The company admitted procedural non-compliance in disclosures linked to securities issuance and sought adjudication voluntarily. Despite the absence of mala fide intent, penalties were imposed for violation of capital-raising rules.
The amendment grants tax exemption on disability pension only where personnel are invalided out due to service-attributable disability. Superannuation or other retirements are expressly excluded.
The amendment permits taxpayers to file an updated return to reduce overstated losses. This promotes accuracy while preserving restrictions against loss creation or refund enhancement.
Taxpayers will be permitted to file an updated return even after a reassessment notice is issued. The move encourages voluntary disclosure while restricting parallel filing options.
The amendment exempts interest awarded by Motor Accidents Claims Tribunals from tax for individuals and legal heirs. It treats such receipts as relief rather than taxable income.
The authority noted refusal to respond to the show cause notice and unwillingness to continue practice. Cancellation followed due to failure to meet eligibility conditions.
ICAI has scheduled a June 2026 special exam for members of recognized foreign bodies. Applications close on 16 February 2026, with subjects mapped to each MRA.
CBDT directs adjournments in court and ITAT cases as Finance Bill 2026 proposes clarificatory amendments to key Income Tax Act provisions on limitation, TPO orders, DIN, and reassessment notices.
The authority held that non-filing of Form MGT-14 for approval of accounts attracts penalty under section 117(2). Continued default led to penalties on both company and directors.
The authority held that failure to file DIR-3 KYC violates Rule 12A and attracts penalty under section 450. DIN deactivation does not absolve ongoing compliance responsibility.
