Jaipur ITAT held that reassessment proceedings were invalid because the Assessing Officer mechanically relied on Investigation Wing information without conducting independent verification.
This guide explains how taxpayers can challenge assessment, reassessment, penalty, and other specified orders before the Joint Commissioner (Appeals) and Commissioner (Appeals). It highlights appealable orders, filing requirements, fees, time limits, faceless appeal mechanisms, and appellate powers, providing a clear roadmap for taxpayers seeking relief against adverse tax orders.
IBBI has prescribed detailed valuation guidelines mandating standardized reporting, documentation, and asset-specific formats under the IBC. The move aims to improve consistency, credibility, and value maximisation in insolvency proceedings.
This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judgment assessment, and reassessment for escaped income. It highlights the scope, procedures, faceless assessment framework, notice requirements, and statutory timelines, helping taxpayers understand their compliance obligations and assessment rights.
Notification No. 56/2026-Customs (N.T.) modifies the territorial jurisdiction of customs authorities under Notification No. 21/2022. The key change reallocates jurisdiction over Mumbai International Airport and specified districts in Maharashtra.
Haryana has directed officers to send GST show cause notices and demand orders by registered or speed post in addition to portal-based communication. The instruction aims to enhance taxpayer awareness while retaining the GST portal as the legally valid mode of service.
RBI amended capital adequacy norms for commercial banks by prescribing a zero percent risk weight for specified ECLGS 5.0 exposures. The amendment recognizes the reduced credit risk associated with government-backed guarantees.
RBI amended capital adequacy norms for All India Financial Institutions by prescribing a zero percent risk weight for specified ECLGS 5.0 exposures. The amendment recognizes the reduced credit risk arising from government-backed guarantees.
RBI amended capital adequacy norms for Urban Co-operative Banks by allowing a zero percent risk weight for specified ECLGS 5.0 exposures. The amendment acknowledges the reduced credit risk associated with government-backed guarantees.
RBI amended capital adequacy norms for Regional Rural Banks by allowing a zero percent risk weight for specified ECLGS 5.0 exposures. The decision recognizes the reduced credit risk arising from government-backed guarantees.
