The Punjab and Haryana High Court has prima facie held that Haryana may have lost the constitutional power to collect entry tax after the 101st Constitutional Amendment removed Entry 52. Businesses receiving fresh LADT demands should urgently assess legal remedies before the final hearing on 17 July 2026.
Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned in FY 2025–26 must still be reported under the Income-tax Act, 1961 for AY 2026–27.
The article examines whether authorities can retain a redemption fine under Section 130 after setting aside the penalty. The key takeaway is that confiscation and penalty are inseparable and must stand or fall together.
Electronic records are increasingly used in litigation, but screenshots by themselves may not satisfy legal admissibility requirements. The key takeaway is that authenticity, preservation, and statutory compliance are critical for digital evidence.
New RBI directions allow banks to lend directly to eligible REITs and InvITs, ending years of regulatory uncertainty. The framework aims to improve access to capital while imposing strict prudential safeguards and lender protections.
The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarified that reassessment jurisdiction remains valid despite arguments regarding faceless assessment provisions.
The draft IFSCA Amendment Bill, 2026 introduces Variable Capital Companies (VCCs), creating a modern fund structure with segregated sub-funds, flexible capital management, and stronger investor protections. The reform could significantly enhance GIFT City’s appeal as a global fund management hub.
The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issuing a specific notice to the taxpayer. The decision reinforces the limits of appellate powers and upholds principles of natural justice.
The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income discovered through departmental records can attract penalty for under-reporting under Section 270A.
The Commission examined allegations relating to one-sided agreements, rental suppression, and delayed payments in commercial real estate projects. It ruled that no prima facie case of abuse of dominance or anti-competitive conduct was established because dominance itself was not demonstrated.
