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.
Regulators have introduced a closing auction-based price discovery mechanism for equities with derivatives. The move enhances transparency and ensures a fair closing price used for settlements and index calculations.
Export benefits have been formally enabled for goods sent through the postal route. The circular allows electronic claims of incentives by integrating postal export systems with customs platforms.
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.
Clarifies that consignments with inward entry dates between November 2025 and January 2026 are exempt from mandatory quality control compliance.
