The Tribunal held that where identical facts existed in earlier years, the addition for alleged bogus purchases must follow past precedent. It restricted the addition to 5 percent, applying the principle of consistency.
The issue was whether receipt of shares on amalgamation attracts tax when shares are held as stock-in-trade. The Court held such substitution can trigger business income under Section 28 if the shares are realisable, reinforcing the real income principle.
Input tax credit was upheld as the requirement of actual tax deposit by sellers was introduced only prospectively and could not be applied retrospectively.
The issue was whether employees are protected when TDS is deducted but not remitted. The Court held tax remains payable as no credit arises without deposit.
The ruling clarifies that specified sum under section 269SS refers to advances linked to property transfers. Cash received as final consideration at registration cannot trigger penalty under section 271D.
Allahabad High Court held that toll plaza receipts not mandatory for justifying actual physical movement of goods since e-way bill and tax invoice duly produced. Accordingly, order not justified in the eyes of law.
ICAI has mandated a digital E-Diary for CA students starting articleship from January 2026. The move standardises training records, improves transparency, and enables real-time monitoring by principals.
The AO denied exemption relying on an inspector’s report citing minimal construction. The Tribunal held that documentary evidence showed a habitable residence, entitling exemption.
GSTN has made Table 3.2 of GSTR-3B non-editable with auto-population from GSTR-1/1A/IFF. The update ensures consistency in inter-State supply reporting and restricts corrections to prescribed amendment routes.
The draft policy proposes a detailed scoring framework to empanel CA firms and LLPs for government audits based on capacity, experience, audit quality, and professional credentials. It aims to ensure transparency, objectivity, and merit-driven selection while discouraging non-compliance and poor performance.
