Audit Judgements

Audit Report not valid when reply filed by Assessee is not taken into consideration

Bimal Jain 16 February 2024 at 10:32

The Hon'ble Calcutta High Court in the case of PBL Transport Corporation (P) (Ltd.) v. Assistant Commissioner (ST) [Writ Petition No. 33477 of 2023 dated January 04, 2024] allowed the writ petition and held that the Audit Report is not valid when rep

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Self-assessment of tax liability during Audit before June 30, 2019 can be consider as Quantification under SVLDR Scheme, 2019

Bimal Jain 19 December 2022 at 11:29

The Hon'ble Madras High Court ("the High Court") in the case of M/s. Win Power Engineering Pvt. Ltd. v. The Designated Committee (W.P. No. 11785 of 2020) dated November 30, 2022 held that benefit under the Sabka Vishwas (Legacy Dispute Resolution) Sc

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Is the fees of independent auditors appointed for reporting to CoC charged as CIRP cost?

Poojitha Raam Vinay 01 December 2021 at 10:34

This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/INSP/2020/45 dated 01.04.2021 issued to Mr. Pawan Kumar Garg, R/o – 25-A, J-Pocket, Sheikh Sarai-II, New Delhi-110017 who is a Professional Member of Indian Institute of Insolvency Profes

Posted in Audit | 332 Views

No penalty applicable if Service Tax was paid in cash immediately after the direction of Auditor

Bimal Jain 22 September 2021 at 15:51

In Sud Chemie Pvt. Ltd. v. Commissioner of Central Excise, Vadodra [Service Tax Appeal No.10021 of 2019 dated September 02, 2021], Sud Chemie Pvt Ltd ("the Appellant") filed an appeal against the Order No. OIA-VAD-EXCUS-001-APP-287-2018-19 dated Augu

Posted in Audit | 263 Views

Exemption cannot be denied merely on account of delay in furnishing Audit Report

Bimal Jain 25 May 2021 at 16:54

The Hon'ble Gujarat High Court in Trust For Reaching The Unreached Through Trustee v/s CIT [R/Special Civil Application No. 8977, 9370, 9760 of 2020 dated December 22, 2020] quashed and set aside the order rejecting the application for condonation of

Posted in Audit | 284 Views

Relief should not be granted if contrary to Rule 10 of CAT Procedure Rule

CS Bijoy 26 November 2011 at 14:47

This W.P. is filed under Article 226 and 227 of the Constitution of India, praying to quash the order dated 21.07.2008 passed by the CAT in O.A.No 55/2007 After arguing the matter at length, learned counsel for the petitioner submit that O.A. No 55/2

Posted in Audit | 7002 Views