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The Delhi High Court invalidated the assessment order passed under the Income Tax Act, 1961 citing it was issued before the deadline for filing a reply to the show cause notice (SCN) had passed. The petitioner, Wonder Bricks, argued that the assessment order was flawed because it was issued prior to the designated date, despite the show cause notice allowing sufficient time for a response by May 5, 2023, at 15:49 hours. Sanjeev Menon, representing the respondent/revenue, stated that he had not received a copy of the case papers. The Court granted a period for the respondent to provide instructions. It was emphasized that if instructions were received opposing the writ petition, a counter-affidavit would be submitted. However, no counter-affidavit was filed, leaving the petitioner's claims unchallenged. A Division Bench comprising Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the assessment order was clearly passed before the deadline for filing a reply to the show...

LLP compliance refers to the essential adherence to legal and regulatory requirements by Limited Liability Partnerships (LLPs). Entrepreneurial success relies not only on innovative ideas and unwavering dedication but also on making it necessary to pay attention to legal and regulatory obligations.  For Indian entrepreneurs, LLP compliance is a crucial aspect to consider. LLP, which stands for Limited Liability Partnership, offers the advantages of a partnership structure along with the protection of limited liability. Nevertheless, these benefits come with specific responsibilities towards regulatory compliance. What Is LLP Compliance and Why Is It Important? LLP Compliance refers to the necessary guidelines and filings that every Limited Liability Partnership (LLP) in India must adhere to. It serves as a mechanism implemented by the government to promote transparency, uphold good governance practices, and establish accountability among the businesses. Compliance with these regu...

GSTN has introduced Form DRC-01C to address discrepancies in Input Tax Credit (ITC) between GSTR 2B and GSTR 3B, as outlined in the newly added Rule 88D of the Central Goods and Services Tax Rules, 2017 ("the CGST Rules"), through Notification No. 38/2023-Central Tax dated August 4, 2023. The Applicable Rule of CGST Rule 88D of the Central Goods and Services Tax Rules Rule 88D of the CGST Rules details the procedure for tackling the discrepancies in the input tax credit available according to the auto-generated statement contained in the Input Tax Credit in GST and that availed in return. (1) If a registered person claims more input tax credit in their tax return (FORM GSTR-3B) for a specific period than the available input tax credit stipulated in the auto-generated statement (FORM GSTR-2B) for that period, concerning that period or periods, depends on the scenario, by that sum and that percentage, as may be advised by the Council, the said registered person will be notifi...