The guide outlines multiple categories of bank frauds including loan, deposit, cyber, and trade finance frauds. It highlights common fraud methods, warning signs, and regulatory reporting requirements for auditors.
The Madras High Court held that once late fee under Section 47 is levied for delayed annual return filing, authorities cannot impose an additional general penalty under Section 125. The court set aside the penalty and granted relief to taxpayers.
The Madras High Court held that ITC distribution by an Input Service Distributor arises only after conditions under Section 16(2) are satisfied. Authorities cannot insist on same-month distribution merely based on invoice issuance.
The Bombay High Court set aside a settlement order where the department adjusted a refund of one tax period against dues of another under the MVAT Amnesty Scheme.
The court held that transfer pricing adjustments cannot automatically be treated as misreporting of income. Without evidence of deliberate concealment, penalty under Section 270A cannot be imposed.
FSSAI has revised turnover thresholds for food business registration and licensing under the 2026 amendment regulations. The new limits aim to streamline regulatory compliance and reduce burdens on smaller food businesses.
The article examines how Section 64 of the CGST Act is increasingly used against genuine recipients in ITC disputes. It argues that summary assessment powers meant for emergencies are being misapplied to fast-track tax demands.
Courts have repeatedly held that bona fide buyers cannot lose ITC merely because suppliers default or registrations are cancelled retrospectively.
Through Notification No. 25/2026-Customs (N.T.), CBIC updated tariff values for edible oils, gold, silver, and brass scrap to reflect current price trends and ensure accurate customs duty assessment.
The Budget 2026 amendment to the intermediary provision raises questions about the validity of ongoing GST disputes. Without a saving clause, taxpayers may argue that pending proceedings lack statutory support.
