Latest Articles
Daily Backup Dilemma: Decoding “Electronic Mode” vs. “Computer System” under Income Tax Act 2025.
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Madras HC Says ITC Cannot Be Denied for Missing Lorry Receipts Alone
Goods and Services Tax : The Court held that absence of lorry receipts or weighment slips, by itself, cannot justify denial of Input Tax Credit when invoic...
Restricted Stock Units Taxation in India: Foreign Tax Credit, Form 67 & Reporting
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Revisting Round Tripping Under FEMA: A Judicial Approach
Fema / RBI : The article explains how routing Indian funds through offshore structures and reinvesting them into India may violate FEMA and att...
Bombay HC Quashes GST Recovery from Legal Heir for Absence of Notice & Hearing
Goods and Services Tax : The Bombay High Court held that GST recovery proceedings against a legal heir cannot be initiated without first determining liabil...
Latest News
ICAI Invites Nominations for 40 Under 40 Awards to Recognize Young CA Business Leaders
CA, CS, CMA : ICAI has opened nominations for Season 5 of the 40 Under 40 CA Business Leader Awards to honour Chartered Accountants under 40 dem...
ICSI First Bi-Annual Southern Region Convocation of FY 2026-2027
CA, CS, CMA : ICSI has mandated advance online registration for eligible members attending the Southern Region Convocation. The notification emp...
CAAS Urges Responsible AI Use in GST Administration
CA, CS, CMA : CAAS suggested that while favourable outcomes may be automated, adverse actions should require a named officer's approval supporte...
CAAS Urges Human Accountability & Wider Access in SC’s Draft AI Regulations
CA, CS, CMA : CAAS welcomed the Supreme Court's draft AI regulations while proposing changes to improve implementation at the filing counter. Th...
CAAS Urges ICAI to Raise NCE & LLP Financial Statement Threshold to ₹10 Crore
CA, CS, CMA : CAAS emphasized that smaller businesses may require adequate time, software readiness, and stakeholder awareness before adapting t...
Latest Judiciary
Mumbai ITAT: Reassessment Must Tax Real Income, Not Duplicate Salary Entries; CCM Addition Deleted for Want of Evidence
Income Tax : Mumbai ITAT held that additions under Section 69 cannot survive where transactions are reflected in broker records and the source ...
Pune ITAT Upholds Deletion of ₹5.02 Crore Interest Disallowance: Presumption Applies When Interest-Free Funds Exceed Advances
Income Tax : The Tribunal ruled that proportionate interest disallowance under Section 36(1)(iii) cannot be sustained when the assessee has ade...
Allahabad HC Grants ₹25000 Per Day Compensation for Illegal Detention of Disabled Advocate
Corporate Law : The Allahabad High Court held that persons illegally detained beyond permissible limits are entitled to compensation at the rate o...
ITC Denial Based on GSTR-3B & GSTR-2A Mismatch Set Aside as Import Data Was Missing from GSTR-2A
Goods and Services Tax : The Karnataka High Court ruled that ITC for FY 2018-19 cannot be denied merely because import and SEZ transactions were absent fro...
Bombay HC Quashes Reassessment as Broken Period Interest Deduction Was Already Settled by SC
Income Tax : The Bombay High Court held that reassessment proceedings could not be initiated on the issue of broken period interest when the le...
Latest Notifications
Commencing Business Before Filing INC-20A: ROC imposes ₹3.5 Lakh Penalty
Company Law : ROC held that starting business operations before filing the mandatory declaration under Section 10A violated the Companies Act. T...
IRDAI Cautions Public Against Dealing with Stareureka Insurance Company
Corporate Law : IRDAI has cautioned that the entity's Certificate of Registration as an Insurance Marketing Firm has expired and remains unrenewed...
GSTAT Mumbai Issues Notice on Operational Launch & Appeal Filing
Goods and Services Tax : GSTAT Mumbai Bench has officially commenced functioning, making it mandatory for taxpayers within its jurisdiction to file appeals...
ROC Imposes Penalty as Incorrect AGM Date Was Filed in AOC-4 XBRL
Company Law : ROC Kolkata held that filing Form AOC-4 XBRL with an incorrect AGM date amounted to a contravention of Rule 8(3). The order clarif...
ROC Imposes Penalty for Multiple Private Placement Filing Errors
Company Law : ROC Delhi penalised a company and its officers for three separate compliance failures linked to a private placement of shares. The...
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FAQs
The issue concerns confusion regarding the purpose and sequencing of GSTR-1 and GSTR-3B filings. The key takeaway is that GSTR-1 should be filed first to ensure proper ITC flow and avoid reconciliation mismatches and scrutiny.
The IFSCAs updated framework supersedes previous sandbox regulations and establishes a unified regime for FinTech testing in IFSCs. It aims to promote innovation while maintaining regulatory oversight.
Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TDS/TCS credits, and specified financial transactions of taxpayers. The Income-tax Act mandates obtaining and quoting PAN for various persons and high-value transactions, while also prohibiting possession of multiple PANs and prescribing penalties for non-compliance.
CDSCO registration is required for importing, manufacturing, or marketing regulated healthcare products in India. The approval ensures compliance with safety, quality, and regulatory standards.
The FAQ clarifies that the Companies Act, 2013 does not restrict adjournment of a duly convened and commenced AGM. An adjourned AGM is treated as a continuation of the original meeting rather than a fresh meeting.
