Section 263 Order Passed in Name of Non-Existent Company Held Void

If your goods are moving on roads, the GST department usually checks only two things first: What document is travelling with goods (Tax Invoice / Bill of Supply / Delivery Challan / Bill of Entry), and Whether the e-way bill data matches that document.

From FY 2023–24 onwards, delayed payments to Micro & Small enterprises can hit you twice: Under Income Tax (Section 43B(h)) – expense gets disallowed if you miss the MSME time limit. Under MSMED Act – you may have to pay hefty compound interest to the MSME supplier.

🎁 Taxation of Gifts under Income Tax Act (Section 56(2)(x)) ❗ Gift = Income? YES, Sometimes Many people believe gifts are always tax-free. 👉 Wrong assumption — wrong reporting leads to notices & penalties . 🔍 What Does the Law Say? If a person receives money, property or assets without consideration or for inadequate consideration , it may be taxable as “Income from Other Sources” . 💰 Gift in Cash 🟢 Not taxable if total gifts ≤ ₹50,000 in a financial year 🔴 Taxable i