Deferment of ICAI Phase IV Peer Review Mandate to 31.12.2026 The ICAI has decided that Phase IV of the Peer Review mandate which is applicable from 01.01.2026 be extended to 31.12.2026.  This is not the first time, ICAI has deferred implementation of Phase IV of the Peer Review …

When foundation of reopening does not survive, no addition can be made in respect of other issues – ITAT In a recent judgment, ITAT Delhi has held that when the very foundation of reopening does not survive, no addition can be made in respect of other issues based …

GSTN Advisory & FAQs related to Electronic Credit Reversal and Re-claimed Statement and RCM Liability/ITC Statement To ensure correct and accurate reporting of reversed and reclaimed ITC and to avoid clerical mistakes, Electronic Credit Reversal and Re-claimed Statement (Reclaim Ledger) was introduced on the GST portal from August 2023 return …

It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any tax payer would not make it taxable. In a recent judgment, ITAT Varanasi has held that it is well settled that if any receipt cannot be subjected to …

Since UPGST Authorities unable to inform when notice sent by GSTN Portal may have been retrieved or downloaded, no inference may be drawn as to the actual date and time of such service.  In a recent judgment, Hon’ble Allahabad High Court has held that to the extent there …

High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr (credit) as Rs. 2.50 crores. In a recent judgment, Hon’ble Allahabad High Court declined to entertain plea of the assessee that Income Tax Department wrongly read amount of …