The Supreme Court ruled that bona fide purchasing dealers who paid tax to registered sellers cannot be denied Input Tax Credit under the DVAT Act, even if sellers defaulted on tax deposit.
The ITAT Jaipur sustains additions under Sec. 68 for bogus unsecured loans in Bagaria Trade Impex case, rejecting technical relief and confirming the assessee failed to prove creditor genuineness.
High Court clarifies LTCG indexation and TDS on EDC. GST simplifies refunds. RBI tightens gold lending rules and allows foreign investment in corporate debt.
ITAT Delhi rules Section 148 notice invalid as escaped income not represented in an ‘asset’; reassessment quashed for being time-barred.
The Delhi High Court set aside a Sessions Court order that questioned a sexual assault victim’s character based on her prior relationship with the accused.
Competition Commission of India closed a complaint alleging use of dirty water and false labeling in Maggi Sauce production, holding that such food safety concerns do not amount to abuse of dominance under Section 4 of the Competition Act.
ROC Delhi penalized a company and its directors for failing to properly bind board meeting minutes for FY 2017–18, holding it a violation of Section 118(11) read with Secretarial Standards SS-1 and SS-2.
Registrar of Companies, Delhi, imposed penalties on a company and its directors for not maintaining serially numbered board meeting minutes for FY 2014–15, reaffirming that even clerical lapses can attract fines under Section 118(11).
GSTN clarifies that the Invoice Management System (IMS) implementation does not change GSTR-2B auto-population or its timing. Credit Note handling offers new flexibility for recipients.
Understand the tax rules for Diwali gifts under Section 56(2)(x). Learn which gifts from relatives are exempt and when gifts from non-relatives become taxable.
