The Kerala High Court ruled that GST rectification power under Section 161 isn’t limited to taxpayer requests. Officers can initiate rectification suo motu for errors apparent on record, even if the taxpayer’s formal application is delayed.
ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since there was a reasonable cause for not reporting the said transaction in Form No. 3CEB as it was not considered to be an international transaction.
A Nominee Director holds a unique position on a company’s Board of Directors. They are individuals appointed to the board by specific entities such as financial institutions, banks, investors, or even government bodies. Their primary role is to represent the interests of the nominating party, ensuring that the company’s decisions align with the terms of […]
The Calcutta High Court set aside orders against Kamdhenu Udyog P Ltd., ruling that a technical error in ITC reversal forms should not override substantive compliance. The company had voluntarily reversed wrongly availed Input Tax Credit.
Understand how to manage inadvertently rejected invoices, debit notes, and credit notes on IMS, including ITC claims for recipients and liability impacts for suppliers.
Bangalore ITAT mandates 80G approval for Academy of General Education, clarifying CIT(E)’s scope is limited to verifying genuine activities and statutory compliance, not income utilization or fee nature.
ITAT Bangalore overturns CIT (Exemptions)’s rejection, granting City Hospital Charitable Trust 80G approval. The tribunal clarified the scope of inquiry for 80G approval, emphasizing genuineness over fund application at this stage.
RBI sets 25 August 2025 as deadline to regularize past overseas investment delays under LSF. Post-deadline, compounding becomes mandatory.
RBI’s new circular caps penalties for specific FEMA violations at ₹2 lakh, streamlining compliance and easing burdens for businesses and individuals.
MHA introduces new FCRA validity limits for foreign contributions: 3 years for receipt, 4 years for utilization. Existing permissions are affected.
