The consultation paper suggests centralising supplementary KYC data at KRAs to avoid repetitive submissions. The key takeaway is improved KYC portability and faster account opening across intermediaries.
The Tribunal upheld additions in search assessments where seized material and settled precedent supported the Revenue’s case. The ruling clarifies that group-level incriminating evidence can justify section 153A additions.
The issue was whether a penalty can survive when the show cause notice fails to specify the exact charge. ITAT held that a vague notice violates law, making the entire penalty unsustainable.
The law taxes business/professional benefits via 10% TDS, even for non-cash perks. The key takeaway is tax must be ensured before releasing the benefit.
The Court held that the AAR needs only a prima facie view to reject an advance ruling application. The key takeaway is that High Courts should not decide merits at the admission stage.
The High Court held that refund claims cannot be rejected based on a time limit prescribed only in rules. The ruling restores refunds where the parent statute provides no limitation.
The High Court set aside confiscation after finding the vehicle was stolen and the owner had no role in the offence. The ruling reiterates that innocent owners cannot be penalised for misuse of stolen vehicles.
The High Court quashed confiscation orders after finding that penalties for vehicle security and maintenance lacked statutory backing. The ruling reaffirms that authorities must act strictly within the rules.
The issue was whether six years of search assessments could stand when the first appeal was dismissed ex-parte. ITAT held that denial of meaningful hearing violates natural justice and remanded the matters for fresh adjudication.
The Institute announced that the CA Intermediate Group II Auditing and Ethics paper scheduled for 19 January 2026 has been postponed. Other examination dates will continue as originally notified.
