GSTN has announced mandatory capture of Ship-To GSTIN in Bill-To/Ship-To transactions under the EWB system. The change aims to improve data accuracy and traceability of goods movement.
Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classification of non-taxable foreign payments may invite tax department inquiries and litigation.
Delhi HC held that a taxpayer can legally carry on business through a mobile phone in addition to the registered principal place of business.
The Ministry of Finance clarified that claims regarding monetisation of temple gold holdings or issuance of gold bonds to temples are entirely false. The Government confirmed that no such proposal has been approved or considered.
Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation of the Income Tax Act, 2025. It emphasized that officers will remain heavily engaged in training, awareness, and transition-related activities throughout the financial year.
ROC Pune held that procedural lapses in a private placement involving one investor formed part of a single integrated transaction and did not justify multiple penalties. No penalty was imposed under Section 42(10) of the Companies Act.
The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepancies in ITR filings. Mismatches between AIS, Form 26AS, bank records, and ITR disclosures may lead to scrutiny or notices.
The ITAT held that reassessment following a search was valid because statements recorded during search constituted fresh tangible material. The ruling distinguished reassessment from a mere “change of opinion.”
GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated invoice verification. Taxpayers must now upload invoice-wise HSN/SAC details through the prescribed utility.
Mumbai ITAT held that Section 56(2)(x) applies to purchase of MHADA leasehold property rights despite reliance on Section 50C rulings. However, the Tribunal directed the AO to obtain a DVO valuation before recomputing the addition.
