Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by trustees and employers to ensure transparency and compliance.
RBI issued draft amendment directions to strengthen the framework on limiting customer liability in digital transactions. The proposal expands coverage of fraudulent transactions, speeds up complaint resolution, and introduces compensation for small-value digital fraud victims.
The Court held that a single show cause notice under Section 74 of the CGST Act cannot cover multiple financial years. Such consolidation violates the statutory limitation structure and prejudices the assessee’s rights.
The DRT Karnataka allowed recovery of ₹99.81 lakh after the borrower failed to appear and the bank’s documents proved the loan, hypothecation, and default. The tribunal granted recovery with 12% simple interest.
The tribunal held that installation and HVAC works involved supply of materials such as piping and wiring on which VAT was paid. Therefore, the contracts qualified as works contract service and not pure service.
The Court held that assignment of leasehold rights in an industrial plot amounts to transfer of benefits arising from immovable property and does not constitute a supply of services under GST.
Residential status under Section 6 determines whether a taxpayer is liable for global income or only Indian-source income. The rules classify taxpayers as Resident, RNOR, or Non-Resident.
The Allahabad High Court held that interest cannot be imposed in an adjudication order if it was not specified in the show cause notice. Such action violates Section 75(7) of the GST Act.
Once a Resolution Plan was approved by the CoC and submitted for approval under Section 31 of the Insolvency and Bankruptcy Code, 2016, the plan becomes binding inter se between the CoC and the Successful Resolution Applicant
The Punjab and Haryana High Court held that authorities cannot block input tax credit beyond the balance available in the Electronic Credit Ledger. Rule 86A allows restriction only on credit actually available at the time of invocation.
