ITAT Hyderabad held that rejection of books during assessment proceedings does not retrospectively nullify the obligation to comply with section 44AB of the Income Tax Act within the prescribed time. Accordingly, penalty under section 271B upheld.
Allahabad High Court held that proceedings rightly initiated under section 129(1)(b) of the GST Act since on verification of GST portal it is found that transactions are not shown which concludes the transactions are bogus.
CBIC has issued a clarification debunking a viral social media message about new GST transition benefits starting from Sept 22. Read the official statement.
