LDT not Relevant Factor to Determine Assessable Value of Goods: CESTAT Quashes Differential Duty Demand [Read Order]

The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), quashed differential duty demand and observed that the Light Displacement Tonnage (LDT) not relevant factor to determine assessable value of goods The appellant, Hussain Sheth Ispat, declared the LDT of the vessel in the Bill of Entry which was assessed provisionally under…

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ICAI CA New Syllabus: Know Complete Details about Integrated Course on Information Technology and Soft Skills (ICITSS), Advanced ICITSS and Self-Paced Online Modules

In order to provide information about the new syllabus, the Institute of Chartered Accountants of India (ICAI) has published a set of Frequently Asked Questions (FAQs) pertaining to the scheme.

Among the various new schemes, there is a particular interest among students and individuals associated with this field regarding the Integrated Course on Information Technology and Soft Skills (ICITSS), Advanced ICITSS, and the Self-paced online modules.

INTEGRATED COURSE ON INFORMATION TECHNOLOGY (ICITSS) & ADVANCED ICITSS

The Integrated Course on Information Technology (ICITSS) is a combination of Orientation Course (OC) and Information Technology Training (ITT). It should be completed before the commencement of the practical training.

Advanced Integrated Course on Information Technology (AICITSS) is a combination of Management and Communication Skills (MCS) Course and Advanced Information Technology Training (Advanced ITT) which should be completed after the practical training, but before appearing for the final examination. Both ICITSS and Advanced ICITSS are of 4 weeks each.

SELF PACED ONLINE MODULES

The Self-Paced Online Module is a course that allows students to learn and complete at their own preferred speed once they have registered for the Final Course. The New Scheme of Education and Training includes four self-paced online modules, namely SET A, SET B, SET C, and SET D, which cover various subject areas.

There 4 sets in Self-Paced Online Modules, as under:

SET A: Corporate and Economic Laws (100 Marks) [Mandatory]

SET B: Strategic Cost & Performance Management (100 Marks) [Mandatory]

SET C: Elective (Choose one) (100 Marks)

  1. Risk Management
  2. Sustainable Development and Sustainability Reporting
  3. Public Finance and Government Accounting
  4. The Insolvency and Bankruptcy Code, 2016
  5. International Taxation
  6. The Arbitration and Conciliation Act, 1996
  7. Forensic Accounting
  8. Valuation
  9. Financial Services and Capital Markets
  10. Forex and Treasury Management

SET D: Multidisciplinary (Choose one) (100 Marks)

  1. The Constitution of India and Art of Advocacy
  2. Psychology & Philosophy
  3. Entrepreneurship and Start-Up Ecosystem
  4. Digital Ecosystem and Controls

During the registration process for the Final Course, the students will also have the opportunity to register for the Self-Paced Online Modules. The registration form for the Final Course will include the option to select subjects from the Self-Paced Online Modules SET C and SET D. There is no additional fee required for registering for the Self-Paced Online Modules.

According to ICAI, expert knowledge is expected in SET A and SET B. Working knowledge is expected in SET C and SET D. A student is declared to have qualified a Self-Paced Online Module if he/she secures a minimum of 50% marks in that module. Also, there will be no restriction on the number of attempts for each module. In addition, the marks secured in Self-Paced Online Modules will not be aggregated with the marks obtained in the Final Examination.

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Mere Mistake in Service Tax Return does not Mean Income of Assessee has been Suppressed: ITAT Quashes Income Tax Addition [Read Order]

Quashing the Income Tax addition,the Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the difference of service tax return and the revenue that occured due to the wrong exchange rates applied to export income transaction while filing the service tax return is a ‘mere mistake’ and not ‘suppression of income’ by the assessee….

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Life Tax Leviable on Net Invoice Price of Vehicle: Andhra Pradesh HC Directs Refund of GST and Cess Components

The Andhra Pradesh High Court (HC) has ruled that life tax should be levied on the net invoice of the price of the vehicle and not on the ex showroom price which admittedly includes the taxes payable to the government. The bench of Justice V. Sujatha has directed the state to refund the excess life…

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ICAI writes to Malayalam Actor Mohanlal for Endorsing False Claim of CA and ACCA Coaching Institute

The Institute of Chartered Accountants of India (ICAI) has wrote to the Malayalam Actor Mohanlal for endorsements of false claims of the CA, CMA and ACCA coaching institute ‘Lakshya’ in advertisements.

