Maintenance of books of accounts by Trusts: Rule 17AA Finance Act 2022 and Rule 17AA of the Income Tax Rules inserted with effect from the assessment year 2022-23 specifies the requirements for maintaining books of accounts and other documents for trusts and institutions. The notified Rule 17AA, which came into effect on 10th August 2022…

Reason to suspect is not reason to believe and cannot be a basis for reassessment proceedings: Delhi HC Saraswati Petrochem Pvt Ltd (WP (C) 10802/2018) Facts: 1. The petitioner/assessee had received cumulative amounts of Rs. 1,95,00,000/- and 15,20,000/- in the two bank accounts maintained with HDFC Bank from Para Impex Chem. 2. AO made a…

Re-assessment proceedings without an approval as envisaged u/s 151 of the Act would be non-est and liable to be quashed:ITAT Dehradun   The copy of the order is as under:  

Govt to mandate e-invoice for B2C transactions in 2-3 Years   The copy of the order is as under: ITAT

No disallowance u/s 40A(2)(b) on interest paid to related party without comparing it with FMV of rate of interest: ITAT Genxt Mobile LLP vs. ACIT – [2023] 156 taxmann.com 490 (Mumbai – Trib.) The assessee was a wholesale and distributor of mobile phones and accessories. During the assessment proceedings, it was observed that the assessee…