TaxGuru.in - Daily Newsletter

Unsigned Section 148 Notice Held Valid Due to Mention of AO Name and Designation

CA Sandeep Kanoi — Thu, 21 May 2026 20:16:06 +0000

The Delhi High Court held that a reassessment notice without physical signature remains valid when the name and designation of the Assessing Officer are clearly mentioned. The Court ruled that Section 282A(2) recognizes such authentication in the digital era.

The post Unsigned Section 148 Notice Held Valid Due to Mention of AO Name and Designation appeared first on TaxGuru.

Assessment Order Quashed Due to Email Communication Issue Despite Valid Section 148 Notice

CA Sandeep Kanoi — Thu, 21 May 2026 20:13:22 +0000

Court upheld the validity of the Section 148 notice but set aside the assessment order after finding that notices were sent to an old email address, resulting in denial of adequate opportunity to the assessee.

The post Assessment Order Quashed Due to Email Communication Issue Despite Valid Section 148 Notice appeared first on TaxGuru.

ITAT Delhi Quashes Reassessment Orders for Failure to Provide Reasons for Reopening

CA Sandeep Kanoi — Thu, 21 May 2026 20:10:19 +0000

ITAT Delhi held reassessment orders invalid because the assessee was not supplied with the recorded reasons for reopening under Section 148. The Tribunal ruled that such non-compliance violated the law laid down in GKN Driveshafts.

The post ITAT Delhi Quashes Reassessment Orders for Failure to Provide Reasons for Reopening appeared first on TaxGuru.

Opening Balances Cannot Be Added Under Section 68 as They Relate to Earlier Years

CA Sandeep Kanoi — Thu, 21 May 2026 20:09:25 +0000

Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subsequent years. The matter was remanded for verification because the assessee had not furnished complete creditor details.

The post Opening Balances Cannot Be Added Under Section 68 as They Relate to Earlier Years appeared first on TaxGuru.

Customs Reclassification Rejected as Cold Drawn Steel Product Was Held to Be Wire and Not Wire Rod

CA Sandeep Kanoi — Thu, 21 May 2026 20:05:11 +0000

CESTAT Chennai held that imported cold heading quality alloy steel products were classifiable as wire under CTH 7229 after undergoing cold drawing processes. The Tribunal ruled that denial of exemption and differential duty demand could not survive once the classification was found correct.

The post Customs Reclassification Rejected as Cold Drawn Steel Product Was Held to Be Wire and Not Wire Rod appeared first on TaxGuru.

CESTAT Grants SEZ Service Tax Exemption as Place of Rendering Service Is Irrelevant

CA Sandeep Kanoi — Thu, 21 May 2026 20:02:15 +0000

CESTAT Chennai held that services provided to SEZ units for authorised operations remain exempt from service tax even if part of the services are rendered outside SEZ premises. The Tribunal relied on Sections 26 and 51 of the SEZ Act to allow the appeal.

The post CESTAT Grants SEZ Service Tax Exemption as Place of Rendering Service Is Irrelevant appeared first on TaxGuru.

Orissa HC Directs GST Appeal Before GSTAT as GSTAT Is Now Functional

CA Sandeep Kanoi — Thu, 21 May 2026 20:01:07 +0000

The Court held that once the GST Appellate Tribunal became operational and timelines were extended, disputes should be pursued through the statutory appellate mechanism instead of writ proceedings.

The post Orissa HC Directs GST Appeal Before GSTAT as GSTAT Is Now Functional appeared first on TaxGuru.

CESTAT Rejects Refund Claim as Self-Assessed Bill of Entry Was Never Challenged

CA Sandeep Kanoi — Thu, 21 May 2026 19:57:37 +0000

The Bangalore CESTAT held that a refund claim cannot reopen a finalized customs assessment where the importer failed to challenge the self-assessed Bill of Entry within the statutory appeal period.

The post CESTAT Rejects Refund Claim as Self-Assessed Bill of Entry Was Never Challenged appeared first on TaxGuru.

CESTAT Deletes CHA Penalty as Misclassification Alone Does Not Make Goods Confiscable

CA Sandeep Kanoi — Thu, 21 May 2026 19:55:12 +0000

CESTAT Delhi held that mere misclassification of imported goods does not attract confiscation under Section 111(m) of the Customs Act. Since the goods were not liable for confiscation, penalty on the Customs House Agent under Section 112(a)(ii) was set aside.

The post CESTAT Deletes CHA Penalty as Misclassification Alone Does Not Make Goods Confiscable appeared first on TaxGuru.

SC Upholds Delhi HC Ruling as Reassessment Was Based on Changing Grounds

CA Sandeep Kanoi — Thu, 21 May 2026 15:25:35 +0000

The Supreme Court dismissed the challenge to a Delhi High Court ruling that quashed reassessment proceedings under Sections 148A(d) and 148. The courts held that reassessment cannot be sustained on allegations that change after issuance of the original notice.

The post SC Upholds Delhi HC Ruling as Reassessment Was Based on Changing Grounds appeared first on TaxGuru.

Delhi HC Quashes Reassessment as Income Tax Department Changed Grounds Midway

CA Sandeep Kanoi — Thu, 21 May 2026 15:23:11 +0000

The Delhi High Court held that reassessment proceedings cannot be sustained on changing allegations introduced after issuance of notice under Section 148A(b). The Court ruled that reopening must rest only on the original reasons disclosed to the assessee.

The post Delhi HC Quashes Reassessment as Income Tax Department Changed Grounds Midway appeared first on TaxGuru.

How Can Investment in Cryptocurrency Affect Overall Tax Strategies for Indian Investors?

TG Team — Thu, 21 May 2026 14:54:05 +0000

Investors with diversified portfolios are always looking for a new asset class or type to increase their profitability, and cryptocurrency is often discussed as an option. But how viable is cryptocurrency as an investment for investors in India, after the realities of Indian taxes are factored into the equation? For investors in India, building a […]

The post How Can Investment in Cryptocurrency Affect Overall Tax Strategies for Indian Investors? appeared first on TaxGuru.

