Home Highlights February 2019 Year 2019 This

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1. The circular mandates Alternative Investment Funds (AIFs) to conduct an annual audit of compliance with the Private Placement Memorandum (PPM) as per SEBI (AIF)...

2. This circular provides relaxation from certain provisions for units allotted to an employee benefit trust for unit-based employee benefit schemes, aligns timelines for...

3. This circular from SEBI provides the periodic reporting format for Research Analysts and Proxy Advisers. Key points: - Research Analysts (RAs) are required to furnish...

4. Filing of Cost Audit Report and Compliance Report in the eXtensible Business Reporting Language (XBRL) mode. - Circular

5. Filing of Cost Audit Report (Form I) and Compliance Report (Form A) in the eXtensible Business Reporting Language (XBRL) mode. - Circular

6. The ITAT considered levy of penalty u/s 271B for a default related to Tax Audit Report u/s 44AB. The appellant obtained the audit report on time but inadvertently...

7. Penalty imposed u/s 271B for non-compliance with section 44AB audit report filing. Assessee failed to prove attending litigations or financial difficulties. Assessee...

8. This circular from SEBI provides revised guidelines for quarterly reporting requirements for Foreign Venture Capital Investors (FVCIs). Key points are: FVCIs must submit...

9. Validity of show cause notice (SCN) u/s 73 - demand based on improper Audit Report u/s 65(3) - In the present case, what is found from perusal of the show cause notice...

10. Levy penalty u/s. 271B - not filing tax audit report within the due date specified under the Act - When audit report was obtained within due date, merely for delay in...

11. 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...

12. Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being a public sector unit, the assessee company after completion of statutory audit under Companies Act is...

13. Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

14. Tribunal found assessee had reasonable cause for delay in furnishing Tax Audit Report due to delay in finalization of statutory audit arising from dispute between Board...

15. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...