Auditing is a regulated process culminating in an opinion on whether financial statements are True and Fair. It requires professional judgment and strict compliance with all Standards on Auditing (SAs).
Bombay HC restored a taxpayer’s GST registration using the Doctrine of Proportionality, ruling that permanent cancellation is excessive if the taxpayer has paid all outstanding dues, interest, and late fees.
Despite GST’s modernization, GSTR-9 and GSTR-9C annual returns face technical flaws, ambiguity in ITC/RCM reporting, and portal limitations, complicating taxpayer compliance.
SEBI eases RPT disclosure requirements for listed entities, introducing a tiered mechanism. Transactions below Rs. 10 crore now require simplified reporting, reducing compliance burden.
The ITAT deleted a protective addition under Section 68 for cash deposits after finding the same income was already declared and taxed in the partners’ individual returns, rendering the firm’s assessment redundant.
The P&H High Court in the Arvind Fashion Ltd case ruled that the time spent on a bona fide GST rectification application (Sec 161) must be excluded when calculating the limitation period for filing an appeal (Sec 107). This decision provides clarity on procedural timelines.
The MP High Court set aside an appeal dismissal, clarifying that GST appeal limitation (Sec 107) must exclude the first day and be calculated by months, not days. Costs recoverable from official.
The Delhi High Court granted an injunction protecting film actor Hrithik Roshan’s personality rights, restraining John Doe defendants and others from using his persona for commercial purposes, including misuse via AI and deepfakes.
Summarizing GST proceedings after a proprietor’s death. Legal heirs’ liability is limited to the estate unless they continue the business, making notices to the deceased void.
Judicial rulings confirm interior decoration expenses like modular kitchens and wardrobes are eligible for tax exemption under Sections 54 & 54F if they ensure the house is habitable.
