Tribunal ruled that WhatsApp messages and digital records without corroborative evidence or proper certification could not sustain additions under the Income Tax Act.
The week witnessed important rulings on benami transactions, GST natural justice violations, and misuse of insolvency proceedings. SEBI and RBI also introduced significant regulatory and compliance reforms.
GST IMS allows taxpayers to accept, reject or keep invoices pending before ITC flows to GSTR-3B, ensuring better GST ITC reconciliation.
The New Income Tax Act, 2025 replaces multiple TDS and TCS provisions with consolidated Sections 392, 393 and 394 effective from FY 2026-27. The reform simplifies compliance, introduces code-based reporting, and rationalises deduction rates and thresholds.
The article argues that DGFT’s annual IEC updation forces exporters to repeatedly submit data already available with government databases. It claims the process imposes unnecessary costs and operational hardships without improving compliance.
The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened without proper notice under Regulation 142. Consequently, the ICAI communication declaring the seat vacant was quashed.
The article explains that architectural, accommodation, and related immovable property services are governed by Section 12(3) of the IGST Act. It clarifies that the place of supply is linked to the property location rather than the recipient’s location.
ICAI has warned members and students against fraudulent calls, emails, and WhatsApp messages seeking confidential information and payments. The advisory clarifies that ICAI never asks for OTPs or banking details through unofficial channels.
Delhi ITAT held that uncorroborated WhatsApp messages and digital chats cannot by themselves establish undisclosed cash transactions. The Tribunal deleted additions made solely on presumptions without independent evidence.
ICSI recommended restoring public access to basic company master data without mandatory login requirements. The representation stated that quick verification access is essential for professionals, stakeholders, and third parties.
