Section 132 of the CGST Act allows prosecution, arrest and imprisonment in cases involving fake invoices, bogus ITC and tax fraud. The article explains how GST disputes cross from civil tax proceedings into criminal prosecution territory.
High Courts have ruled that temporary closure of business premises during a GST survey is not by itself a valid ground for cancellation of registration. Authorities must establish fraud or statutory violations with proper evidence and due process.
SEBI has clarified that InvITs with borrowings exceeding 49% of asset value can use fresh debt for capital expenditure, road maintenance, and refinancing of eligible principal debt. The circular immediately expands financing flexibility for infrastructure trusts.
IRDAI approved in-principle drafting and publication of new and amended regulations following the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025. The regulations are to be framed within six months from the law coming into force.
PFRDA has launched Retirement Income Schemes and drawdown options under NPS to allow flexible post-retirement payouts up to age 85. The framework also permits continued market-linked growth of retirement corpus.
SEBI has clarified that SPVs under InvITs can continue retaining SPV status even after termination or completion of concession agreements. The circular also prescribes timelines for exit, restructuring or acquisition of new infrastructure projects.
The Bombay High Court held that blocking of Input Tax Credit under Rule 86A automatically ceases after one year. The Court ruled that continued restriction beyond the statutory period was illegal and arbitrary.
Bombay High Court held that short deduction of TDS under a different provision does not trigger disallowance under Section 40(a)(ia). Court ruled that only cases of non-deduction or non-payment of TDS attract provision.
ITAT Hyderabad held that rural agricultural land situated beyond 8 kilometres from municipal limits cannot be taxed as a capital asset merely because the purchaser later used it for commercial plotting. The Tribunal ruled that future use by the buyer does not alter the land’s character in the seller’s hands.
ITAT Delhi deleted a ₹45 lakh addition under Section 68 after finding that the assessee had furnished complete details of investor companies and share allotment. The Tribunal held that verified share application money could not be treated as unexplained cash credit.
