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.
Recent NCLT decisions indicate that the absence of specific procedural rules may not prevent conversion from a company limited by shares to a company limited by guarantee where Section 18 substantively permits such conversion.
The assessee sought deduction for property tax paid during the relevant financial year but failed to claim it in the return. The ITAT granted another opportunity and ordered verification of the claim on merits.
The Gujarat AAR held that Psyllium (Isabgol) Seeds procured from farmers and supplied without drying, freezing, or processing qualify as fresh seeds. As a result, they are exempt from GST under Entry 87 of Notification No. 10/2025.
ITAT held that the assessee discharged the primary burden under Section 68 by producing complete documentary evidence regarding the lender and the loan transaction. The addition was deleted because the Revenue failed to disprove the evidence.
The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remanded the matter to the Assessing Officer to verify turnover details and determine taxable income on a reasonable basis.
The Pune ITAT held that estimating net profit at 18% of contract receipts was excessive in the absence of supporting material. Applying principles similar to presumptive taxation under Section 44AD, the Tribunal restricted the profit rate to 8% and granted substantial relief.
The ITAT held that Section 40(a)(ia) could not be invoked where the assessee had not made the rent payments referred to in the tax audit report. The addition was traced to an inadvertent reporting error by the auditor.