SEBI Proposes New IPO & Re-listed Scrip Price Discovery Rules to Prevent Artificial Price Suppression

Editor6 — Thu, 21 May 2026 13:17:47 +0000

SEBI has proposed major reforms to the Pre-open Call Auction mechanism after concerns over artificially suppressed prices in IPO and re-listed stocks. The proposal includes revised base price rules, automatic price band flexing, and stricter price discovery conditions.

The post SEBI Proposes New IPO & Re-listed Scrip Price Discovery Rules to Prevent Artificial Price Suppression appeared first on TaxGuru.

PFRDA Proposes Faster NPS Grievance Resolution Timelines for Better Subscriber Protection

editor3 — Thu, 21 May 2026 13:17:05 +0000

PFRDA has proposed major reductions in grievance resolution timelines under the NPS framework. The draft aims to improve accountability, transparency, and faster disposal of subscriber complaints.

The post PFRDA Proposes Faster NPS Grievance Resolution Timelines for Better Subscriber Protection appeared first on TaxGuru.

IFSCA Clarifies fee structure applicable to existing Ancillary Service Providers & TechFin entity

editor7 — Thu, 21 May 2026 13:16:32 +0000

The International Financial Services Centres Authority clarified that existing ASPs and TechFin entities continuing operations under transitional provisions must comply with the fee structure prescribed under the TAS Regulations framework. A one-time extension for fee remittance until May 31, 2026, was also provided.

The post IFSCA Clarifies fee structure applicable to existing Ancillary Service Providers & TechFin entity appeared first on TaxGuru.

ICSI June 2026 Exam Admit Cards Released

TG Team — Thu, 21 May 2026 13:15:16 +0000

Along with releasing the E-Admit Cards, ICSI advised students to thoroughly review examination instructions and verify all personal and examination-related details before the scheduled exams in June 2026.

The post ICSI June 2026 Exam Admit Cards Released appeared first on TaxGuru.

Absence of e-Tax Invoice Alone Not Enough for Transit State to Impose GST Penalty

CA Sandeep Kanoi — Thu, 21 May 2026 13:14:40 +0000

Allahabad High Court ruled that while authorities could verify documents during transit, absence of an e-Tax Invoice did not confer jurisdiction to impose penalties in a pure transit State. The Court directed release of goods and vehicles.

The post Absence of e-Tax Invoice Alone Not Enough for Transit State to Impose GST Penalty appeared first on TaxGuru.

Calcutta HC Permits Manual GST Appeal Filing After Failed Online Upload Attempt

advocatehkr@gmail.com — Thu, 21 May 2026 13:10:12 +0000

The Court directed the appellate authority to accept manual filing of Form GST APL-01 after the taxpayer could not upload the appeal electronically due to a technical glitch. Delay in filing was also condoned under the CGST Act.

The post Calcutta HC Permits Manual GST Appeal Filing After Failed Online Upload Attempt appeared first on TaxGuru.

SC: Interest on Borrowed Funds Allowed Even for Investment Through Group Concerns – Commercial Expediency Prevails

cavkshetty — Thu, 21 May 2026 12:43:21 +0000

The Supreme Court held that interest paid on borrowed funds was deductible under Section 36(1)(iii) because the loan was used for business purposes. The Court ruled that commercial expediency and composite business operations justified the deduction claim.

The post SC: Interest on Borrowed Funds Allowed Even for Investment Through Group Concerns – Commercial Expediency Prevails appeared first on TaxGuru.

ITAT Pune Set Aside Section 69A Addition as Reopening Notice Was Time Barred

CA Sandeep Kanoi — Thu, 21 May 2026 11:58:28 +0000

The Tribunal held that the reassessment notice issued on 26.07.2022 was beyond the permissible timeline under the surviving limitation principle and therefore lacked legal validity.

The post ITAT Pune Set Aside Section 69A Addition as Reopening Notice Was Time Barred appeared first on TaxGuru.

CIT(E) Cannot Suspend Tax Benefits Based on Possible Future Litigation Outcome: ITAT Mumbai

CA Sandeep Kanoi — Thu, 21 May 2026 11:54:32 +0000

ITAT Mumbai held that the Commissioner of Income Tax (Exemptions) cannot impose independent or contingent conditions while granting registration under Section 12AB. The Tribunal ruled that tax benefits could not be kept subject to the outcome of a proposed Supreme Court appeal.

The post CIT(E) Cannot Suspend Tax Benefits Based on Possible Future Litigation Outcome: ITAT Mumbai appeared first on TaxGuru.

ITAT Mumbai Quashes Reassessment Because It Was Based on Mere Change of Opinion

CA Sandeep Kanoi — Thu, 21 May 2026 11:51:50 +0000

ITAT Mumbai held that reassessment proceedings initiated after scrutiny assessment were invalid because they relied on the same material already examined earlier. The Tribunal ruled that reassessment cannot be used to review a previously accepted claim.

The post ITAT Mumbai Quashes Reassessment Because It Was Based on Mere Change of Opinion appeared first on TaxGuru.

ITAT Deletes Section 68 Addition as Assessee Proved Identity, Creditworthiness & Source of Source

CA Sandeep Kanoi — Thu, 21 May 2026 11:50:18 +0000

The Tribunal observed that the assessee had repaid the unsecured loan along with interest after deducting TDS and the lender had offered interest income to tax. These facts supported the genuineness of the transaction and rendered the Section 68 addition unsustainable.

The post ITAT Deletes Section 68 Addition as Assessee Proved Identity, Creditworthiness & Source of Source appeared first on TaxGuru.

ITAT Deletes Section 43CA Addition as DVO Valuation Difference Was Within 10% Safe Harbour Limit

CA Sandeep Kanoi — Thu, 21 May 2026 11:48:34 +0000

Mumbai ITAT held that no addition under Section 43CA could survive where difference between agreement value and DVO valuation remained within 10% tolerance band. Tribunal ruled that safe harbour benefit applies once DVO valuation substitutes stamp duty value.