ICAI is the statutory body for regulating the profession of Chartered Accountancy or the Profession of Chartered Accountants or CAs in the country, along with the training and education of CAs pre-qualification and post-qualification through continuing education alike.

The profession of a Chartered Accountant is highly valued and reputable. Being a Chartered Accountant is no easy task, with the course diligently designed by the Institute of Chartered Accountants of India or ICAI to mold CAs with professional competence and credibility.

The prefix ‘Chartered Accountant’ or ‘CA’ in India is exclusively for the use of Qualified Chartered Accountants enrolled as Members of the ICAI.

The requirements to become a ‘CA’ demand that students go through the following steps, as per the information from the ICAI’s official website : —

ICAI-issues-Notice-to-Malayalam-Actor-Mohanlal-for-Endorsing-False-Claim-of-CA-and-ACCA-Coaching-Institute - Taxscan

It is clear from above, that the minimum years to complete the CA Course is not anything less than 4 years. However, hoardings placed by Lakshya across Calicut, Kerala claimed that the students have become ‘CA’ at the age of 20 and 21. There are also video-form contents that claim that aspirants can become Chartered Accountants at the Age of 21.

The letter addressed to the actor Padma Shri Bharath Lieutenant Colonel Dr. Mohanlal stated the following : –

“We are deeply concerned about the issue of coaching centers in our region misleading students by providing false information about the qualifications they are offering. We would like to bring to your attention the fact that not only are these coaching centers misleading students through their courses, but they are also running print and video advertisements that are equally misleading. We hereby draw your attention to the Video Advertisement where you have endorsed the Coaching Institute — Lakshya.”

It further clarified “The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVlll of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest. Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, 36 months of practical training and meeting other requirements under the Act and Regulations.”

“Association of Chartered Certified Accountants (ACCA) is the professional accounting body based out in United Kingdom (UK) offering the Chartered Certified Accountant qualification (ACCA). The term Chartered Certified Accountant was introduced in 1996. Prior to that date, ACCA members were known as Certified Accountants. It is still permissible for an ACCA member to use this term”, the letter clarified.

Addressing the concern that, “We have observed that these coaching centers are running advertisements that claim that students can become a Chartered Accountant by passing the ACCA exams, which is blatantly untrue. The advertisements are misleading and misrepresent the qualifications, leading to a misalignment between the skills and knowledge that students gain from the coaching center and the skills required to become a Chartered Accountant”, the letter further added.

“As you are aware, the Chartered Accountancy qualification in India is regulated by the ICAI, and it has its own set of requirements, eligibility criteria, and syllabus. The ACCA qualification, on the other hand, is a different qualification with its own set of requirements and syllabus. It is crucial that students are provided with accurate information about the qualifications they are pursuing and an ACCA completed candidate cannot use the term “Chartered Accountancy” and exclusive right remains with candidates who pursue course at The Institute of Chartered Accountants of India (ICAI). ACCA and Chartered Accountancy are two distinct qualifications with their own unique requirements and qualifications. ACCA members cannot be considered as Chartered Accountants. It is important to note that ACCA members do not have signing authority in India, and they cannot act as statutory auditors in the country. Thus, misrepresenting ACCA as Chartered Accountancy is misleading and can cause confusion among potential students”, stated the notice from Kozhikode Branch of ICAI, bringing much needed clarity to the misleading advertisement, pointing out the defect.

Urging the award winning critically acclaimed actor to look into the matter in detail, the notice demanded that the actor “take appropriate corrective measures by not circulating such advertisements which can cause confusion among potential students.”

Notably, every profession carries its own worth and value, and being an ACCA or a CMA is purely a matter of choice and proportionate hard work as per requirements of each course. Each of these courses have differences in curriculum and areas of practice after qualification.

The Official Youtube Channel of the Indian Institute of Commerce, Lakshya misstates ACCA as Chartered Accountancy Course:  Completed +2 ? Become a Chartered Accountant at the age of 21 | Indian Institute of Commerce Lakshya – YouTube

Misleading advertisements of the likes of the above, in neglect of difference in skills and knowledge acquired in each course is disappointing, especially when coming from one of the pioneering institutions that claims to have produced 9700+ Global Placements, 1400+ Qualified CAs, 108+ ACCA All India & Global Ranks, 29+ CA All India Ranks and 12+ CMA All India Ranks.

The following References were used in the preparation of this story:

The controversial advertisements available on the official youtube channel of Indian Institute of Commerce, Lakshya: https://youtu.be/gNutwSlKcTw, https://youtu.be/0jUEaeYQAEk, https://www.youtube.com/watch?v=iaQ1rYGiTtE

ICAI clarifying the usage of the letters ‘CA’: https://www.icai.org/post.html?post_id=2518#:~:text=Share%20this%20page%3A,as%20prefix%20to%20their%20names.

