ITC availed for FY 2023-24 but reversed or claimed in FY 2024-25 must be reported in Table 6A1 of GSTR-9. Reversals from prior years are excluded from Table 7, ensuring accurate reconciliation.
Explains how auto-populated tax paid entries from earlier years distort the short/excess payment figure in Table 9. Highlights the need for clarification and interim reconciliation steps.
ROC Vijayawada imposed a penalty on the statutory auditor for not qualifying the report on uncharged depreciation, highlighting accountability under Section 143(3) of the Companies Act.
ITAT Ahmedabad ruled that a notice under section 148 issued beyond the statutory period is invalid, quashing a ₹115 crore reassessment of a share-trading company. The Tribunal emphasized adherence to “surviving time” limits, making the reassessment void.
Covers the week’s most important regulatory changes across tax, customs, DGFT, SEBI, RBI, and labour laws. sweeping updates affecting trade, markets, banking, and employment.
Justo Realfintech Limited and its directors fined for failing to keep application money in a separate bank account under Section 42(6) of the Companies Act.
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.
