ITAT Chennai held that the amount gifted by the brother cannot be treated as unexplained. Accordingly, addition u/s. 69 of the Income Tax Act deleted to that extent. In the result, the appeal is partly allowed.
The ITAT Bangalore has ruled that a charitable trust’s spending on land and building is for charitable purposes. Learn how this decision affects trust registration and tax exemptions in India.
A guide to POSH Act compliance for Indian businesses, covering the mandatory Internal Complaints Committee, policy implementation, annual reporting, and recent Supreme Court directions.
A comprehensive guide to Form 3CD for tax audits under Section 44AB of the Income-tax Act. Learn about clause-by-clause reporting, procedures, and common issues.
Understand the Companies (Auditor’s Report) Order, 2020. This guide explains CARO’s clauses, reporting requirements, and professional analysis for auditors.
A practitioner’s guide to the Profit and Loss Account under the Companies Act, 2013. Learn about P&L line items, inclusions, exclusions, and legal frameworks.
Learn how an auditor qualifies a report, the reasons behind it, and its impact on financial statements. This guide covers the requirements, quantification, and drafting of qualified audit reports.
Understand the legal framework for GST refunds on inverted duty structures. Learn about applicable rules, exclusions, and the impact of recent court rulings and CBIC circulars.
Explore India’s proposed GST rate rationalization for the automotive sector. This summary covers the planned changes, potential benefits, and challenges ahead for businesses.
Learn about Schedule III of the Companies Act, 2013, and its rules for presenting financial statements. This guide covers key classifications, disclosures, and governance principles.
