The requirement to file MSME-1 arises only when payments to Micro and Small Enterprises remain outstanding beyond 45 days. The framework clarifies that timely payments eliminate the filing obligation, making it a conditional compliance requirement.
Reimbursements are taxable if they form part of consideration under GST valuation rules, regardless of their label. Only limited cases meeting strict pure-agent conditions qualify for exclusion.
Supreme Court held that borrower doesn’t possess any legal right to a personal hearing by banks before classifying their account as fraud account. Accordingly, the civil appeal is partly allowed.
The court recognized cryptocurrency as property, but lack of statutory clarity leaves companies uncertain about holding, accounting, and liquidating crypto assets.
The Court found CBDT failed to follow its 2015 directive on timely ITR utility release. It ordered an affidavit with corrective steps, highlighting systemic lapses affecting taxpayers.
The Tribunal invalidated reassessment proceedings since the Section 148 notice was issued after 01.04.2021, making it time-barred. The ruling reinforces strict limitation compliance for reopening cases.
Failure to serve notices at the updated registered address invalidates GST proceedings. The Court emphasized strict adherence to proper service requirements and natural justice.
Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be denied if investment is completed within the prescribed period, even if started earlier.
ICAI has widened AQMM coverage to firms auditing group entities of listed companies, banks, and insurers. The move ensures higher audit quality through mandatory compliance and peer review oversight.
The new Act retains the arm’s-length principle but introduces refined definitions, stricter compliance, and enhanced penalties for related-party transactions.
