This article outlines key GST and Income Tax resolutions for 2026. Following them helps taxpayers avoid penalties and stay compliant year-round.
The Tribunal rejected full disallowance of alleged bogus purchases and adopted a balanced approach by estimating profit at 10%. Section 68 was held to be wrongly invoked.
ITAT Ahmedabad held that the assessee is entitled to the benefit of indexed cost of acquisition while computing book profit under section 115JB of the Income Tax Act. Accordingly, AO directed to recompute book profit after allowing indexation.
Once the reassessment was quashed for jurisdictional and limitation defects, the Revenues appeal on merits became infructuous. The decision underscores the primacy of legal compliance in reassessment cases.
ICSI constituted Jabalpur (WIRC) and Rewari (NIRC) as new Evolving Chapters under 2024 guidelines to expand outreach, training and engagement.
The Council approved a comprehensive action plan focused on restructuring, governance reforms, and stakeholder engagement. The key takeaway is a roadmap for institutional transformation over the next five years.
The ROC held that inability to produce the Register of Members amounts to a clear violation of Section 88, attracting a mandatory penalty despite historical circumstances.
The Tribunal clarified that section 292BB only cures defects in service of notice, not complete absence of a valid jurisdictional notice. Participation in proceedings cannot validate an assessment initiated by an incompetent authority.
The Revenue alleged unexplained cash credits despite documentary evidence. The Tribunal ruled that once loans are repaid with interest and TDS, Section 68 cannot be invoked in isolation.
The compliance framework outlines layered regulatory obligations for NBFCs based on systemic importance. It highlights key filings and timelines essential for regulatory adherence.
