Refunds for AY 2025–26 are being withheld after system-based risk checks detected discrepancies. Taxpayers are advised to review claims and file revised returns to unblock refunds.
Only income supported by cash actually found during search could attract penal consequences. The balance amount, unsupported by incriminating material, was held outside the scope of Section 271AAB.
The court held that valid registration under income-tax law is a relevant factor under FCRA and cannot be ignored. Failure to consider it violated Section 52, which makes FCRA supplementary to other laws.
Widespread technical glitches in the MCA-21 V3 portal continue to block smooth annual filings despite deadline extensions. The key takeaway is that systemic issues are impeding statutory compliance across multiple mandatory forms.
The 2025 amendments scrap key lock-ins and vesting conditions, allowing earlier and more flexible exits. The ruling links withdrawals to corpus size, giving subscribers greater control over timing and form of payouts.
Court held that a cheque initially issued as security can mature into an enforceable liability once loan recall conditions are triggered. Disputed facts on repayment and breach must be examined at trial, not at quashing stage.
The issue highlights that automated messages questioning donation deductions lack clarity on mismatches, forcing donors to revise returns without knowing the actual defect.
During the week of 8–14 December 2025, multiple regulatory authorities issued significant rulings, amendments, and clarifications across GST, customs, foreign trade, securities, insolvency, banking, and allied laws, though no updates emerged under income tax or MCA. GST developments were dominated by High Court and AAR rulings clarifying time limits on provisional attachment, tax rates, input […]
The Supreme Court ruled that payments made to prevent competition, even if providing enduring business benefits, are allowable revenue expenditures and not capital expenditures.
This article provides a comprehensive practical guide to correctly reporting exempt, nil-rated, and non-taxable supplies in GSTR-9 for FY 2024–25, while highlighting common mistakes taxpayers make. It explains how different types of supplies—B2B, B2C, exports, SEZ transactions, LUT supplies, RCM supplies, credit/debit notes, and amendments—should be classified and reported primarily in Tables 5A to 5F. […]