The post ITAT Deletes Section 43CA Addition as DVO Valuation Difference Was Within 10% Safe Harbour Limit appeared first on TaxGuru.

Retrospective GST Amendment Nullifies SC ITC Relief on Construction Costs

Rishabh Kothari — Thu, 21 May 2026 11:40:48 +0000

The Finance Act, 2025 retrospectively amended Section 17(5)(d) of the CGST Act after the Supreme Court allowed ITC on certain commercial buildings under the functionality test. The amendment effectively reversed the earlier interpretation from July 2017.

The post Retrospective GST Amendment Nullifies SC ITC Relief on Construction Costs appeared first on TaxGuru.

Top 10 GST Mistakes Small Businesses Must Avoid in 2026 to Prevent Notices & Penalties

vijay — Thu, 21 May 2026 11:24:54 +0000

The article explains the most common GST compliance errors leading to notices, ITC denial, and penalties in 2026. It also provides practical steps businesses can follow to reduce litigation risk.

The post Top 10 GST Mistakes Small Businesses Must Avoid in 2026 to Prevent Notices & Penalties appeared first on TaxGuru.

Delhi HC Jails YouTuber-Advocate For 6 Months In Contempt Case

Sanjeev Sirohi — Thu, 21 May 2026 11:21:25 +0000

Delhi High Court sentenced a YouTuber to six months’ imprisonment for criminal contempt after finding that his videos and courtroom remarks lowered the authority of courts. The ruling emphasizes zero tolerance for attacks on judicial integrity.

The post Delhi HC Jails YouTuber-Advocate For 6 Months In Contempt Case appeared first on TaxGuru.

GSTN Advisory on Enhancements in e-Way Bill (EWB) Portal

CA Santosh Vasantrao Dhumal — Thu, 21 May 2026 10:05:17 +0000

GSTN has announced mandatory capture of Ship-To GSTIN in Bill-To/Ship-To transactions under the EWB system. The change aims to improve data accuracy and traceability of goods movement.

The post GSTN Advisory on Enhancements in e-Way Bill (EWB) Portal appeared first on TaxGuru.

ND-PMS Clients May Pledge Shares Without Violating PMS Regulations: SEBI

Editor — Thu, 21 May 2026 09:05:11 +0000

SEBI clarified that clients under Non-Discretionary PMS can pledge securities held in their demat accounts for personal borrowing. The regulator held that such pledging does not amount to borrowing by the portfolio manager as long as the decision is entirely client-driven.

The post ND-PMS Clients May Pledge Shares Without Violating PMS Regulations: SEBI appeared first on TaxGuru.

Household Savings through Indian Securities Market: SEBI Study

editor7 — Thu, 21 May 2026 09:03:11 +0000

SEBI revised the methodology for computing household savings through the securities market by incorporating actual granular data and broader market segments. The change increased the Gross Savings-to-GDP ratio by 47 basis points in FY 2024-25 and provided a more accurate picture of household financial savings.

The post Household Savings through Indian Securities Market: SEBI Study appeared first on TaxGuru.

RBI Issues Revised Draft Directions on Loan Recovery & Recovery Agents

editor7 — Thu, 21 May 2026 09:01:26 +0000

RBI issued revised draft directions to regulate recovery practices of banks, NBFCs, and other regulated entities. The framework prohibits coercive recovery methods and introduces stricter borrower protection, transparency, and grievance redressal measures.

The post RBI Issues Revised Draft Directions on Loan Recovery & Recovery Agents appeared first on TaxGuru.

RBI invites comments on draft RBI (Capital Adequacy) Amendment Directions, 2026

editor8 — Thu, 21 May 2026 08:52:39 +0000

RBI has released draft amendment directions for commercial and small finance banks to strengthen Pillar 3 disclosures under Basel norms. The proposal focuses on transparency, governance, comparability, and improved risk reporting standards for banks.

The post RBI invites comments on draft RBI (Capital Adequacy) Amendment Directions, 2026 appeared first on TaxGuru.

Stamp Duty Value Cannot Be Adopted Without DVO Reference When Property Title Is Disputed

CA Sandeep Kanoi — Thu, 21 May 2026 08:51:12 +0000

Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination through a DVO reference. The addition under Section 56(2)(x) was therefore restored to the Assessing Officer for reconsideration.

The post Stamp Duty Value Cannot Be Adopted Without DVO Reference When Property Title Is Disputed appeared first on TaxGuru.

AO Must Refer Property Valuation to DVO When Stamp Duty Value Is Disputed: ITAT Delhi

CA Sandeep Kanoi — Thu, 21 May 2026 08:49:59 +0000

ITAT Delhi ruled that where an assessee disputes the stamp duty valuation under Section 50C, the Assessing Officer should refer the matter to the Valuation Officer. The Tribunal set aside the capital gains addition for fresh determination.

The post AO Must Refer Property Valuation to DVO When Stamp Duty Value Is Disputed: ITAT Delhi appeared first on TaxGuru.

GST ITC Fraud Accused Granted Bail as Evidence Was Primarily Documentary

CA Sandeep Kanoi — Thu, 21 May 2026 08:48:46 +0000

Punjab and Haryana High Court granted bail in an alleged fake ITC case after noting that investigation was complete and evidence was mainly documentary and electronic. The Court held that continued custody was not justified when no further interrogation was required.

The post GST ITC Fraud Accused Granted Bail as Evidence Was Primarily Documentary appeared first on TaxGuru.

Resolution applicant could not alter Financial Proposal through Last-Minute addendum after challenge process

divyarathi — Thu, 21 May 2026 08:45:17 +0000

A resolution applicant could not unilaterally alter its financial proposal through a last minute addendum after completion of the challenge process and commencement of voting under the Corporate Insolvency Resolution Process (CIRP).

The post Resolution applicant could not alter Financial Proposal through Last-Minute addendum after challenge process appeared first on TaxGuru.

