MCA plans to exempt firms up to ₹1 Cr turnover from mandatory statutory audit, easing compliance for micro-enterprises. Major reform ahead!
NCLAT Delhi held that penalty imposed by Competition Commission of India [CCI] of Rs. 213.14 crore upon Meta upheld on sharing WhatsApp user data with other Meta companies. Accordingly, appeal partly allowed.
The Calcutta High Court dismissed the revenue’s appeal against the ITAT, holding that the assessee properly identified shareholders and explained the share premium, making Section 68 inapplicable. The ruling confirms that proper documentation can prevent share capital additions.
Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rates under Sections 112/112A remain intact.
Stay informed with this week’s crucial notifications and court rulings affecting Income Tax, GST, Customs, DGFT, SEBI, MCA, IBBI, and corporate compliance. Learn the latest exemptions, duties, and regulatory clarifications.
The Tribunal held that fractional or joint ownership in residential property does not violate the Section 54F condition unless the assessee is the exclusive owner. Deduction was allowed because co-ownership cannot trigger the proviso.
Explains how ITC must be shown across Tables 6, 7, and 8 of GSTR-9, including treatment of claims, reversals, and cross-year reclaims, ensuring correct annual GST reporting.
Assessee succeeded in cross-objection as reassessment lacked jurisdiction and Section 69C addition was inapplicable, confirming deletion of addition and quashing proceedings.
Section 145 of the CGST Act allows electronic records as evidence if properly certified. Learn how courts interpret WhatsApp chats and mobile data in tax proceedings.
Tribunal held that addition for alleged accommodation entry could not stand where AO made no independent verification. Genuine sales, banking-channel receipts and tax records supported deletion.
