News

The Income Tax Department is using AI to detect mismatches between declared income and actual bank activity.

Income Tax Department Flags Bank Accounts with Large Savings but low spendings

Judgement

The Allahabad High Court ruled that tax authorities cannot invoke Section 130 of the GST Act for excess stock found during a survey and must proceed under Sections 73 or 74 instead.

Goods cannot be conficated under GST Law if Excess Stock is Found During Survey: HC

SC ruled that a suit for specific performance is not maintainable unless the plaintiff seeks a declaration that termination of the Agreement to Sell is invalid

Supreme Court: No Specific Performance Without Challenging Termination of Sale Agreement

The AAR held that liquidated damages are just a flow of money from one party for breach of the contract, to compensate the other party for the loss, and such payments do not constitute a supply.

Liquidated Damages Do Not Constitute Supply Under GST: AAR

Notifications

ICAI has announced new branches in Bhiwadi (Rajasthan) and Morbi (Gujarat) to enhance regional support for members.

ICAI Announces New Branches at Bhiwadi (Rajasthan) and Morbi (Gujarat)

The Allahabad High Court ruled that the GST penalty imposed on M/s Archana Plasmould for not generating Part B of the e-way bill was unjustified, citing no intent to evade tax.

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Income Tax Department Flags Bank Accounts with Large Savings but low spendings

Goods cannot be conficated under GST Law if Excess Stock is Found During Survey: HC

Supreme Court: No Specific Performance Without Challenging Termination of Sale Agreement

Liquidated Damages Do Not Constitute Supply Under GST: AAR

ICAI Announces New Branches at Bhiwadi (Rajasthan) and Morbi (Gujarat)

Allahabad HC Quashes GST Penalty for Technical Lapse in E-Way Bill, Found No Intention to Evade Tax