In TDS Payment dispute, filing of Sale Deed documents was necessary to prove sale consideration

divyarathi — Thu, 21 May 2026 08:35:07 +0000

In a commercial suit regarding specific performance, High Court had allowed a Civil Revision Petition by setting aside the order of the Special Judge for Commercial Disputes that had rejected the plaintiffs' application to file additional documents.

The post In TDS Payment dispute, filing of Sale Deed documents was necessary to prove sale consideration appeared first on TaxGuru.

Why Even Honest GST Taxpayers Are Facing ITC Reversal Issues?

hiteshkumar jain — Thu, 21 May 2026 08:25:43 +0000

Businesses across India are receiving GST notices for ITC reversal even after making genuine purchases and banking payments. The article explains key risks and precautions taxpayers must follow to safeguard Input Tax Credit.

The post Why Even Honest GST Taxpayers Are Facing ITC Reversal Issues? appeared first on TaxGuru.

Haryana OTS, 2026: Opportunity to Close Old VAT & Pre-GST Litigations

CA Yogesh Bansal — Thu, 21 May 2026 08:25:01 +0000

Haryana Government has introduced a One Time Settlement Scheme for resolving legacy pre-GST tax disputes. The scheme offers waiver of interest, penalty, and relief in certain tax demands for eligible taxpayers.

The post Haryana OTS, 2026: Opportunity to Close Old VAT & Pre-GST Litigations appeared first on TaxGuru.

A single incorrect entry in Part-D of Form 145 could trigger a tax department inquiry

tushar_kamdar@hotmail.com — Thu, 21 May 2026 08:20:45 +0000

Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classification of non-taxable foreign payments may invite tax department inquiries and litigation.

The post A single incorrect entry in Part-D of Form 145 could trigger a tax department inquiry appeared first on TaxGuru.

GSTAT Pre-Deposit Confusion: Should It Apply on Original or Surviving Tax Demand?

PrakashCh — Thu, 21 May 2026 08:19:00 +0000

Ambiguity under Section 112(8)(b) of the CGST Act has created confusion over GSTAT pre-deposit calculations after reduction of tax demand in first appeal. The issue raises concerns about fairness and proportionality in GST litigation.

The post GSTAT Pre-Deposit Confusion: Should It Apply on Original or Surviving Tax Demand? appeared first on TaxGuru.

Code on Social Security, 2020: Transforming India’s Social Protection Framework

Lalit — Thu, 21 May 2026 08:17:43 +0000

India’s Social Security Code consolidates multiple labour welfare laws into a unified framework covering organised, unorganised, gig, and platform workers. The 2026 Rules introduce digital compliance and expanded worker protections.

The post Code on Social Security, 2020: Transforming India’s Social Protection Framework appeared first on TaxGuru.

Anti-Dumping Duty

jharna.ag — Thu, 21 May 2026 08:16:24 +0000

Anti-dumping duty protects local manufacturers from unfairly cheap imports that can damage domestic markets. The article explains its purpose, benefits, risks, and role in maintaining fair trade practices.

The post Anti-Dumping Duty appeared first on TaxGuru.

End of Registration for Private NBFCs: Understanding RBI’s April 2026 Deregulations

Affluence Advisory Private Limited — Thu, 21 May 2026 08:15:19 +0000

RBI’s new 2026 framework exempts certain Type I NBFCs from mandatory registration if they avoid public funds and customer interaction. The move reduces compliance burdens for family offices and private investment vehicles.

The post End of Registration for Private NBFCs: Understanding RBI’s April 2026 Deregulations appeared first on TaxGuru.

No More Technical Escapes: SC Settles Law on Guarantee Validity, Stamping & Disclosures in CIRP

Shubham Sharma — Thu, 21 May 2026 08:13:46 +0000

The Supreme Court held that liabilities arising from corporate guarantees qualify as financial debt under Section 5(8) of the Insolvency and Bankruptcy Code. Consortium lenders were therefore entitled to Financial Creditor status and inclusion in the Committee of Creditors.

The post No More Technical Escapes: SC Settles Law on Guarantee Validity, Stamping & Disclosures in CIRP appeared first on TaxGuru.

7 Udyam Registration Errors That Can Lead to CGTMSE, Samadhaan & Tender Rejections

Rajesh Bhatt — Thu, 21 May 2026 08:10:18 +0000

Incorrect Udyam filings can result in denial of CGTMSE coverage, MSME Samadhaan claims, and government tender participation. The article explains the most common compliance mistakes and how MSMEs can avoid them.

The post 7 Udyam Registration Errors That Can Lead to CGTMSE, Samadhaan & Tender Rejections appeared first on TaxGuru.

Insurance Coverage of Hypothecated Stock: Key Checks for Stock Auditors

CA Neeraj Rastogi — Thu, 21 May 2026 08:07:38 +0000

The article explains how inadequate insurance coverage of hypothecated stock can expose banks to major financial losses despite valid stock audits. It highlights the responsibilities of stock auditors in checking policy schedules, insured locations, and under-insurance risks.

The post Insurance Coverage of Hypothecated Stock: Key Checks for Stock Auditors appeared first on TaxGuru.

Mandatory Dematerialisation of Securities for Public & Private Companies: Legal Framework

srikant83 — Thu, 21 May 2026 08:05:31 +0000

The Companies Act, 2013 and related rules now require most public and private companies to issue and transfer securities only in dematerialised form. The framework aims to improve transparency, reduce fraud, and streamline ownership records.

The post Mandatory Dematerialisation of Securities for Public & Private Companies: Legal Framework appeared first on TaxGuru.

SC on Shortfall Undertakings as Financial Debt: China Development Bank v. Doha Bank

Shubham Sharma — Thu, 21 May 2026 08:04:39 +0000

The Supreme Court ruled that a shortfall payment clause in a Deed of Hypothecation can qualify as a contract of guarantee under the IBC. The judgment grants consortium lenders Financial Creditor status and strengthens their role in insolvency proceedings.

The post SC on Shortfall Undertakings as Financial Debt: China Development Bank v. Doha Bank appeared first on TaxGuru.

