The Court held that the Petitioner misrepresented the date of receiving the provisional attachment notice. Bank accounts cannot be freely operated, subject to a minimum balance of ₹1 crore.
After the revised Small Company definition takes effect, private companies that fall under the new limits are no longer bound by Rule 9B. Their ISIN becomes optional, and PAS-6 filing is not required.
The Telangana High Court held that a Section 148 notice issued for AY 2017-18 was invalid and barred by the six-year limitation under the first proviso to Section 149. Reopening assessments beyond the prescribed period is impermissible.
The Tribunal upheld the rejection of unreliable books but ruled that the AO could not estimate net profit at 12% without justification, vacating ₹65.08 lakh addition.
Explore why annual GST returns and reconciliation statements may not deliver practical value despite being mandatory, and how taxpayers are impacted.
Exemption under Entry 13 applies when rented properties are used as residences, irrespective of sub-leasing. The ruling ensures that GST is not unfairly levied on hostel and student accommodations.
The Gujarat High Court held a notice issued under section 148 of the Income Tax Act invalid as it was issued beyond the permissible “surviving time” defined by the Supreme Court.
ITAT restored Rs. 20 Cr in unsecured loans, interest, and squared-up loans for fresh verification, noting CIT(A) erred by deleting additions at the stroke of a pen. Large new loans and substantial repayments required independent checks on purpose and creditworthiness. The ruling reinforces that appellate deletion without inquiry violates Rule 46A and legal principles under sections 68 and 69.
The Delhi High Court ruled that a GST Show Cause Notice issued after the death of the proprietor is void ab initio, quashing both the notice and the resulting order. Recovery may proceed against the deceased’s estate.
Rs. 99.86 Cr out of Rs. 110 Cr added as current liabilities was deleted by CIT(A) and upheld by ITAT. Verification of ledgers, statutory dues, and party confirmations showed actual liability reduction during the year. This highlights the role of detailed evidence in defending balance sheet claims.
