NICAI Updates;
1. Delhi High Court allows the Assessee to continue with its objections filed before the DRP, even though the Assessee inadvertently missed informing the AO about filing the objections in DRP and thus the AO passed the final assessment order. Court noted that no prejudice will be caused to the Revenue if Assessee is allowed to proceed with DRP as the AO can always pass the assessment order again, pursuant to receipt of DRP directions.
2. The Finance Minister said the valuation rules for levying 28 per cent GST on entry-level bets on online gaming platforms are effective prospectively.
3. Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Customs) has issued instruction vide no. F.No. 275/15/2021-CX.8A dated December 13, 2023. SAMAY (Systematic Adherence and MAnagement of timelines for Yielding results in litigation) application was by the Legal Cell of the CBIC.
4. CPE Committee of ICAI issued an Exposure Draft on proposed Consequential provisions for non-compliance with CPE hours requirement on yearly basis from calendar year 2024 onwards.
5. Reserve Bank of India imposed penalties worth Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities in the financial year 2022-23. The RBI imposed 176 penalties worth Rs 14.04 crore on cooperative banks during the year. The RBI issued guidelines on fair practices code to be adopted by banks, NBFCs, and HFCs and these covered various aspects of lending.
6. Telecommunications Bill, 2023 which is listed for introduction and passed in the Lok Sabha is another action to cement authoritarian control over the rights of ordinary citizens.
by CA Raj Chawla
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