Ex-Income Tax Officials Sentenced for Bribery: A Blow to Corruption in India A recent verdict by a CBI court has brought to light the pervasive issue of corruption in India, as two former income tax officials, Mahesh Sompura and Mukesh Raval, were each sentenced to
Background: In a recent case (Writ Petition No. 3804 of 2024 dated February 20, 2024), the Hon’ble Madras High Court ruled in favor of Sri Shamunga Hardwares Electricals (“the Petitioner”), emphasizing that credit should not be denied when Input Tax Credit (ITC) claims are not
Gang Arrested for Fraudulent GST Refund Scheme in Ludhiana Authorities in Ludhiana have made significant strides in dismantling a gang responsible for orchestrating a sophisticated fraud scheme related to Goods and Services Tax (GST) refunds. The elaborate operation, which revolved around the creation of a
Ajay Bhushan Pandey, NFRA Chairman, Emphasizes Focus on Audit Quality Ajay Bhushan Pandey, the chairman of the National Financial Reporting Authority (NFRA), recently discussed the upcoming annual inspections of major audit firms in a conversation with ET. Contrary to speculation, Pandey clarified that these inspections
CBDT Allows Rectification of Incorrect Audit Report Forms for A.Y. 2023-24 In a recent development, the Central Board of Direct Taxes (CBDT) issued Circular No. 02/2024 dated March 05, 2024, granting a window for trusts and institutions to rectify incorrect audit report forms submitted for
Real Estate Firms Seek Relief from GST Authorities Real estate firms across India are currently facing a challenging situation as they have received notices from GST authorities regarding unpaid taxes on intra-group royalty payments and corporate guarantees. These payments, utilized for brand name usage in
