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Canara HSBC Life fined ₹1 crore by IRDAI over misselling
2+ day, 10+ hour ago (493+ words) Canara HSBC Life Insurance Company Limited received a penalty order from the Insurance Regulatory and Development Authority of India (IRDAI) on September 10, 2026. The regulator imposed a fine of ₹1 crore following an investigation into allegations of policy misselling. The penalty stems…...
Sydney Accounting Firm Penalised $148,000 Over Cashback
4+ day, 2+ hour ago (797+ words) A Sydney accounting firm has been penalised $148,000 after requiring an assistant accountant to pay money back to it so the payments could be presented as wages. Its sole director was penalised $29,000 for his involvement, and both were declared to have…...
Entire Addition on Tooling Cost cannot be treated as Assessable Value, reference from Cost Accountant not Mandatory: CESTAT allows appeal [Read Order]
1+ week, 16+ hour ago (220+ words) The Customs, Excise and Service Tax AppellateTribunal (CESTAT), Chennai Bench, allowed an appeal and held that the entire addition on tooling cost cannot be treated as assessable value. It also mentioned that a reference from the Cost Accountant was not…...
RBI imposes monetary penalty on Hinduja Leyland Finance Limited
1+ week, 20+ hour ago (200+ words) Mumbai, 5 September: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 6.20 lakh (Rupees Six Lakh Twenty Thousand only) on Hinduja Leyland Finance Limited (the company) for non-compliance with certain provisions of the directions issued by RBI…...
RBI imposes monetary penalties on 5 entities including Hinduja Leyland Finance
1+ week, 22+ hour ago (190+ words) 05 September,2026 09:57 AM IST | Mumbai | PTI Reserve Bank of India. File pic. The Reserve Bank of India (RBI) on Friday said that it has imposed monetary penalty on five entities for not complying with certain regulations. The central bank imposed Rs…...
From Ineligible ITC to Intent to Evade: The Missing Link Under Section 74
1+ week, 23+ hour ago (339+ words) 2 Days Webinar on Next Gen Tax Audit Practice using AI CLAUDE AI MASTERY COURSE Practical Course on Income Tax Audit(Recorded Course) The Tribunal referred to CBIC Instruction No. 05/2023-GST dated 13.12.2023, which clarifies that Section 74(1) should be invoked only where…...
ITAT Rules Section 54 Shortfall Cannot Be Treated as Concealment when Investment Period Had Not Expired
1+ week, 3+ day ago (104+ words) The ITAT Mumbai deleted penalty as unutilised section 54 amount was not taxable in original Assessment Year ITAT Deletes Rs 5.25 Lakh Penalty Former Oriental Bank Special Assistant Convicted in Rs 83.69 Lakh Bank Fraud Case, Gets 7-Year Jail Term and Rs 4.30 Lakh…...
Accounting and financial services company penalised for unlawful cashback scheme
1+ week, 5+ day ago (906+ words) The Fair Work Ombudsman has secured a total of $177,000 in court penalties against a Sydney accounting and financial services company and its owner-operator after they required a migrant worker to pay them amounts that covered her whole wage as part…...
Sydney accounting firm fined $148,000 over worker underpayment
1+ week, 5+ day ago (586+ words) A Sydney accounting firm has been ordered to pay $148,000 after a Federal Circuit and Family Court found it deliberately underpaid an employee and used a payment arrangement that made it appear she had received her wages. Innovative Associates and its…...
Clandestine Removal Can’t Be Proved on Assumptions Alone: CESTAT
2+ week, 2+ day ago (517+ words) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Kolkata Bench, has set aside central excise duty demands exceeding ₹85 lakh against a manufacturer, holding that serious allegations of clandestine removal or excise duty evasion cannot be sustained merely on presumptions,…...