GST Refund Application: Updated Annexure-B Errors & Fixes

CA PRATIK SHAH — Thu, 21 May 2026 08:02:11 +0000

The updated Annexure B utility has introduced strict validation checks, mandatory JSON uploads, and automated GST refund processing requirements. Taxpayers must now carefully reconcile invoices, GSTR-2B data, and ITC details to avoid refund delays and rejection.

The post GST Refund Application: Updated Annexure-B Errors & Fixes appeared first on TaxGuru.

GST Order Quashed as Successor Officer Passed Order Without Fresh Personal Hearing

a2zbimaljain — Thu, 21 May 2026 07:56:08 +0000

The Delhi High Court held that an adjudication order passed by an officer who never personally heard the assessee violates principles of natural justice. The Court ruled that “one who hears must decide” and remanded the matter for fresh adjudication.

The post GST Order Quashed as Successor Officer Passed Order Without Fresh Personal Hearing appeared first on TaxGuru.

GSTAT Orders Physical Service Due to Failure of Portal & Email Communication

a2zbimaljain — Thu, 21 May 2026 07:54:47 +0000

GSTAT directed service through registered post/speed post after notices sent via portal and email failed to receive any effective response from the Department. The Tribunal held that Section 169 of the CGST Act permits cumulative modes of service to ensure proper adjudication and natural justice.

The post GSTAT Orders Physical Service Due to Failure of Portal & Email Communication appeared first on TaxGuru.

Article 20 Protects Against Retrospective Punishment, Double Jeopardy & Self-Incrimination

raghuvatconsultancy@yahoo.com — Thu, 21 May 2026 07:51:34 +0000

The constitutional safeguard under Article 20 prevents authorities from imposing harsher punishments than those prescribed when the offence occurred. Judicial precedents reaffirmed that penal laws operate prospectively in criminal matters.

The post Article 20 Protects Against Retrospective Punishment, Double Jeopardy & Self-Incrimination appeared first on TaxGuru.

Customary Units Like Inches & Feet Can Be Used Alongside SI Units Under Legal Metrology Law

Editor — Thu, 21 May 2026 07:44:41 +0000

The Department of Consumer Affairs has clarified that customary units like inches, feet, and dozen may be used as supplementary declarations alongside SI metric units. However, SI units will continue to remain the legally recognized standard under the Legal Metrology Act.

The post Customary Units Like Inches & Feet Can Be Used Alongside SI Units Under Legal Metrology Law appeared first on TaxGuru.

IFSC Insurance Offices Must Follow Retrocession Limits on Global Reinsurance Business: IFSCA

Editor6 — Thu, 21 May 2026 07:42:38 +0000

The IFSCA clarified that retrocession and retention requirements apply to the entire gross reinsurance premium of IFSC Insurance Offices, including international business generated outside India. The guidance also explains compliance responsibilities of MGAs and foreign reinsurers.

The post IFSC Insurance Offices Must Follow Retrocession Limits on Global Reinsurance Business: IFSCA appeared first on TaxGuru.

Re-Insurance of General Insurance Business Falls Within General Insurance Framework: IFSCa

editor4 — Thu, 21 May 2026 07:41:57 +0000

The authority observed that except life insurance, other insurance segments under IFSCA regulations align with the statutory definition of general insurance business. The decision clarifies the legal position for re-insurance entities operating in IFSC jurisdictions.

The post Re-Insurance of General Insurance Business Falls Within General Insurance Framework: IFSCa appeared first on TaxGuru.

No Bar on Carrying Business Through Mobile Phone Along With Principal Place of Business: Delhi HC

CA Sandeep Kanoi — Thu, 21 May 2026 07:16:08 +0000

Delhi HC held that a taxpayer can legally carry on business through a mobile phone in addition to the registered principal place of business.

The post No Bar on Carrying Business Through Mobile Phone Along With Principal Place of Business: Delhi HC appeared first on TaxGuru.

HSNS Cess Rules Amended to Remove Quarterly Transfer Requirement

editor7 — Thu, 21 May 2026 07:10:55 +0000

The Central Government amended the HSNS Cess Rules, 2026 to streamline procedural and accounting requirements under Rule 35. The notification removes certain consultation and approval conditions to simplify administrative compliance.

The post HSNS Cess Rules Amended to Remove Quarterly Transfer Requirement appeared first on TaxGuru.

Govt Clarifies on false claims on monetisation of temple gold holdings

editor7 — Thu, 21 May 2026 06:53:18 +0000

The Ministry of Finance clarified that claims regarding monetisation of temple gold holdings or issuance of gold bonds to temples are entirely false. The Government confirmed that no such proposal has been approved or considered.

The post Govt Clarifies on false claims on monetisation of temple gold holdings appeared first on TaxGuru.

IBBI Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026

editor7 — Thu, 21 May 2026 06:53:05 +0000

The amendment bars related parties, recent auditors, and connected persons from acting as registered valuers in pre-pack insolvency proceedings. The revised rules aim to ensure impartial and conflict-free valuation processes.

The post IBBI Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026 appeared first on TaxGuru.

IBBI (Liquidation Process) (Third Amendment) Regulations, 2026

editor7 — Thu, 21 May 2026 06:52:49 +0000

The IBBI amended the Liquidation Process Regulations, 2016 to allow appointment of one registered valuer for each asset class in MSME liquidation cases. The change is aimed at reducing costs and simplifying the liquidation framework for smaller businesses.

The post IBBI (Liquidation Process) (Third Amendment) Regulations, 2026 appeared first on TaxGuru.

IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2026

editor7 — Thu, 21 May 2026 06:51:01 +0000

The IBBI amended the CIRP Regulations, 2016 to permit appointment of one set of registered valuers for MSME corporate debtors. The change aims to reduce costs and streamline insolvency resolution for small businesses.

The post IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2026 appeared first on TaxGuru.

Latest Case Law Related to IBC 2016: January to March 2026

Editor — Thu, 21 May 2026 06:50:06 +0000

The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management and integrated project operations. The ruling clarifies when multiple corporate entities can face consolidated CIRP under the IBC.

