ROC Mumbai penalizes Pan Gulf Technologies and its MD for failing to attach the annual CSR report with the Board Report for FY 2022-23 under Section 134(3)(o).
Non-compliance with audit trail requirements led to penalties on both the company and its Managing Director. This ruling highlights personal liability of officers and the importance of updated software for statutory compliance.
The Tribunal upheld CIT(A)’s order, confirming deletion of additions related to unexplained creditors, GST, bogus purchases, and purchase differences. Proper reconciliation and supporting documents established genuineness, highlighting the importance of maintaining accurate records.
Receipt and repayment of Rs. 2.02 crore via proper banking channels establishes genuineness of the transaction; Section 68 addition was deleted despite non-materialisation of business.
The Tribunal held that the reassessment was invalid because the AO relied on outdated investigation data without linking it to the assessee’s transactions. Since the information pertained to a period before the assessee even acquired the shares, the reopening lacked jurisdictional foundation. As a result, the entire addition for alleged bogus LTCG was deleted.
The Telangana High Court upheld cancellation of a GST registration after authorities found the declared business premises non-existent and submitted rental agreements fraudulent.
The Court ruled that municipal bodies cannot levy advertisement tax after the GST regime and quashed the recovery demand. It also ordered refund of tax collected post-GST, subject to unjust enrichment.
Stay compliant this December with key Income Tax and GST due dates. Learn the deadlines for TDS, Advance Tax, GSTR-1, GSTR-3B, and GSTR-9/9C to prevent penalties and interest.
The bank invites CA firms for conducting a concurrent audit of its Mumbai treasury operations, ensuring compliance with RBI guidelines and strengthening internal controls and risk management.
The Court held that objections raised by Customs lacked merit, noting similar goods were earlier cleared without issue. The review was dismissed and costs were imposed for unjustified action.
