CBDT permits processing of electronically filed ITRs wrongly invalidated by CPC, with intimation due by March 2026, subject to PAN-Aadhaar linkage.
CBDT modifies Rule 21AK under Income-tax Rules, 1962 to include over-the-counter derivatives and clarify the role of Foreign Portfolio Investors.
CBIC launches ICES module for bulk finalization of Bills of Entry and reports major seizures of areca nut and gold, highlighting duty evasion and smuggling.
Although this protection does not extend to civil consequences such as forfeiture of property, cancellation of licenses, or debarment from business activities, any retrospective application of a penal or quasi-penal provision must be narrowly interpreted.
Supreme Court held that Hyatt International has a fixed place Permanent Establishment in India within the meaning of Article 5(1) of the DTAA, and hence income received under Strategic Oversight Services Agreement [SOSA] attributable to such PE and is taxable in India.
Kerala High Court held that writ against provisional attachment order passed u/s. 5(1) of the Prevention of Money Laundering Act [PMLA] is not maintainable since efficacious alternative statutory remedy available. Accordingly, writ dismissed.
Madras High Court held that petition is dismissed since the same was filed on the premise that bank (recovery officer) has sold entire property (included the one already sold). The said premise is incorrect. Hence, petition dismissed.
Additionally, any person summoned to the DGGI may request his statement to be recorded under CCTV surveillance, in view of the judgment of the Hon’ble Supreme Court in Paramvir Singh Saini.
Himachal Pradesh High Court held that concurrent running of the sentences is permissible only if the offences have arisen out of the single transaction. Accordingly, concurrent sentences cannot be awarded u/s. 427 of Cr. PC in cases where there is different transactions and different judgements.
Jharkhand High Court held that bail application stands dismissed since the material collected shows that the petitioner is prima facie guilty of an offence under Prevention of Money Laundering matter. Accordingly, bail application rejected.
