Starting January 2026, ICAI has simplified the CPE exemption process by allowing medical self-declarations and introducing new flexibility for pregnancy-related claims. The update also mandates 10 hours of learning for members who generate a UDIN during their exempted period.
The article highlights conflicts between Sections 9 and 35 of the CGST Act when post-supply adjustments arise under reverse charge. While imports of goods are partly clarified, services remain legally uncertain.
FEMA compliance impacts cap tables, ESOPs, and foreign investments. Startups that embed compliance from Day One reduce deal delays and regulatory risks while boosting investor confidence.
The Karnataka HC ruled that taxpayers accused of GST offences with maximum punishment under five years need not face mandatory custodial interrogation, even in large fake ITC cases.
SEBI has suggested a uniform 30-day delay for sharing and using price data for educational purposes. The proposal aims to curb misuse while keeping investor education content relevant.
The Revenue sought to tax total on-money collected under section 69A. The ITAT ruled that on-money forms part of business receipts and must be assessed on a profit basis. The key takeaway is that taxation cannot ignore unaccounted expenses linked to such receipts.
ITAT Mumbai held that alleged bogus purchases cannot be disallowed when the assessee provides invoices, receipts, bank proofs, and GST compliance. The ruling confirms that suppliers’ non-filing alone is insufficient for disallowance.
The Revenue sought to reopen completed assessments under section 153A without fresh incriminating evidence. The Tribunal ruled that such additions are barred, following Kabul Chawla and Abhisar Buildwell.
The Tribunal upheld reassessment based on Investigation Wing material alleging accommodation entries. It ruled that such tangible inputs justified reopening despite a completed scrutiny assessment.
The Tribunal held that delayed filing of an audit report cannot justify wholesale disallowance of expenses at the CPC processing stage. Such action falls outside the limited scope of Section 143(1) adjustments.
