The article explains how audit and accounting systems help maintain financial transparency, accountability, and investor confidence in companies and organizations. It also discusses market volatility, economic risks, and sectoral growth trends influencing businesses in India.
The Pune ITAT held that entire cash deposits in bank accounts cannot automatically be treated as unexplained income when the assessee appears to be only a conduit in an accommodation entry network. The Tribunal restricted the taxable addition to 2% of deposits after finding no evidence of actual enrichment.
Assessee – university challenged an order issued under Section 74(1) of the CGST Act confirming GST demand of Rs.16.90 crores along with equivalent penalty and interest on affiliation fees collected by the University for the period 2017-18 to 2022-23.
