Investment made in violation of provisions of section 11(5) can not be treated as income In a recent judgment, ITAT Nagpur held that amount of investment made by a charitable institute in violation of provisions of section 11(5) can not be treated as income, only the income arising …

Failure to file Form 10CCB with return do not constitute escapement of income – High Court In a recent judgment, the Hon’ble High Court has held that failure to electronically upload Form 10CCB along with its Return of Income within due date u/s 139 would not constitute a …

MCA notifies Indian Accounting Standard (Ind AS) 117 Insurance Contracts MCA has notified Indian Accounting Standard (Ind AS) 117 Insurance Contracts. The Central Government, in consultation with the National Financial Reporting Authority, (NFRA) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2024 which have amended the Companies …

ITC denial confirmed by High Court for non production of details of freight charges, delivery receipts, toll receipts to prove actual physical movement of goods. In a recent judgment, the Hon’ble Allahabad High Court confirmed the denial of Input Tax Credit (ITC) where dealer could not produce details …

Consigner shall be deemed to be owner of goods found with proper tax invoice, e-way bill In a recent judgment, the Hon’ble Allahabad High Court has held when goods intercepted were found with proper tax invoice and E-way bill belonging to the petitioner, the petitioner would be deemed …

Special all-India drive against fake GST registrations to be launched from 16.08.2024 to 15.10.2024. CBIC issues guidelines for Second special All-India Drive against fake registrations In 2023, CBIC vide Instruction No. 01/2023-GST dated 04.05.2023 issued guidelines for conducting a special All-India drive during the period from 16th May …