Training Guide Released by ICAI with regard to articleship, practical training and post-qualification training : https://resource.cdn.icai.org/32541bos22393.pdf

ICAI about the Chartered Accountancy or CA Course: https://www.icai.org/new_post.html?post_id=5719

Prospectus released by the Institute of Chartered Accountants of India for Chartered Accountancy Course: Prospectus

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Assessment Order u/s 148A(b) of IT-Act not valid if escaped income is below Rs. 50 Lakhs: Delhi HC directs Readjudication

The Delhi High Court, based on the submissions of both sides, has directed the Assessing Officer to re-adjudicate the case again. The court ordered a personal hearing for the authoritative representatives of the petitioners. The petitioner/assessee has assailed via the instant writ petition, the order dated 20.07.2022 passed under Section 148A(d) of the Income Tax…

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No Real Time Alert Sent for Notice u/s 148A(b) of I-T Act received on Same Date as Order Passed by Income Tax Dept: Delhi HC directs Readjudication

In a recent ruling, the Delhi High Court directed the Assessing Officer to re-adjudicate the matter as they  failed to send the notice under Section 148A(b) of Income Tax Act, 1961. The Bench of Justice Rajiv Shakdher and Justice Girish Kathiapala observed that the notice under Section 148A(b) of the Income Tax Act and order…

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CBIC issues Standard  Operating  Procedure  for  Scrutiny of GST  Returns  for  FY  2019-20 Onwards [Read Instruction]

The Central Board of Indirect Taxes and Customs (CBIC) has issued the standard operating procedure or SOP for the scrutiny of Goods and Services Tax (GST) Returns for the Financial Year 2019-2020 onwards. “Attention is invited to the Instruction No. 02/2022-GST dated 22nd March, 2022, wherein a Standard Operating Procedure (SOP) was provided for scrutiny…

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18% GST Applicable on Electrical Works Contract done to Government Corporations: AAR [Read Order]

The Telangana Bench of J. Laxminarayana and B. Raghu Kiran, IRS of Authority for Advance Ruling (AAR) ruled that 18% Goods and Services Tax (GST) is applicable on Electrical works contracts done to the government corporations. The applicant, M/s. Sealwel Corporation Private Limited is engaged in the business of execution of ‘works contracts’ as defined…

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Money Laundering Charges on Professionals: Govt issues Notification Clarifying Exempted Activities [Read Notification]

The Central Government has issued a notification to bring more clarity to the latest expansion of the Prevention of Money Laundering Act, 2002, which had brought professionals like Chartered Accountants, Company Secretaries and Cost Accountants under the purview of anti-money laundering provisions. The Central Government has also clarified that, any activity that is carried out…

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DGFT releases Final Finding of Anti-dumping investigation of imports of “Dispersion Unshifted Single-mode Optical Fiber” from China, Indonesia and Korea RP

The Directorate General of Foreign Trade (DGFT) released the final finding of the Anti-dumping investigation concerning imports of “Dispersion Unshifted Single-mode Optical Fiber” (SMOF”) originating in or exported from China, Indonesia and Korea RP. In accordance with the Customs Tariff Act of 1975 (CTA) and the Anti-dumping Rules, M/s Birla Furukawa Fibre Optics Private Limited…

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Existence of Taxable Event is Fundamental to Levy of GST: Kerala HC sets aside Penalty orders [Read Order]

The Kerala High Court observed the case Union of India and Another v. State of Haryana and Another and ruled that the existence of the taxable event is fundamental to levy the Goods and Services Tax (GST). Thus, the bench set aside the penalty orders. Entertaining the petition, a division bench of Justice Jayasankaran Nambiar…

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Bogus Purchases Bills without actual delivery of goods: ITAT directs AO to charge 6.5% Gross Profit Rate [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to charge 6.5% Gross Profit Rate on the bogus purchase bills. The assessee is an individual running a proprietary concern in the name of M/s. Mayur Steel Industries being into the business of trading in ferrous and non ferrous metals. Due…

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Non-Constitution of GSTAT: Patna HC stays Recovery of balance amount of GST [Read Order]

A Division bench of Patna High Court granted relief to the petitioner due to the absence of the Goods and Appellate Tribunal (GSTAT). The High Court stayed the recovery of the balance amount of the Goods and Services Tax (GST). Due to the non-constitution of the Goods and Services Tax Appellate Tribunal (GSTAT), the petitioner…

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DGFT notifies Revised Details of Authorized Agency to Issue Certificate of Origin (Non-Preferential)

The Directorate General of Foreign Trade (DGFT) has notified the revised details of authorized agencies to issue certificates of origin.

