ITAT Indore rules surrendered excess stock found during survey is business income, not unexplained investment under Section 69B, thus bypassing Section 115BBE higher tax rates.
Rajasthan High Court dismisses plea against ex-parte GST assessment, citing petitioner’s consistent default in filing returns and appealing, emphasizing the non-maintainability of writ petitions when statutory remedies are ignored.
Delhi High Court dismisses Ramesh Wadhera’s plea to quash a GST fraud show cause notice, citing serious allegations and his confessed involvement in operating fake firms for fraudulent IGST refunds.
Delhi High Court issues interim stay on GST intelligence show cause notice, questioning the application of “lifting the corporate veil” principles to sole proprietorship concerns.
Bombay High Court dismisses revenue’s appeal, affirming no Section 14A disallowance if no exempt income is received or receivable, citing the Delhi High Court’s Cheminvest Ltd. ruling upheld by the Supreme Court.
CBDT extends deadline for processing AY 2023-24 ITRs filed under Section 139 to 30th November 2025. Excludes scrutiny cases and unprocessed returns due to taxpayer reasons.
CBIC clarifies DIN is unnecessary for GST communications with Reference Numbers (RFN). Circular modifies prior guidelines on document identification.
Karnataka High Court registers suo motu case on Chinnaswamy Stadium stampede, seeking status report. 11 dead. FIR lodged against RCB, event management, KSCA. Judicial inquiry initiated.
New RBI guidelines exclude Primary Co-operative Banks’ contributions to eligible funds for PSL shortfalls from exposure limit calculations, though a 100% risk weight applies.
RBI circular dated June 9, 2025, broadens Large Exposures Framework exemption to include bank contributions to NHB, SIDBI, and MUDRA for PSL shortfalls.
