The Tribunal held that arrears of a deceased employee must be taxed only in the legal heir’s representative capacity. The assessment made solely in individual capacity was deleted.
The Tribunal directed fresh examination of whether the government allocation received by the assessee constituted a corpus fund under section 11(1)(d). It held that the lower authorities had not properly considered the assessee’s submissions, requiring the matter to be verified afresh.
The Court held that vehicles were detained and penalty collected without any seizure or adjudication order. It directed refund and allowed authorities to issue a proper show cause notice.
The Court refused to intervene against an SCN combining several financial years, noting that such consolidation is permitted under Sections 73 and 74. Since an appellate remedy existed, the assessee was relegated to appeal, with extension of time due to the pending writ. Recovery actions and attachments were set aside subject to filing the appeal.
Chauhan Kirana Trading Vs Government of NCT of Delhi (Delhi High Court) The petitioner challenged an order dated 5 April 2024 issued by the Sales Tax Officer for the period April 2018 to March 2019, raising a demand of ₹11,98,884. The petitioner also challenged a Show Cause Notice (SCN) issued on 27 December 2023 and […]
ICAI confirms that the new Income-tax Act, 2025 will be examined in Intermediate and Final CA exams starting May 2027, guiding student preparation.
The High Court remanded the assessment order after finding the petitioner was unaware of the SCN and did not attend a personal hearing. The matter will be reconsidered after the petitioner files a reply and a fresh hearing is conducted.
The RBI has released the Master Direction for Rupee IRDs effective March 2026, setting rules for OTC and exchange-traded derivatives. It ensures transparency, reporting compliance, and proper risk management for participants in the IRD market.
SEBI’s circular enables existing AIFs to convert to AI-only or LVF schemes, enhancing operational flexibility while requiring investor consent and reporting to SEBI.
SEBI allows REs to submit accessibility readiness reports by March 31, 2026, replacing the earlier auditor appointment deadline, and mandates periodic digital accessibility audits.
