AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
CFOs are encouraged to approach the corporate tax filing for Assessment Year 2026-27 as a strategic process, rather than an administrative task, to ensure compliance and optimize deductions.
The ITAT Nagpur ruled that the rejection of 12A registration due to selecting the wrong clause in Form 10AB was invalid. This decision allows for rectification of procedural errors without compromising taxpayer rights.
The Bangalore ITAT ruled that interest income from mandatory reserve fund deposits and cooperative bank accounts qualifies for deduction under Section 80P. This decision clarifies that temporarily parking surplus funds is not considered a separate investment activity.
The Finance Ministry has reduced the customs tariff value for silver imports from USD 2810 to USD 2455 per kilogram, effective May 20, 2026. This adjustment impacts the import duties applicable to silver.
The ITAT ruled that rectification under Section 154 of the Income Tax Act cannot be applied where factual examination is required for determining taxability of cash deposits. This decision emphasizes the importance of evidence in tax assessments.
The article discusses the high increase in gold import duty as a response to economic pressures and its potential impact on smuggling and the jewelry sector.
The Calcutta High Court has restored GST registration subject to the condition of filing pending returns and payment of dues, underscoring the importance of compliance for business operations.
The ITAT ruled that ad-hoc disallowances of expenses are not sustainable unless documentary defects are identified in the claims. The ₹25.48 lakh addition was deleted due to lack of evidence.
The ITAT has clarified that the revisionary powers under Section 264 of the Income Tax Act cannot be used to increase the tax addition against an assessee, maintaining the benevolent nature of these proceedings.
The ICAI has implemented a new mandatory checklist for Section 44AB(e) during UDIN generation to prevent misuse and ensure compliance with tax audit limits.
ICAI has provided clarifications on filing GSTR-3B, addressing challenges related to ITC reversals and RCM disclosure that can affect compliance and credit eligibility.
A GST credit note is a crucial document issued by a seller to amend the taxable value or tax charged in an original invoice. Understanding its rules and implications is essential for businesses engaged in GST compliance.
CBIC has extended the validity of customs circulars affecting relief measures until June 30, 2026, due to maritime disruptions.