The post Latest Case Law Related to IBC 2016: January to March 2026 appeared first on TaxGuru.

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Editor — Thu, 21 May 2026 06:45:40 +0000

Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation of the Income Tax Act, 2025. It emphasized that officers will remain heavily engaged in training, awareness, and transition-related activities throughout the financial year.

The post Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA appeared first on TaxGuru.

US Tax 2026: All about Trust and filing tax form 1041

Subramanian Natarajan — Thu, 21 May 2026 05:05:32 +0000

The article explains the structure, filing requirements, and tax implications of IRS Form 1041 for trusts and estates. It highlights that the return involves detailed disclosures, schedules, deductions, and compliance obligations requiring expert handling.

The post US Tax 2026: All about Trust and filing tax form 1041 appeared first on TaxGuru.

Impact of Automation on the CA Profession

Sania — Thu, 21 May 2026 04:30:04 +0000

Automation is reducing repetitive accounting work such as GST filings, reconciliations, and data entry, but professional judgment and advisory roles still require Chartered Accountants. The article explains how technology is reshaping the profession rather than eliminating it.

The post Impact of Automation on the CA Profession appeared first on TaxGuru.

Section 74 GST Proceedings Cannot Be Challenged Directly in Writ When Appeal Remedy Exists

CA Sandeep Kanoi — Thu, 21 May 2026 03:11:21 +0000

Madras High Court held that objections regarding fraud, suppression, and penalty proceedings under Section 74 of the CGST Act should be raised before the appellate authority. The Court declined to interfere in writ jurisdiction where statutory appeal remedies were available.

The post Section 74 GST Proceedings Cannot Be Challenged Directly in Writ When Appeal Remedy Exists appeared first on TaxGuru.

Bombay HC Sets Aside GST Refund Rejection Due to Non-Speaking Order

CA Sandeep Kanoi — Thu, 21 May 2026 03:08:57 +0000

The High Court held that refund rejection orders must contain specific findings and proper reasoning. Since the appellate authority failed to provide a speaking order, the matter was remanded for reconsideration.

The post Bombay HC Sets Aside GST Refund Rejection Due to Non-Speaking Order appeared first on TaxGuru.

Global Brand & Technology Support Payments Not Taxable as Royalty Under India-UK DTAA

CA Sandeep Kanoi — Thu, 21 May 2026 03:07:16 +0000

ITAT Mumbai ruled that payments made for global brand, communications, and technology support services within the Deloitte network did not amount to royalty under Article 13(3) of the India-UK DTAA. The Tribunal held that no transfer of copyright or intellectual property rights had taken place.

The post Global Brand & Technology Support Payments Not Taxable as Royalty Under India-UK DTAA appeared first on TaxGuru.

Karnataka HC Quashes GST Order Due to One-Day Reply Time for SCN

CA Sandeep Kanoi — Thu, 21 May 2026 03:05:54 +0000

The Karnataka High Court set aside an ex-parte GST assessment order after finding that the taxpayer was given only one day to respond to the show cause notice. The matter was remanded for fresh adjudication with an opportunity to file a reply.

The post Karnataka HC Quashes GST Order Due to One-Day Reply Time for SCN appeared first on TaxGuru.

ITAT Allows Higher BOT Road Amortization Due to Early Termination of Concession Agreement

CA Sandeep Kanoi — Thu, 21 May 2026 03:04:24 +0000

ITAT Mumbai held that amortization of BOT road project expenditure must be computed based on the actual concession period and not on an unimplemented extension proposal. The Tribunal directed recomputation after recognizing termination of the agreement before 2024.

The post ITAT Allows Higher BOT Road Amortization Due to Early Termination of Concession Agreement appeared first on TaxGuru.

Reversal of Previously Disallowed Securitisation Provisions Cannot Be Taxed Again: ITAT Mumbai

CA Sandeep Kanoi — Thu, 21 May 2026 03:01:41 +0000

The Mumbai ITAT held that reversal of securitisation provisions already disallowed in earlier years cannot be taxed again upon write-back. The Tribunal ruled that such taxation would amount to double taxation.

The post Reversal of Previously Disallowed Securitisation Provisions Cannot Be Taxed Again: ITAT Mumbai appeared first on TaxGuru.

Comparative Analysis Alone Cannot Justify Expense Disallowance: ITAT Mumbai

CA Sandeep Kanoi — Thu, 21 May 2026 02:54:42 +0000

ITAT Mumbai held that ad hoc disallowances based only on comparative analysis of turnover and expenditure are unsustainable without identifying defects in expense claims. The Tribunal deleted additions after finding that the assessee had submitted adequate supporting documents and explanations.

The post Comparative Analysis Alone Cannot Justify Expense Disallowance: ITAT Mumbai appeared first on TaxGuru.

AP HC Sets Aside GST Assessment Order for Covering Multiple Financial Years

CA Sandeep Kanoi — Thu, 21 May 2026 02:53:12 +0000

The Andhra Pradesh High Court held that a composite GST assessment order covering multiple financial years violates Sections 73 and 74 of the GST Act. The matter was remanded for separate assessment proceedings for each assessment year.

The post AP HC Sets Aside GST Assessment Order for Covering Multiple Financial Years appeared first on TaxGuru.

Bombay HC Upholds GST Arrest as Statutory Safeguards Were Followed

CA Sandeep Kanoi — Thu, 21 May 2026 02:51:38 +0000

The Bombay High Court dismissed a challenge to a GST arrest after finding that the authorities had complied with statutory and constitutional safeguards. The Court held that the petitioner was informed of the grounds of arrest and due procedure was followed.

The post Bombay HC Upholds GST Arrest as Statutory Safeguards Were Followed appeared first on TaxGuru.

Bombay HC Quashes GST Demand as Final Order Exceeded Show Cause Notice

CA Sandeep Kanoi — Thu, 21 May 2026 02:49:17 +0000

The Bombay High Court held that a GST adjudication order imposing demand beyond the amount proposed in the show cause notice violates Section 75(7) of the GST law. The Court quashed both the notice and the final order as unsustainable.

