Supreme Court held that attachment orders under the Benami Act cannot be challenged before NCLT under IBC, as the Act provides an exclusive adjudicatory mechanism. Insolvency tribunals cannot review sovereign confiscation proceedings.
The 2026 amendment revises the definition of fair value to include tangible, intangible assets and underlying synergies, and mandates a structured multi-valuer mechanism. It also prescribes clearer timelines and introduces safeguards where valuation estimates differ significantly.
Draft Rule 31 requires research institutions and eligible companies to file Form 15 and issue Form 16 certificates to donors for claiming deductions under Section 45(4)(a). Without proper reporting and certification, deduction will not be allowed, making compliance mandatory.
Draft Rule 30 sets out the prescribed authorities, approval timeline, forms, and strict reporting conditions for sponsored scientific research under Section 45(3)(c). The rule mandates feasibility review, time-bound approval, audited accounts, and detailed progress reporting.
ITAT Panaji held that disallowance of audit fees is not justifiable since commencement of business operation is recognised under the Companies Act and expenditure was incurred wholly and exclusively for business. Accordingly, appeal allowed to that extent.
The Calcutta High Court quashed a GST adjudication order after finding it was based on grounds not mentioned in the show cause notice. The ruling reinforces that Section 75(7) prohibits confirmation of demand on new or different grounds without prior notice.
Draft Rule 29 defines the prescribed authorities, approval process, timelines, and compliance conditions for claiming scientific research deductions under Sections 45(1)(a)(ii) and 45(2). Companies must obtain DSIR approval and maintain audited, facility-wise records to qualify.
The law permits access to emails, cloud data, and encrypted devices without judicial warrants. A Supreme Court challenge questions its constitutional validity.
GST exemption is available only if services are pure, provided to eligible government bodies, and linked to constitutional functions. All three conditions must be strictly satisfied.
The Calcutta High Court held that Section 263 cannot be invoked merely due to disagreement with the Assessing Officers view. Since the AO conducted proper inquiry and followed CBDT instructions, revision was quashed and LTCG treatment on unlisted shares was upheld.
