Latest Articles
Analysis of Notifications and Circulars for Week Ending 19th April 2026
CA, CS, CMA : The update discusses GST rulings on ITC and refunds, income tax relief interpretations, and insolvency reforms. It also covers dis...
GST Recovery Against Legal Heir Invalid Without Prior Adjudication Under Law
Goods and Services Tax : The court held that recovery cannot proceed against a legal heir without determining liability under Section 93, reinforcing due p...
Real Masterminds vs Soft Targets: What ₹1,825 Crore GST Scam Teaches Us
Goods and Services Tax : The comparison shows how large-scale frauds go undetected for years while professionals face immediate coercive action. Courts hav...
India’s Online Gaming Revolution; A Complete Guide to Promotion and Regulation of Online Gaming w.e.f May 1, 2026
Goods and Services Tax : The law prohibits all real-money online games regardless of skill, marking a major shift from earlier legal precedents and reshapi...
RBI Payment and Settlement Systems Act, 2007 – FAQ
Fema / RBI : This explains why operating a payment system without RBI approval is prohibited under law. The framework ensures only compliant an...
Latest News
ICSI Invites Stakeholder Feedback to Revise Company Secretary Course Syllabus
Company Law : The Institute has proposed syllabus changes to align with modern industry, regulatory, and technological needs. Stakeholders are i...
Representation on Cancellation of GST Registration & Refund Processing
Goods and Services Tax : The representation highlights ambiguity in whether the ₹2.5 crore ITC threshold should be annual or cumulative. It emphasizes th...
CBDT Refutes Allegations of Tax Raid, Terms Claims Baseless; Complaint Filed with Election Commission & Police
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Mastermind Arrested for ₹1,825 Crore GST Refund Fraud via Fake ITC & Bogus Exports
Goods and Services Tax : Authorities arrested the key accused for orchestrating fake ITC claims and fictitious export transactions. The case highlights str...
India–Korea MoU Signed to Boost Financial Regulatory Cooperation
Finance : The issue highlights a new agreement between financial regulators of both countries. The key takeaway is that the MoU promotes col...
Latest Judiciary
Revised ITR u/s 139(5) was allowed only for errors in the original return
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
Ad-hoc Estimation of Agricultural Income Rejected: ITAT Deletes Section 69A Addition
Income Tax : The tribunal held that arbitrary estimation of agricultural income without supporting data is unsustainable. It ruled that additio...
Employee Exit Is Sufficient Cause: ITAT Condoned Delay and Restores Appeal for Fresh Hearing
Income Tax : ITAT Bangalore condoned a 143-day delay caused by employee resignation, holding procedural lapses shouldnt deny justice. CIT(A)s o...
ITAT Bangalore: Bogus Purchase Addition Cannot Be Made Without Independent Inquiry-Entire Disallowance Deleted
Income Tax : The tribunal held that disallowance based solely on third-party information without independent verification is unsustainable. It ...
ITAT Bangalore: Power Generation Incentive Eligible for 80-IA Deduction-Direct Nexus with Business Established
Income Tax : The tribunal held that generation-based incentive linked to electricity output qualifies for deduction under Section 80-IA. It rul...
Latest Notifications
DIR-3 KYC Delay Now Costs ₹5,000 and amendement costs ₹500
Company Law : The issue concerns compliance delays in director KYC filings. The amendment imposes a ₹5,000 penalty for late submission, reinfo...
Failure to Verify Wilful Defaulter Status Leads to 2-Year Suspension of IP
Corporate Law : The issue was whether an insolvency professional fulfilled due diligence obligations under Section 29A. The Committee held that fa...
Ship Leasing Rules Amended Due to Ban on Asset Management Services in IFSCs
Finance : The issue was regulatory overlap after asset management services were restricted. The Authority removed a conflicting provision, e...
Framework for rights issue under IFSCA (Listing) Regulations, 2024
Finance : The issue was the lack of a unified process for rights issues in IFSCs. The Authority introduced a detailed framework mandating di...
IFSC Circular Mandates Disclosure and Approval Norms for Preferential Allotments
Finance : The circular addresses how listed entities can raise capital through preferential issues and QIPs. It establishes eligibility cond...
Latest Downloads
FAQs
This explains why operating a payment system without RBI approval is prohibited under law. The framework ensures only compliant and vetted entities can handle financial transactions, safeguarding systemic integrity.
Overview of the Constitution (106th Amendment) Act, 2023 covering women’s reservation in Parliament and Assemblies, its scope, timeline, and conditions.
The issue concerns alternative settlement mechanisms for international trade. The framework allows INR-based transactions with flexible usage and repatriation of funds.
The scheme allows companies to clear pending filings at reduced cost. It provides a major compliance relief with only 10% additional fees payable.
IGST refunds are not available when exports are made under LUT/Bond without tax payment. The clarification highlights eligibility conditions and prevents incorrect refund claims.
