The Karnataka High Court ruled that when reassessment is based solely on material seized from a third-party search, the Income Tax Department must follow the specific procedure under Section 153C of the IT Act, not the general Section 147.
Karnataka HC upheld the deletion of a ₹7 Cr addition under Section 68, ruling that ITAT’s findings on the creditworthiness and genuineness of share purchasers were factual and not perverse.
RBI’s 2025 draft Master Directions propose a stronger internal ombudsman system to ensure fair and timely customer grievance resolution within banks, NBFCs, and payment entities before escalation to RBI Ombudsman.
Kerala High Court rules employees cannot claim TDS credit if employer fails to deposit deducted tax; directs IT Dept to act against defaulting employer.
RBI releases the draft Reserve Bank – Ombudsman Scheme, 2025 for public review until October 28. It revises the grievance redressal process for customers of regulated entities.
RBI issues draft directions to update banking norms: enhancing credit risk capital charge with granularity and transitioning to an Expected Credit Loss (ECL) provisioning framework.
The Competition Commission of India (CCI) is reviewing allegations of abuse of dominance by Alphabet Inc. (Google) following the unilateral termination of Liberty Infospace’s developer account for its HRMS app.
The RBI has expanded its Integrated Ombudsman Scheme, 2021, effective Nov 1, 2025, to include State and Central Co-operative Banks for dispute resolution.
EDPMS and IDPMS are RBI’s digital platforms linking Customs and banks to monitor all export earnings and import payments in real time for FEMA compliance and forex oversight.
ITAT Pune ruled a trust’s passive rental income, even if substantial, is not a “business activity” under Sec 2(15) proviso if utilized for charitable objects, directing Sec 12A registration.
