The ROC Mumbai penalized a company and its Managing Director for failing to include mandatory disclosures in the Board Report for FY 2019-20. The ruling highlights that omissions relating to annual return details, cost records, and secretarial standards can attract penalties under Section 134(8).
The article explains common GST audit objections relating to ITC, reverse charge liability, and turnover mismatches. It highlights that proper reconciliations, documentary evidence, and judicial precedents may help avoid demands and penalties.
RBI revoked the licence of a Mumbai-based co-operative bank after finding inadequate capital, poor earning prospects, and non-compliance with Banking Regulation Act provisions. The decision aims to protect depositors and safeguard public interest.
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.
