The High Court quashed recovery proceedings for ITC reversal, holding that mere non-deposit of tax by the supplier is insufficient without proof of collusion, fake invoices, or lack of bona fides.
The High Court ruled that GST adjudication orders must contain detailed facts and reasons. Summary notices and orders lacking particulars were set aside as legally unsustainable.
ITAT upheld revision under Section 263 after finding that the AO failed to verify the taxability of ₹669 crore received by a trust under Section 56(2)(x), rendering the assessment erroneous and prejudicial.
Holding that the Assessing Officer recorded a mechanical satisfaction note without concrete incriminating evidence, the Tribunal dismissed the Revenues appeals and confirmed invalid jurisdiction under Section 153C.
The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. However, it ruled that a plaintiff cannot be compelled to disclose his PAN number to defendants.
ICAI has introduced a mandatory registration framework for Global Networks between Indian CA entities and overseas firms. The Guidelines define compliance, ethical safeguards, reporting norms, and oversight mechanisms for cross-border professional collaboration.
The Court held that notice under Section 148A(b) was valid despite search-related arguments. However, the assessment was set aside due to absence of proper reasoning on denial of Section 10(38) exemption for long-term capital gains.
The draft Income-tax Rules, 2026 consolidate perquisite valuation into a single framework and significantly raise exemption limits. Employees gain clearer rules and higher tax-efficient benefits.
The company failed to meet the statutory quorum of 30 members at AGMs, attracting penalty under Section 450. Directors were also fined ₹50,000 each for non-compliance.
The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, as existing law already allowed similar access.
