In a recent case, a person had given a cheque to another party for a transaction.Later, when a dispute arose, the cheque was lost, and only a xerox copy of that cheque was available.
Imagine waking up one morning and finding a big brown envelope from the Income Tax Department. You open it and your eyes freeze — it says you have undisclosed income of ₹2.28 crore, and you must pay tax and penalty running into tens of lakhs!
Businesses often face small mistakes in GST invoices – a wrong GSTIN, spelling errors, or address mismatches. But can such technical errors lead to denial of Input Tax Credit (ITC)?