The Court found CBDT failed to follow its 2015 directive on timely ITR utility release. It ordered an affidavit with corrective steps, highlighting systemic lapses affecting taxpayers.
The Tribunal invalidated reassessment proceedings since the Section 148 notice was issued after 01.04.2021, making it time-barred. The ruling reinforces strict limitation compliance for reopening cases.
Failure to serve notices at the updated registered address invalidates GST proceedings. The Court emphasized strict adherence to proper service requirements and natural justice.
Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be denied if investment is completed within the prescribed period, even if started earlier.
RBI has designated Union Bank of India as the Lead Bank for Polavaram and Markapuram districts. The move ensures smooth banking coordination and financial inclusion in newly created districts.
The circular prohibits fiduciaries from providing multiple services to the same scheme to avoid conflicts. It ensures independent oversight and strengthens investor protection.
IFSCA requires PSPs to obtain approval before joining Rupee Drawing Arrangements. The rule ensures strict adherence to AML, KYC, and CTF norms in cross-border payments.
ICAI has widened AQMM coverage to firms auditing group entities of listed companies, banks, and insurers. The move ensures higher audit quality through mandatory compliance and peer review oversight.
CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and loss adjustments for accurate compliance.
The new Act retains the arm’s-length principle but introduces refined definitions, stricter compliance, and enhanced penalties for related-party transactions.
