The Bombay High Court has established that Assessing Officers (AOs) are required to verify the accuracy of information before initiating reassessment proceedings based on faceless data. This decision, rendered by Justices G.S. Kulkarni and Somasekhar Sundaresan, underscores the importance of verification under Section 148 of the Income Tax Act, especially [...]

Navigating the Hurdles in India’s Financial Auditing Landscape Auditors within India’s dynamic financial sector face a spectrum of challenges due to the industry’s intricate and rapidly evolving environment. Here’s a fresh perspective on the key obstacles they encounter: 1. Navigating Regulatory Shifts:Staying ahead of the curve in an environment where [...]