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Section 74 GST Notices and the Continuing Debate on the Extended Period
The controversy surrounding the use of the extended period under GST has again come into focus after the decision of the Hon’ble Supreme Court in G.R. Infra Projects Limited Ratlam v. State of Madhya...
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Agency-Based Business Connection under Section 9 of the Income-tax Act, 2025: A Functional and Relational Analysis
1. Business connection as India’s source-tax ruleThe taxation of a non-resident’s business profits in India depends upon whether India has sufficient source nexus with those profits. Section 9 of the...
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India’s Electronics Leap: Why Tax Stability Is the Key to Moving Beyond Assembly
India has already crossed an important threshold in electronics manufacturing. The country is no longer trying to prove that it can assemble electronic products at scale. That capability is now visibl...
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International Reporting & Audit Update: Key Developments from FASB, PCAOB, FRC and IASB
This global update summarises recent developments in accounting, audit regulation and financial reporting oversight across major jurisdictions. The updates cover changes in fair value measurement for...
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Late Filing of Company Forms: Why Paying Additional Fee Is Not the Same as Curing the Default
Position stated as on 4 September 2026. The Companies Compliance Facilitation Scheme, 2026, remains available up to 15 September 2026.Companies incorporated under the Companies Act, 2013 are required...
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GST Treatment of Transfer of Vehicle Scrappage Certificate of Deposit
1. Background: Why the Certificate of Deposit MattersThe Government of India, under the Voluntary Vehicle-Fleet Modernization Programme, commonly known as the Vehicle Scrappage Policy, has created a f...
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Reframing Profit or Loss under Ind AS 118: Classification of Income and Expenses into Five Categories
1. Why Ind AS 118 Changes the Presentation DiscussionThe statement of profit or loss is no longer viewed merely as a list of revenues, expenses, finance costs and tax. Ind AS 118, Presentation and Dis...
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Loan-to-Equity Conversion Needs Prior Shareholder Approval: ROC Mumbai’s Penalty Order in Coverfox Case
1. Why this adjudication order mattersThe Registrar of Companies, Mumbai, recently dealt with a case involving conversion of a loan into equity shares without obtaining the required prior approval of...
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Tax Treatment of Payments for Unexercised ESOPs: Perquisite or Profits in Lieu of Salary?
Payments made by an employer or a former employer in connection with employee stock options often create a difficult tax question. If the options have vested but have not been exercised, and the emplo...
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ROC Chennai Reduces Penalty for DPIIT-Recognised Start-up for Defective INC-22 Filing on Change of Registered Office Within Local Limits
1. Core issue in the adjudication matterThe matter relates to a procedural but legally significant default in filing Form INC-22 for shifting the registered office of a company within local limits. Th...
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GST Credit Reversal on Transfer of Duty Credit Scrips: The Unresolved Burden on Exporters
Duty credit scrips are designed as an export promotion tool. An exporter earns them because goods or services have been exported, and the scrips can either be used for payment of eligible customs duti...
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ITC Denial for Supplier Default: Has Section 16(2)(c) Settled the Law or Opened a New Chapter?
A recurring GST controversy is whether a buyer, who has received goods or services, holds a valid invoice, pays the supplier including GST, and has no role in any tax evasion, can still be deprived of...
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Global Accounting and Audit Update: PCAOB Inspection Finds No Reportable Audit Deficiencies; FASB Opens Consultation on Codification Changes
This global financial reporting and audit update summarises two important international developments: a PCAOB inspection outcome involving one of the Big Four accounting firms and a new FASB proposal...
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Ind AS 118: Recasting Financial Statements as a Tool for Better Financial Communication
Opening perspectiveFinancial statements are not useful merely because they contain correct accounting numbers. Their real value lies in the manner in which recognised assets, liabilities, equity, inco...
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SEBI Settlement and Stock Exchange Penalty: SAT Clarifies That Both May Co-exist
1. Why the Hindustan Foods ruling mattersThe Securities Appellate Tribunal (“SAT”), by its order dated August 13, 2026 in Hindustan Foods Limited v. BSE Limited & Anr., has clarified an important poin...
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Director Tenure in Promoter-Led Listed Companies: Linking Evaluation with Governance Accountability
1. The Core QuestionIndian company law permits shareholders to remove directors, but the practical effect of that power changes significantly in a promoter-controlled listed company. Where the promote...
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Personal Guarantor Insolvency and the 99.9% Haircut Debate: A Fresh Look at the NCLT Ruling in the Subhash Chandra Matter
1. Why the Decision MattersThe decision of the NCLT, Principal Bench, in Indiabulls Housing Finance Ltd. v. Dr. Subhash Chandra [2026] 190 taxmann.com 10 (NCLT - New Delhi) has become significant beca...
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Reworking GST Export Refunds: A Case for a More Practical Mechanism
In international commerce, the settled principle is that a country should export goods and services, not domestic taxes. Therefore, taxes suffered on procurements used for export activity should flow...
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SQM 1 and AQMM V2: One Quality Agenda, Two Different Instruments
1. The central distinctionThe Institute of Chartered Accountants of India has placed audit quality at the centre of two important initiatives: the Standard on Quality Management (SQM) 1, “Quality Mana...
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GST Departmental Audit and Limitation: Why FORM GST ADT-01 Cannot Be Viewed in Isolation
1. Core propositionSection 65 of the Central Goods and Services Tax Act, 2017 permits departmental audit of a registered person, but it does not prescribe a separate outer time limit for issuing the a...