H K Davra & Co. GST Refund Rejected for Procedural Lapses: Substance Over Form, Section 54 and Case Law Refunds are where the design of GST meets its administration. An exporter or a manufacturer with an inverted duty structure may be clearly entitled to a refund, yet the claim is rejected for a wrong c... GST GST Litigation GST Refund 27-Jan-2026 Income Tax
H K Davra & Co. Material Changes in AIFs: Meaning, Examples and SEBI's Mandatory Process An Alternative Investment Fund (AIF) scheme changes over its life. Service providers are replaced, disclosures are refreshed and processes are refined. Most of these are routine updates. A few, howeve... AIF Fund Governance Investor Protection Material Change SEBI 26-Jan-2026 AIF & Fund Regulation
H K Davra & Co. Working Capital in Due Diligence: Receivables, Inventory, Payables and Setting the NWC Peg Working capital is where many transaction disputes start. A seller can collect receivables aggressively, run down stock and delay supplier payments in the months before closing, handing over a busines... Due Diligence Financial Due Diligence M&A Working Capital 25-Jan-2026 Due Diligence
H K Davra & Co. Change in Sponsor or Manager of an AIF: When 75% Investor Consent Replaces the Exit Option A change in the sponsor or investment manager of an Alternative Investment Fund (AIF), or a change in their control, is a material change. The default consequence is that investors who disagree must b... AIF Fund Governance Material Change SEBI 21-Jan-2026 AIF & Fund Regulation
H K Davra & Co. ITC Denial for Supplier Default under GST: Section 16(2)(c), Suncraft Energy and Case Law A buyer pays the full invoice value, including GST, to a registered supplier, receives the goods and records the purchase. Months later, the GST officer issues a notice proposing to deny the Input Tax... GST GST Litigation Input Tax Credit 20-Jan-2026 Income Tax
H K Davra & Co. No Funds Raised by an AIF: CA Certificate Requirement in Place of PPM Audit A newly registered Alternative Investment Fund (AIF) may spend its first year building a team, filing a placement memorandum and speaking to investors without receiving any money. It is easy to assume... AIF CA Certificate Fund Compliance SEBI 19-Jan-2026 AIF & Fund Regulation
H K Davra & Co. Cash Flow vs Profit in Due Diligence: EBITDA-to-Cash Bridge, Proof of Cash and Red Flags Profit is an accounting measure built on estimates, accruals and timing choices. Cash is a fact recorded by a bank. When the two tell different stories for more than a year or two, due diligence has t... Cash Flow Corporate Finance Due Diligence Financial Due Diligence 18-Jan-2026 Due Diligence
H K Davra & Co. Exit Option for Material Changes in AIFs: Open-Ended vs Close-Ended Schemes When an Alternative Investment Fund (AIF) makes a material change, such as bringing in a new investment manager or increasing fees, investors who committed on the old terms are entitled to leave. SEBI... AIF Investor Protection Material Change SEBI 14-Jan-2026 AIF & Fund Regulation
H K Davra & Co. Section 40(a)(ia): 30% TDS Disallowance, Later-Year Relief and Section 35(b)(i) of the New Act Many businesses treat TDS as a back-office formality: deduct, deposit, file the quarterly return and move on. Yet a single missed deduction on professional fees, a contract payment or a year-end provi... Income Tax Section 40(a)(ia) TDS Tax Audit 13-Jan-2026 Income Tax
H K Davra & Co. Large Value Funds and Angel Funds: SEBI's Regulatory Relaxations for AIFs Explained SEBI does not regulate every Alternative Investment Fund (AIF) scheme with the same intensity. Where every investor is a sophisticated, accredited investor committing a large amount, SEBI relies more ... AIF Accredited Investors Angel Fund Large Value Fund SEBI 12-Jan-2026 AIF & Fund Regulation
H K Davra & Co. Quality of Earnings (QoE) in Due Diligence: Testing Whether Profits Are Real and Repeatable Two companies can report the same profit of ₹20 crore and deserve very different valuations. In one, the profit comes from long-term customers on recurring contracts and is collected in cash within 60... Corporate Finance Due Diligence Financial Due Diligence Quality of Earnings 11-Jan-2026 Due Diligence
H K Davra & Co. PPM Audit in AIFs: Annual Compliance Audit, Timelines, Exemptions and Corrective Action The placement memorandum (PPM) is the promise an Alternative Investment Fund (AIF) makes to its investors: what it will invest in, within which limits, at what cost and under which governance arrangem... AIF Internal Audit PPM Audit SEBI 07-Jan-2026 AIF & Fund Regulation