Existing details of the agency

Maharatta Chamber of Commerce & Industries

P.B.No. 525, Tilak Road,

Pune-411002.

Tel:020-4440371/0472 Fax:020-4447902

Email:mccipune@vsnl.com

Revised name and address of the agency

Mahratta Chamber of Commerce, Industries and Agriculture

Head Office:

505 and 506 A & B Wing MCCIA Trade

Tower, S. L. Kirloskar International

Convention Centre, 403-A,Senapati Bapat

Road, Pune 411030

Tel : 020-25709000, 020-25709213

[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3

Email : info@mcciapune.com

Website : www.mcciapune.com

Branch Offices :

1. Swargate Corner, Tilak Road, Pune 411002

Tel : 020-24440371/020-24440472

2. J-462 MIDC, Telco Road, Ganesh Nagar,

Bhosari, Pune 411026 Tel : 020-27130700

3. Plot No. 7, A/3 Hadapsar Industrial Estate,

Pune 411 013 Tel: 020-26877010

4. MCCIA Building, Plot no. 86, MIDC

Ahmednagar, 414111 Tel : 0241-2777837

The notification amended the Sl. No. 11. in details of the agency authorized to issue Certificate of Origin (Non Preferential) under Appendix 2E of the FTP 2023.

A certificate of origin is an official document used in international trade to certify the country in which goods were produced or manufactured. It is required by customs officials in the importing country to determine the tariff and duty rates that apply to the imported goods. The certificate of origin can also be used by the importer to prove to their customers that the goods are made in a particular country.

The certificate of origin can be issued by a variety of entities, including the exporter, the chamber of commerce, or a government agency. The information included on the certificate typically includes the name and address of the exporter and importer, a description of the goods, the country of origin, and the signature of the authorized party issuing the certificate.

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Partners Entitled to Interest on Their Loan Accounts with Firm at Rates as Prescribed under Income Tax Act: ITAT upholds Deletion of Addition made u/s 68

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, while upholding the deletion of addition made under section 68, held that partners are entitled to the interest on their loan accounts with the firm, at rates as prescribed under the Income Tax Act, 1961. The aforesaid observation was…

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Failure to file Income Tax Return due to Technical Glitches: Orissa HC directs CBDT to issue a Circular

The Orissa High Court directed the Central Board of Direct Taxes (CBDT) to issue a circular since the assessee failed to file an Income tax return due to technical glitches. Mr J. Sahoo, Senior Counsel for All Odisha Tax Advocates Association, the Petitioner places before the Court copy of the judgment dated 13th January 2021…

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Commissioner can exercise Revisional Jurisdiction u/s 263 when Assessment Order was Erroneous and Prejudicial to Interest of Revenue: SC

The Supreme Court of India has held that commissioner can exercise revisional jurisdiction under Section 263 of the Income Tax Act, 1961 when the assessment order was erroneous and prejudicial to the interest of revenue. The revenue challenged the impugned judgment and order dated 18.09.2017 passed by the High Court of Judicature, at Bombay in…

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Termination of Employment due to Misconduct is not beyond the control of Assessee: ITAT refuses Exemption u/s 10(38) to Employee

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that termination of employment due to misconduct is not beyond the control of assesses and refused to allow an exemption under section 10 (38) to the employee-assessee. Vineet Sethi, the assessee challenged the order of NFAC dated 10.1.2023 for the assessment year 2017-18….

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Seizure of Vehicle on allegation of Fraudulent business activities and Fake Claim of  ITC: Orissa HC directs release Vehicle after Payment of Penalty u/s 129 (1)(b) GST Act

In a recent case in which the seizure of a vehicle was done on allegations of fraudulent business activities and fake claims of ITC, the Orissa High Court directed to release of the vehicle after payment of penalty under Section 129(1) (b) of the GST Act, 2017. Sunil Mishra, Additional Standing Counsel appearing for CT…

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ITAT Weekly Round-Up

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from April 03  to April 08, 2023. Waiver of Loan is Not Business Income, Not Taxable u/s 28(i) of Income Tax Act: ITAT The Jt. Commissioner of Income Tax(OSD) vs M/s. Runwal…

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