The Supreme Court examined whether online gaming platforms offering skill-based games can be treated as suppliers of actionable claims arising from betting and gambling. The case also involved challenges to GST demands, valuation rules, and the constitutional validity of various GST provisions.
Supreme Court held that States can regulate or prohibit betting on skill games, ruling that Entry 34 extends to all forms of betting and gambling.
Publishers must continue complying with annual filing, record maintenance and reporting requirements even after obtaining a PRGI registration certificate.
Despite withdrawal of many tax benefits under Section 115BAC, official duty-related allowances remain exempt to the extent of actual expenditure incurred and substantiated.
The GST law provides a limited window to rectify reporting errors relating to FY 2025-26. Timely corrections can help businesses avoid ITC loss, interest liability, and future disputes.
Tax auditors must now report all purchases and sales of unquoted shares under Clause 47 of Form 26. The key takeaway is increased scrutiny of transactions involving differences between FMV and transaction value.
The Tribunal held that a genuine and reasonable explanation for delay justified condonation of nearly three years. It emphasized that substantial justice should prevail over technical limitations when no mala fide intent is established.
The workbook provides structured annexures for balance confirmations, statutory dues, bank reconciliations, loan reporting, and comparative analysis, helping organize tax audit documentation.
AI is reshaping internal audit by replacing manual testing with continuous risk monitoring and automated analysis. The key takeaway is that auditors can focus more on strategic risk management and value creation.
The NCLT Allahabad Bench dispensed with shareholder meetings after finding that all shareholders had consented to the proposed reduction of capital and conversion into a company limited by guarantee.
