Understand how to manage inadvertently rejected invoices, debit notes, and credit notes on IMS, including ITC claims for recipients and liability impacts for suppliers.
Indian tax residents must report foreign assets and income in their ITRs, regardless of value. Non-disclosure can lead to severe penalties under the Income Tax Act and Black Money Act, including significant fines and imprisonment, due to international Automatic Exchange of Information (AEOI) agreements
Delhi High Court dismisses a petition by a Chartered Accountant and a trader to quash a GST show-cause notice, citing serious allegations of fake firms.
File your pending GST returns now. A three-year filing limit, effective from July 2025, will bar older returns as per the Finance Act, 2023.
A BPCL vendor successfully challenges GST detention for MPD machines in transit. The court found no tax evasion as e-way bill was generated before detention order and goods were for stock transfer, not sale.
Calcutta High Court rules GSTR-1 and GSTR-3B discrepancies don’t allow direct tax recovery under Section 75(12) of the CGST Act if GSTR-1 data is included in GSTR-3B.
Delhi NCLT rejected Imperial Banquets & Dining’s insolvency application, stating it aimed to evade government dues owed to DTTDC, not genuine resolution.
Cochin ITAT rules builder eligible for 80IB(10) deduction, clarifying ‘developer’ vs ‘works contractor’ and rejecting reliance on Sales Tax precedents.
Delhi ITAT sets aside tax additions against a couple, ruling Section 153C satisfaction invalid and emphasizing the belongs to vs. pertains to distinction.
Stay informed on India’s dynamic tax, GST, customs, and regulatory landscape. This weekly summary for June 9-15, 2025, covers key updates, court rulings, and policy changes from IT, DGFT, SEBI, MCA, IBBI, and RBI.