The post Bombay HC Quashes GST Demand as Final Order Exceeded Show Cause Notice appeared first on TaxGuru.

Fraud Allegation Does Not Allow Clubbing of GST Notices for Multiple Years: Bombay HC

CA Sandeep Kanoi — Thu, 21 May 2026 02:44:26 +0000

The Bombay High Court held that show cause notices under Section 74 of the CGST Act cannot combine multiple financial years into a single proceeding. The Court ruled that GST assessments and limitation periods operate separately for each financial year.

The post Fraud Allegation Does Not Allow Clubbing of GST Notices for Multiple Years: Bombay HC appeared first on TaxGuru.

Remote access to customer systems for maintenance not create a PE in India: ITAT Delhi

CA Sandeep Kanoi — Thu, 21 May 2026 02:41:14 +0000

The ITAT observed that mere remote access to customer-owned systems does not satisfy the disposal and permanence tests required for constituting a Fixed Place PE under the India-Canada DTAA.

The post Remote access to customer systems for maintenance not create a PE in India: ITAT Delhi appeared first on TaxGuru.

NCLT Orders Liquidation Because CoC Rejected Sole Resolution Plan During CIRP

CA Sandeep Kanoi — Thu, 21 May 2026 02:38:38 +0000

NCLT Chandigarh ordered liquidation of the Corporate Debtor after the Committee of Creditors rejected the only resolution plan received during CIRP. The Tribunal held that requirements under Section 33 of the IBC had been fully satisfied.

The post NCLT Orders Liquidation Because CoC Rejected Sole Resolution Plan During CIRP appeared first on TaxGuru.

CESTAT Sets Aside ₹5.31 Crore Service Tax Demand on SEZ Sub-Contractor Due to SEZ Exemption

CA Sandeep Kanoi — Thu, 21 May 2026 02:36:34 +0000

CESTAT Bangalore held that services rendered by a sub-contractor for authorized operations within an SEZ are eligible for exemption under Notification No. 4/2004-ST. The Tribunal ruled that exemption cannot be denied merely because services were provided through main contractors.

The post CESTAT Sets Aside ₹5.31 Crore Service Tax Demand on SEZ Sub-Contractor Due to SEZ Exemption appeared first on TaxGuru.

Fresh Section 80G Application Cannot Be Rejected merely Because Earlier Rejection Was Not Appealed

CA Sandeep Kanoi — Thu, 21 May 2026 02:35:04 +0000

ITAT Bangalore held that the Income Tax Act does not bar a trust from filing a fresh Section 80G application merely because an earlier rejection was not challenged. The Tribunal remanded the matter for fresh consideration after holding the “void-ab-initio” finding unsustainable.

The post Fresh Section 80G Application Cannot Be Rejected merely Because Earlier Rejection Was Not Appealed appeared first on TaxGuru.

ITAT Deletes Section 272A(1)(d) Penalty as Assessment Was Completed After Accepting Replies

CA Sandeep Kanoi — Thu, 21 May 2026 02:33:15 +0000

The Tribunal held that penalty under Section 272A(1)(d) could not survive once the Assessing Officer completed assessment under Section 143(3) after accepting the assessee’s explanations and returned income.

The post ITAT Deletes Section 272A(1)(d) Penalty as Assessment Was Completed After Accepting Replies appeared first on TaxGuru.

Karnataka HC Sets Aside Duplicate GST Orders Passed for Same Tax Period

CA Sandeep Kanoi — Thu, 21 May 2026 02:30:37 +0000

The Karnataka High Court remitted GST proceedings after noting allegations that duplicate adjudication orders were passed for the same tax period on ITC mismatch issues. The Court directed fresh adjudication after giving the taxpayer an opportunity to respond.

The post Karnataka HC Sets Aside Duplicate GST Orders Passed for Same Tax Period appeared first on TaxGuru.

Difference Between Projected & Actual Revenue Cannot Invalidate DCF Valuation: ITAT Delhi

CA Sandeep Kanoi — Thu, 21 May 2026 02:29:06 +0000

Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It observed that valuation is based on assumptions and future business expectations prevailing on valuation date.

The post Difference Between Projected & Actual Revenue Cannot Invalidate DCF Valuation: ITAT Delhi appeared first on TaxGuru.

Orissa HC Dismisses GST Writ as Statutory Appellate Remedy Was Available

CA Sandeep Kanoi — Thu, 21 May 2026 02:25:14 +0000

Orissa High Court refused to entertain a writ petition challenging GST classification of iron ore fines exports because the petitioner had not exhausted the appellate remedy under Section 112 of the GST Act. The Court held that disputed classification issues should be decided by statutory authorities.

The post Orissa HC Dismisses GST Writ as Statutory Appellate Remedy Was Available appeared first on TaxGuru.

Service Tax Cannot Be Collected Twice for Same Coaching Activity: CESTAT Chennai

CA Sandeep Kanoi — Thu, 21 May 2026 02:23:13 +0000

CESTAT Chennai held that service tax cannot be levied twice on the same commercial coaching and training services by taxing both the principal entity and its business partner. The Tribunal found that service tax had already been discharged by the principal service provider.

The post Service Tax Cannot Be Collected Twice for Same Coaching Activity: CESTAT Chennai appeared first on TaxGuru.

No Multiplicative Penalty for Single Private Placement Violation: ROC Pune

Editor — Thu, 21 May 2026 02:04:44 +0000

ROC Pune held that procedural lapses in a private placement involving one investor formed part of a single integrated transaction and did not justify multiple penalties. No penalty was imposed under Section 42(10) of the Companies Act.

The post No Multiplicative Penalty for Single Private Placement Violation: ROC Pune appeared first on TaxGuru.

ROC Pune Imposes Reduced Penalty Due to Delay in Filing MGT-14 by Start-Up Company

Editor — Thu, 21 May 2026 02:03:13 +0000

ROC Pune penalized a start-up company and its officers for delayed filing of e-Form MGT-14 relating to a Special Resolution under Section 117(1). Reduced penalties were granted after extending the benefit of Section 446B applicable to small companies and start-ups.

