The Bombay High Court ruled that GST portal limitations cannot override Section 18(3) of the CGST Act. It allowed transfer of CGST and IGST credits across States following amalgamation, holding that no statutory restriction exists.
Revised ECB framework allows broader borrower and lender participation while eliminating fixed interest spread ceilings. Borrowing limits are now linked to financial strength instead of rigid thresholds.
The Companies Compliance Facilitation Scheme, 2026 allows companies to clear pending ROC filings by paying only 10% of additional fees. It also grants immunity from penalties if filings are completed within the scheme window.
Rule 34 prescribes conditions for universities, colleges, and institutions seeking approval under Section 45(4), mandating separate books, audits, and detailed research reporting. The rule ensures research funds are properly utilised and monitored.
The Court held that ITC on charges related to transfer of leasehold rights does not fall within blocked credit under Section 17(5)(d). As no fraud or suppression was shown, invocation of Section 74 was without jurisdiction and the notice was quashed.
Rule 33 of the Draft Income-tax Rules, 2026 prescribes strict conditions for research associations seeking approval under Section 45(4). It mandates audit, reporting, donation tracking, and genuine research activity to retain approval.
Rule 32 of Draft Income-tax Rules, 2026 sets procedure, Form 17 filing, timelines, scrutiny, approval validity up to 5 years, deficiency process, and withdrawal norms under Section 45(4).
MCA has introduced a three-month compliance window allowing companies to clear pending filings by paying only 10% of additional fees. The scheme also offers conditional immunity from penalties, providing a major relief to defaulting entities.
The MCA allows companies to regularize pending filings by paying only 10% of additional fees. The scheme runs from April to July 2026.
ITAT Mumbai held that the cost of acquisition in present case would be the FMV of the flats which the assessee has acquired in exchange of surrender of tenancy right to the developer. Accordingly, AO is directed to re-compute cost of acquisition.
