Reassessment order passed under Section 147/143(3) was quashed on the ground that no notice under Section 143(2) was issued after the assessee filed the return in response to notice under Section 148, rendering the assessment void ab initio.
ICAI opens empanelment for CA members to serve as January 2026 exam observers. Criteria include age limit (65), no relative appearing, and non-involvement in coaching.
RBI includes State and Central Co-operative Banks under the Integrated Ombudsman Scheme, 2021, effective November 1, 2025, for customer grievance redressal.
CBIC introduced system-based auto-approval for IFSC code registration, ending manual port-level checks. This streamlines the process for exporters to get incentives faster and enhances Ease of Doing Business.
CAAR Mumbai ruled that oven-roasted areca nuts with 10–15% moisture content are to be classified as raw under Chapter 8, while roasted cashew, walnut, and pista nuts fall under Chapter 20 as roasted nuts per specific tariff entries.
The Income Tax Appellate Tribunal (ITAT), Mumbai, has allowed Shree Sai Constructions’ appeal, setting aside a Rs.6.04 Cr capital gains addition.
The ITAT Mumbai, in Mohan Thakurdas Gurnani Vs ITO, deleted penalties levied under Section 271(1)(c) of the Income-tax Act, 1961, for notional income from house property, holding that penalty requires actual concealment, not notional additions.
Section 148 of India’s Companies Act mandates cost record maintenance (Form CRA-1) for companies in specified sectors with over Rs.35 Cr turnover. A cost audit is compulsory if turnovers exceed higher thresholds (Rs.50 Cr/Rs.100 Cr overall).
The IFSCA’s TFMS allows global fund managers to operate in GIFT City under an existing Fund Management Entity (FME) license, reducing setup costs and boosting fund choices, governed by IFSCA (FME) Regulations, 2025.
The Karnataka High Court is hearing a petition from Amazon Development Centre India Private Limited challenging an order rejecting its GST refund claim.
