The IBBI amended the Liquidation Process Regulations, 2016 to allow appointment of one registered valuer for each asset class in MSME liquidation cases. The change is aimed at reducing costs and simplifying the liquidation framework for smaller businesses.
The IBBI amended the CIRP Regulations, 2016 to permit appointment of one set of registered valuers for MSME corporate debtors. The change aims to reduce costs and streamline insolvency resolution for small businesses.
The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management and integrated project operations. The ruling clarifies when multiple corporate entities can face consolidated CIRP under the IBC.
Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation of the Income Tax Act, 2025. It emphasized that officers will remain heavily engaged in training, awareness, and transition-related activities throughout the financial year.
The article explains the structure, filing requirements, and tax implications of IRS Form 1041 for trusts and estates. It highlights that the return involves detailed disclosures, schedules, deductions, and compliance obligations requiring expert handling.
Automation is reducing repetitive accounting work such as GST filings, reconciliations, and data entry, but professional judgment and advisory roles still require Chartered Accountants. The article explains how technology is reshaping the profession rather than eliminating it.
Madras High Court held that objections regarding fraud, suppression, and penalty proceedings under Section 74 of the CGST Act should be raised before the appellate authority. The Court declined to interfere in writ jurisdiction where statutory appeal remedies were available.
The High Court held that refund rejection orders must contain specific findings and proper reasoning. Since the appellate authority failed to provide a speaking order, the matter was remanded for reconsideration.
ITAT Mumbai ruled that payments made for global brand, communications, and technology support services within the Deloitte network did not amount to royalty under Article 13(3) of the India-UK DTAA. The Tribunal held that no transfer of copyright or intellectual property rights had taken place.
The Karnataka High Court set aside an ex-parte GST assessment order after finding that the taxpayer was given only one day to respond to the show cause notice. The matter was remanded for fresh adjudication with an opportunity to file a reply.
