Supreme Court Clarifies GST Exemption on Hostel/PG Rentals   The Supreme Court has delivered a landmark ruling on GST applicability for residential properties leased to aggregators providing hostel/PG accommodation. Let us have a Short Overview of the Case of tate of Karnataka vs Taghar Vasudeva Ambrish (2025) Key Highlight: Leasing a residential dwelling to an…

Whether addition under section 68 permissible when Books Are Rejected and Cash Sales Duly Recorded?   Addition under Section 68 for Demonetisation Cash Deposits – Whether Possible When Books Are Rejected and Cash Sales Duly Recorded? ITAT Mumbai in the case of Rakesh Jain v. DCIT (2025) ITA No. 546/Mum/2025 │ Order dated: 4 December…

Furnishing an Audit Report with the return is a procedural provision: Gujarat HC   Hon’ble High Court condones delay of 1128 days in filing of Form No. 10B and sets aside the Order under Section 119(2)(b) of the Income Tax Act, 1961 rejecting Petitioner’s Application for Condonation of Delay. The Hon’ble Court followed the judgment…

ROC Vijayawada penalized auditor for failing to qualify or comments or give opinion in the audit report   Recently, an statutory Auditor penalized for failing to qualify or comments or give opinion in the audit report. Even though the company did not charge depreciation on its machinery and building, thereby violation of Sec 143(3) of…

If AO didn’t dispute purchase, only the profit element of alleged non-genuine purchases can be brought to tax. When the Assessing Officer himself has not treated the purchases as entirely fictitious and Bogus, instead, he has merely applied a percentage/ profit element. Then, the department cannot place reliance on PCIT vs. Kanak Impex (India) Ltd….