FAQs on manufacturing and other operations in bonded warehouses The sealant aspects of FAQs are as under: Judgement CESTAT, Mumbai reject assessable maintains that companies are artificially created to maintain lower selling price for payment of excise duty between two Indian subsidiaries of an overseas parent. Facts • The assessee was engaged in manufacturing and production of two car models as per the designs and specifications of their parent company in India. The assessee sold these cars in India to
Month: November 2020
Accounting treatment of waiver off of interest on the loan from Directors
Accounting treatment of waiver off of interest on the loan from Directors Entity A, which prepares its financial statements as per Ind AS obtained a loan from one of its directors during the year 2015-16 which is still outstanding as at the end of year 2018-19. The loan is not related to a qualifying asset and is repayable on demand. In previous years, the interest was charged and paid to the directors. However, in respect of interest on the loan
Internal Audit – Beyond The Data
While data analytics serves as a powerful tool used in organization to gain insight into operations, they may also be a source of risk. Feasibility to reveal secrets hidden in voluminous data makes use of the data analytics difficult to resist. There are tools enabling the organization to bring efficiencies in operations, improve decision, enhance agility, identify market potential etc. Internal audit is regular user of data analytics during the ordinary course of discharging its responsibilities to the organization. Internal
Amendment by MCA, RBI and SEBI: October 2020
In this edition we have tried to bring to your notice the latest amendment that followed in the month of October, 2020 issued by MCA, RBI and SEBI. Amendments issued by MCA Amendments issued by RBI Amendments issued by SEBI
Justice delayed is justice denied
The concept and implementation of e-appeal mechanism is a welcome move as it would not only curb corrupt practices as intended but also reduce the time and cost for getting justice. The Faceless Appeal Scheme, 2020 provides discretionary video-call hearing in selected cases where the tax authority feels that issues are complex. Considering that the right to decide which case to be resolved over a video-call is available to the tax authority but not the taxpayers, a writ has been
Abu Dhabi’s Mubadala to invest $853 mn in RIL’s retail unit: October 2020 Financial News
Mubadala Investment Company will invest Rs 6,247.5 crore ($853 million) in Reliance Retail Ventures Ltd, making the Abu Dhabi sovereign wealth fund the fourth investor in the unit. This investment will translate into a 1.4% stake in Reliance Retail Ventures on a fully diluted basis. The investment values Reliance Retail at a pre-money equity valuation of Rs 4.285 trillion. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity Blackstone earnings jump on