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TMI BlogSimplification of procedure to deal with audit objections raised in indirect taxes by the office of by CAGX X X X Extracts X X X X X X X X Extracts X X X X ..... Simplification of procedure to deal with audit objections raised in indirect taxes by the office of by CAG - News and Press Release Dated:- 12-4-2016 - News - Central Board of Excise and Customs (CBEC) has issued a circular to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The Circular rescinds all the past circulars and instructions and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rescribes a new simplified and consolidated procedure. The Circular No. is 1023/11/2016 CX dated 08/04/2016 Taking note of the fact that revenue and audit have agreement on large proportion of the audit objections, the revised Circular provides that demand notice, in cases of agreement on audit objection, should be issued and decided expeditiously. However, where revenue does not agree with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he objections, no demand notice would be issued. Thus, where it is not necessary, an assessee would not be taken through the litigation cycle. The Circular also highlights that adjudicating authority is a quasi-judicial authority and is expected to decide the case independently and judiciously. Regular coordination meeting between Revenue and CAG officers has also been prescribed for faster res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution of issues. These revised guidelines have been issued in an effort to make the indirect tax administration assessee friendly and non-adversarial by bringing the audit objections to closure in an expeditious and fairer manner. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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