beneath the stated provisions on the grounds of the presumption for the stated sale, post discovering no stock […]
