Considering the seriousness of the allegations and the prima facie material indicating the applicant’s involvement in the conspiracy to demand illegal gratification, the Court found no ground to grant bail and there were no substantial change in circumstances had been shown.
ITAT Chennai held that where unaccounted purchases are found and the corresponding sales are not doubted, only the profit element embedded in such purchases can be brought to tax, and not the entire purchase value. Accordingly, addition towards unaccounted purchases duly restricted.
ITAT Delhi held that gift of a property to wife specially when she is a co-sharer in the property cannot be considered to be a colourable device and camouflage transaction to taint claim of Section 54F of the Income Tax Act. Accordingly, deduction u/s. 54F erroneously disallowed.
Supreme Court held that acquittal in a parricide case upheld due to lapses in investigation. It was held that overzealous investigation is as fatal to prosecution as are the lethargic and the tardy. Accordingly, the appeal is dismissed.
CESTAT Mumbai held that re-determination of assessable value of imported power bank without adequate evidence of undervaluation is not justifiable. Accordingly, order is set aside to that extent it had confirmed the adjudged demands on the basis of revised/enhanced valuation of goods.
Supreme Court held that in the absence of multiple State objects in the bye-laws of the Societies, the same cannot be treated as Multi-State Cooperative Societies, as statutory pre-conditions for invoking Section 103 of Multi-State Cooperative Societies Act, 2002 are absent.
The proposed regulations introduce a formal framework for Managing General Agents in the IFSC. The rules aim to regulate underwriting, claims management, and insurance intermediation with stronger governance standards.
The Income-tax Act, 2025 introduces Form 141 to replace Form 26QB from April 2026. The change aims to reduce reporting mistakes and simplify TDS compliance in property transactions.
The new Income-tax Act, 2025 retains the obligation to maintain books of account under Section 62. Businesses and professionals must maintain proper records to enable accurate income assessment and avoid penalties.
The GST portal now enforces mandatory bank account validation for registered taxpayers. Failure to link or validate bank details within the prescribed time can result in automatic GSTIN suspension.
