Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer rights under the Income Tax Act, 1961.
Assessments framed under Section 153A based on mechanical approval under Section 153D were invalid in law as Additional Commissioner of Income Tax (Addl. CIT) had accorded omnibus and perfunctory approval to multiple draft assessment orders without application of mind, thereby vitiating the assessments.
NCLT Kochi held that application under Regulation 31A(11) of the IBBI (Liquidation Process) Regulations, 2016 valid as Stakeholders’ Consultation Committee [SCC] with majority vote has resolved to replace the present liquidator.
IFSCA seeks public comments on amending its Capital Market Intermediaries Regulations, 2025. Key proposals include relaxing PO/CO eligibility (adding STEM/Fintech, reducing experience), allowing a common PO for multiple roles (including Custodians/Distributors), clarifying liquid net worth, and lowering the custodian net worth requirement to USD 1 million.
ICAI proposes tax reforms for Union Budget 2026-27 to enhance ease of doing business and sustainability. Suggestions cover reducing compliance burden (E-Ledger system, removing TCS on scrap), mitigating litigation (decriminalization), and rationalizing tax provisions.
Andhra Pradesh High Court rules GST’s two-year limitation under Section 54 does not apply to refunds for tax mistakenly paid on exempt services, citing Article 265.
Chartered Accountants are critical in arbitration as expert witnesses and arbitrators. Their financial expertise helps resolve complex disputes like valuation, settlements, and accounting irregularities efficiently.
Delhi HC validates GST searches under Section 67 if ‘reason to believe’ is documented, but mandates strict privacy safeguards for electronic data and CCTV.
CBIC’s Fourth Amendment Rules, 2025 introduce Rules 9A and 14A, mandating 3-day electronic GST registration and an optional scheme for small taxpayers with low B2B output tax liability.
Clubbing of income rules (Sections 60-64) in tax law prevent income diversion. Covers transfer of income without asset, revocable transfers, spouse/minor child income, and assets transferred to spouse/daughter-in-law without adequate consideration.
