Chandigarh Chartered Accountants Taxation Association has requested CBDT to immediately release pending ITR e-filing utilities for AY 2026-27. The representation warns that delays in audit and statutory forms may cause compliance failures, portal congestion, and taxpayer penalties.
SEBI issued clarifications after revised PAN application forms under the Income-tax Rules, 2026 created compliance challenges for Foreign Portfolio Investors. The relaxations simplify documentation and ease PAN allotment procedures for FPIs.
CBIC has updated customs tariff values for gold, silver, palm oil, soybean oil, and brass scrap through Notification No. 46/2026-Customs (N.T.). The revised rates will apply from 16 May 2026 for import valuation purposes.
The Bombay High Court quashed a GST registration cancellation order after finding that the show cause notice contained no reasons. The Court held that orders lacking reasons violate principles of natural justice and are legally unsustainable.
ITAT Mumbai held that a company engaged in publishing platforms, software solutions, and product development could not be compared with a limited-risk captive ITES service provider. Exclusion of the comparable eliminated the transfer pricing adjustment.
The CESTAT Mumbai held that placement fees collected from students by educational institutions are not taxable under manpower recruitment service. The Tribunal ruled that no consideration flowed from employers, which is essential under the charging provision.
Tribunal found the DRP’s order cryptic and lacking proper analysis on similarity of business activities between the assessee and selected comparables. Fresh examination was directed regarding comparability and ALP computation.
CESTAT Mumbai held that recovery proceedings and penalty were unsustainable where inadmissible CENVAT credit was reversed before issuance of notice and remained unutilised due to sufficient credit balance.
The ITAT Surat held that bank transactions reflected cheque discounting business activity and could not be fully treated as unexplained cash credits under Section 68. Only estimated commission income and profit were sustained.
Assessee argued that conclusions drawn from a 2005 survey on liaison offices could not be applied mechanically to later branch office structure. ITAT directed fresh examination of branch office’s actual functions and activities.
