The ITAT Ahmedabad upheld the disallowance of employees’ PF/ESI contributions deposited beyond the due dates prescribed under the respective Acts. Following binding Supreme Court and Gujarat High Court precedents, the Tribunal held that payment before filing the income tax return does not cure the delay, while remanding the Form 26AS mismatch issue for fresh verification.
Tribunal held that allegations relating to client code modification did not justify adding the entire purchase value under Section 68 in the facts of the case. Following its earlier decision, it upheld taxation only of the profit embedded in the transactions.
The Kerala High Court held that banks are not required to obtain approval from the Local Level Committee under the National Trust Act before enforcing security interests under the SARFAESI Act. The Court also ruled that challenges to SARFAESI proceedings should ordinarily be pursued before the Debt Recovery Tribunal.
A representation seeks extension of the GSTAT appeal filing deadline to 31 December 2026, citing persistent technical issues on the e-filing portal. It argues that taxpayers should not lose their statutory right of appeal due to system failures.
The article argues that denying ITC while levying full GST on commercial building rentals creates tax cascading. It suggests a 5% GST rate without ITC to ensure consistency with the GST framework.
GST registration is not always linked to turnover. This guide explains the categories of businesses that must register under GST irrespective of their revenue and the consequences of non-compliance.
The RBI has withdrawn non-operative FEMA circulars after reviewing directives issued since June 2000. The ruling helps Authorised Persons and stakeholders rely on the current regulatory framework without outdated references.
RBI has rationalised FEMA reporting by introducing revised return formats, discontinuing several reports, and easing compliance requirements for Authorised Persons, FFMCs, and MTSS entities.
RBI has revised customer protection rules for Rural Co-operative Banks by introducing stronger safeguards against fraudulent electronic banking transactions, including zero-liability provisions, mandatory alerts, and enhanced compensation mechanisms.
The amended Directions provide customers with zero liability where fraud results from bank negligence or timely reported third-party breaches. Urban Co-operative Banks must also ensure prompt complaint resolution, transaction reversal, and improved fraud prevention mechanisms.
