SEBI has consolidated all AIF-related circulars issued up to May 31, 2026 into a single Master Circular. The key takeaway is a unified compliance framework replacing the earlier fragmented regulatory structure.
RBI has designated Canara Bank as the Lead Bank for the newly formed Bajali district in Assam. The circular follows the state’s notification creating and demarcating the new district.
The Institute of Company Secretaries of India (ICSI) has announced the first bi-annual Western Region Convocation for FY 2026–27, scheduled for 4 July 2026 at Sardar Vallabhbhai Patel National Memorial, Ahmedabad. The convocation will confer certificates of membership upon Associate and Fellow members admitted between 1 October 2025 and 31 March 2026, while also recognizing […]
The article explains that Section 87A reduces eligible income tax liability but does not automatically eliminate interest, penalties, or late fees. Taxpayers may still receive a demand notice under Section 156 despite having income below ₹12 lakh.
The Bombay High Court explained that wrongful possession is the foundation of a claim for mesne profits. The amount is determined based on what the person in possession actually earned or could have earned from the property.
The Supreme Court ruled that whenever money is staked on an uncertain outcome, the activity amounts to betting and gambling for GST purposes. GST is payable on the entire bet value or deposit and not merely on platform fees or commissions.
The Supreme Court ruled that once money is staked on an uncertain outcome, the activity becomes betting and gambling regardless of whether the game involves skill or chance. States therefore have the power to prohibit online gaming played for stakes.
The Delhi ITAT held that liabilities already written back and offered to tax in later years cannot be taxed again under Section 41(1). The Tribunal ruled that such an addition would result in impermissible double taxation.
The Tribunal ruled that reassessment proceedings cannot survive when reasons recorded for reopening demonstrate non-application of mind. Following the Delhi High Court’s findings in the preceding year, the reassessment was declared invalid.
The Bangalore ITAT held that a disallowance under Section 14A read with Rule 8D cannot survive without the Assessing Officer recording satisfaction regarding the incorrectness of the assessee’s claim. The Tribunal deleted the disallowance after finding non-compliance with Section 14A(2).
