Allahabad High Court held that limitation cannot run from mere portal upload of an ex-parte order. The appellate authority must reconsider limitation where no proper communication was made.
Delhi High Court held reassessment under Sections 147/148 cannot be initiated merely on an internal audit objection. Absence of new tangible material made reopening invalid.
The article explains why oversight of auditors is essential to maintain public confidence in financial reporting. It highlights the need for accountability to prevent fraud and negligence.
The RBI has updated Form ECB 1 and Form ECB 2 under the revised External Commercial Borrowing framework. Authorised Persons must comply with the new reporting formats with immediate effect.
The central bank has made UTI generation compulsory for all OTC derivative transactions reported in India from January 1, 2027. The move aims to enhance transparency, global harmonisation, and lifecycle tracking of derivative contracts.
The CBIC amended Notification 36/2001 under Section 14(2) of the Customs Act by substituting tariff tables. However, tariff values for gold, silver, palm oil, brass scrap, and areca nuts remain unchanged.
The addition under Section 68 was deleted as capital introduced by partners is not a loan or unexplained credit of the firm. Enquiry into partners creditworthiness must be conducted separately in their cases.
The Tribunal observed that merely using the term misreporting without linking it to any specific statutory limb is insufficient. It quashed the penalty, reiterating that penal proceedings must be precise and legally justified.
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
The Tribunal held that cash received at the time of executing a registered sale deed does not fall within the definition of “specified sum” under Section 269SS. Since the provision primarily targets advances in property transactions, penalty under Section 271D was unsustainable.
