The issue was whether alleged negative stock justified profit estimation. The Tribunal held that value-based assumptions using average GP could not override item-wise quantitative stock records maintained on a daily basis.
Learn how marginal relief prevents disproportionate tax liability when your income slightly exceeds a surcharge threshold, ensuring fairness in taxation.
The High Court declined to interfere with a GST show cause notice, holding that the challenge was premature. The assessee was directed to pursue adjudication and raise all legal submissions.
The Supreme Court ruled that payments made to prevent competition, even if providing enduring business benefits, are allowable revenue expenditures and not capital expenditures.
Explore how AI-assisted vibe coding transforms audits, tax compliance, and professional drafting, boosting efficiency and accuracy for Chartered Accountants in the digital era.
The IBC legally ensures RP independence, but practical constraints like CoC-controlled fees and appointments often limit autonomy, affecting both perception and execution of duties.
This article provides a comprehensive practical guide to correctly reporting exempt, nil-rated, and non-taxable supplies in GSTR-9 for FY 2024–25, while highlighting common mistakes taxpayers make. It explains how different types of supplies—B2B, B2C, exports, SEZ transactions, LUT supplies, RCM supplies, credit/debit notes, and amendments—should be classified and reported primarily in Tables 5A to 5F. […]
The Tribunal held that depreciation claims requiring factual verification cannot be disallowed through prima facie adjustments under section 143(1).
The Supreme Court ruled that residential GST exemption applies where end use is residential, even if a company sub-leases the property. Sub-leasing alone does not trigger GST.
The issue was whether summons under Section 70 trigger formal GST proceedings. Courts held that summons are part of inquiry only, with proceedings commencing later through statutory notices.
