Nitin Gupta assumes charge as NFRA Chairperson on July 23, 2025, alongside new full-time members, enhancing the authority’s leadership.
ITAT Mumbai ruled in favor of an assessee, allowing a short-term capital loss on share sales, stating that documented transactions aren’t bogus merely due to a scrip being labeled as “penny stock.”
Bombay High Court rejects PCIT’s appeal against Pacific Organics, citing ambiguous notice and follows Full Bench ruling in Mohd. Farhan A. Shaikh case.
The Madras High Court ruled that Faceless Assessment Officers, not Jurisdictional Assessing Officers, must issue assessment notices, citing Bombay High Court precedents.
Bombay High Court sets aside personal liability for One Person Company director in arbitration, upholding asset deposit by the company. Judgment clarifies Section 17 powers.
Madras HC sets aside a GST assessment order, ruling that tax authorities cannot invoke extended limitation period under Section 74 without explicitly proving fraud, wilful misstatement, or suppression of facts.
ITAT Raipur remands tax appeals for Brajesh Singh Bhadoria, citing ex-parte orders and natural justice violations. The ruling emphasizes the right to be heard and the proper adjudication of merits at the first appellate level, referencing key judicial precedents.
Telangana High Court sets aside assessment order against Durga Bhavani Enterprises, ruling the show cause notice was issued beyond the statutory limitation period under CGST Act.
Karnataka High Court set aside state GST notices against Toyota Kirloskar Motor, citing dual proceedings. Central GST notice to be re-examined.
VERMES MICRODISPENSING INDIA Private Limited and its directors were fined by the ROC for a delay of 359 days in filing a declaration of a significant beneficial owner.
