The draft amendment requires Rural Co-operative Banks to undertake insurance business strictly on a fee basis without risk participation. Compliance with Responsible Business Conduct and IRDAI norms is mandatory.
The Union Budget 2026–27 proposes a High-Level Committee, NBFC restructuring, and bond market expansion to strengthen India’s banking system. The reforms aim to enhance governance, credit delivery, and long-term financial stability.
ITAT Mumbai held that even if Section 11 exemption is denied due to lack of registration, the Assessing Officer cannot tax entire gross receipts without examining expenditure. Only net income, if any, can be brought to tax.
The Bombay High Court set aside a service tax demand on an advocate, holding that legal services were exempt under Notification Nos. 25/2012 and 30/2012. The Court ruled that the authorities acted without jurisdiction in proceeding contrary to binding notifications.
The High Court held that salaries paid to foreign employees are excluded from GST under Schedule III as they arise from an employer-employee relationship. The IGST demand, interest, and penalty were quashed.
RBI has proposed amendments requiring Urban Co-operative Banks to conduct mutual fund and insurance business strictly on a fee basis without risk participation. Compliance with SEBI, IRDAI, and Responsible Business Conduct norms is mandatory. The changes strengthen transparency and customer protection.
The Court held that pendency of a Supreme Court challenge on fish meal GST does not waive the mandatory 10% pre-deposit for appeal. The petitioner must comply before the appeal is entertained.
The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. However, it ruled that a plaintiff cannot be compelled to disclose his PAN number to defendants.
The High Court set aside a tax demand arising from foreign tax credit mismatch because no valid intimation under Section 143(1) was produced or served. It held that recovery cannot be enforced without mandatory service of notice of demand.
The Tribunal held that year of acquisition is determined by payment and handing over of possession under Section 2(47)(v), not by later registration date. Earlier CII was allowed for capital gains computation.
