NCLAT Delhi held that shareholders have locus standi to file appeal under section 61 of the Insolvency and Bankruptcy Code and hence the appeal is maintainable. Further, appellant has made out case of fraudulent initiation of CIRP since both Financial Creditor and Corporate Debtor are related parties.
The case involved alleged bogus purchases backed only by invoices and bank payments. The Tribunal held that without confirmations, transport evidence, or delivery proof, such purchases cannot be treated as genuine.
The issue was whether reassessment could be initiated while the time to file a belated return was still open. The Tribunal held such reopening premature and void, as income cannot be said to have escaped assessment.
The government has decided to keep small savings interest rates unchanged for January–March 2026. The move ensures stability and predictability for investors relying on these schemes.
The case involved a massive section 68 addition sustained solely due to non-admission of evidence under Rule 46A. The Tribunal held that procedural lapses cannot override substantive justice and remanded the matter for fresh adjudication.
The amendment allows authorised government officers to execute indemnity bonds, simplifying name-removal procedures for government companies and their subsidiaries.
The notification amends the Sea Cargo Manifest and Transshipment Regulations by extending a key compliance date to 31 March 2026. Stakeholders gain additional time without changes to substantive requirements.
The regulator has extended the timeline for implementing revised appointment norms under the CMI Regulations. Intermediaries now have time until 15 January 2026 or the notification of amended rules, whichever is earlier.
Stakeholders seek more time for GSTR-9 and 9C as new ITC reporting rules introduce granular, multi-year reconciliations that significantly raise compliance effort and risk of errors.
Explains the shift from Assessment Year to Tax Year, simplifying compliance and reporting. Takeaway: Taxpayers can now file for the same year income is earned.