The post ROC Pune Imposes Reduced Penalty Due to Delay in Filing MGT-14 by Start-Up Company appeared first on TaxGuru.

ROC Pune Imposes Penalty Due to 46-Day Delay in Filing PAS-3 Return of Allotment

Editor — Thu, 21 May 2026 02:02:39 +0000

ROC Pune penalized a company and its directors for delayed filing of e-Form PAS-3 relating to private placement allotment under Section 42(8). The authority held that delay in filing return of allotment attracts separate penalty under Section 42(9).

The post ROC Pune Imposes Penalty Due to 46-Day Delay in Filing PAS-3 Return of Allotment appeared first on TaxGuru.

ROC Pune Imposes Penalty as Private Placement Funds Were Used Before PAS-3 Filing

Editor — Thu, 21 May 2026 02:01:57 +0000

ROC Pune penalized a company and its directors for utilizing private placement funds before filing return of allotment under Section 42(8). The authority held that such utilization violated the proviso to Section 42(4) of the Companies Act.

The post ROC Pune Imposes Penalty as Private Placement Funds Were Used Before PAS-3 Filing appeared first on TaxGuru.

ROC Imposes Penalty Due to Incorrect AGM Date in AOC-4 XBRL Filing

editor4 — Thu, 21 May 2026 01:49:31 +0000

ROC Mumbai-II imposed penalty under Section 450 after a company incorrectly mentioned the AGM date in Form AOC-4 XBRL. The order held the director responsible for ensuring accuracy of e-form contents.

The post ROC Imposes Penalty Due to Incorrect AGM Date in AOC-4 XBRL Filing appeared first on TaxGuru.

ROC Levies Over Rs. 37 Lakh Penalty as CSR Amount Was Transferred Late

editor4 — Thu, 21 May 2026 01:49:12 +0000

ROC Haryana ruled that non-transfer of unspent CSR amount within six months from the close of the financial year constituted a violation attracting adjudication penalty proceedings.

The post ROC Levies Over Rs. 37 Lakh Penalty as CSR Amount Was Transferred Late appeared first on TaxGuru.

IFSCA Ship Leasing Framework Boosts IFSC Maritime Finance Hub

editor3 — Wed, 20 May 2026 15:41:02 +0000

The updated IFSCA framework creates a detailed regulatory structure for ship leasing activities in IFSCs, including operating and financial leases. The circular aims to strengthen India’s maritime finance ecosystem through GIFT City and other IFSCs.

The post IFSCA Ship Leasing Framework Boosts IFSC Maritime Finance Hub appeared first on TaxGuru.

SEBI Proposes Third-Party Mutual Fund Payments as Industry Sought Operational Flexibility

editor7 — Wed, 20 May 2026 15:40:24 +0000

SEBI issued a draft consultation paper proposing limited relaxation of third-party payment restrictions in mutual funds for specified scenarios such as payroll deductions and distributor commissions. The proposal includes safeguards relating to KYC, audit trails, and PMLA compliance.

The post SEBI Proposes Third-Party Mutual Fund Payments as Industry Sought Operational Flexibility appeared first on TaxGuru.

CMA Report for Bank Loan: What It Is, Why Banks Need It & How to Get It Right?

shardaassociates — Wed, 20 May 2026 15:37:51 +0000

The article identifies reconciliation mismatches between profit statements, balance sheets, and fund flow statements as a major reason banks return loan files. It stresses the need for internal consistency across all seven CMA statements.

The post CMA Report for Bank Loan: What It Is, Why Banks Need It & How to Get It Right? appeared first on TaxGuru.

GSTR-9 Annual Return: Unresolved Crisis of GST Reconciliation & ITC Matching

S PRASAD — Wed, 20 May 2026 15:35:15 +0000

Article highlights how mechanical matching of GSTR-9 tables is leading to unjust GST demands and penalties against honest taxpayers. It argues that annual return reconciliations, DRC-03 payments, and audited accounts are being ignored during scrutiny proceedings.

The post GSTR-9 Annual Return: Unresolved Crisis of GST Reconciliation & ITC Matching appeared first on TaxGuru.

CESTAT Allows Reassessment for Excess CVD Refund Due to Wrong Classification of Gold Jewellery

CA Sandeep Kanoi — Wed, 20 May 2026 14:16:43 +0000

The CESTAT Chennai held that reassessment of a Bill of Entry can be permitted under Section 149 where excess CVD was paid due to failure to claim an exemption notification. The Tribunal directed customs authorities to reconsider the refund claim after reassessment instead of rejecting it on procedural grounds.

The post CESTAT Allows Reassessment for Excess CVD Refund Due to Wrong Classification of Gold Jewellery appeared first on TaxGuru.

CESTAT Allows CENVAT Credit on GTA Services Due to FOR Destination Sales

CA Sandeep Kanoi — Wed, 20 May 2026 14:16:21 +0000

CESTAT Chennai held that CENVAT credit on outward transportation and insurance services cannot be denied where goods are sold on FOR destination basis and the buyer’s premises is the place of removal. The Tribunal relied on earlier Larger Bench and Supreme Court-based principles for determining admissibility of credit.

The post CESTAT Allows CENVAT Credit on GTA Services Due to FOR Destination Sales appeared first on TaxGuru.

ITAT Denies Section 54B Exemption for Failure to Prove Actual Agricultural Use

CA Sandeep Kanoi — Wed, 20 May 2026 14:15:24 +0000

The Nagpur ITAT held that exemption under Section 54B requires evidence of active agricultural operations and not merely agricultural classification in revenue records. The assessee’s failure to produce supporting evidence led to denial of exemption.

The post ITAT Denies Section 54B Exemption for Failure to Prove Actual Agricultural Use appeared first on TaxGuru.

MP High Court Refuses GST Writ Petition as Effective Appeal Remedy Before GSTAT Was Available

CA Sandeep Kanoi — Wed, 20 May 2026 14:13:55 +0000

The Madhya Pradesh High Court dismissed a writ petition challenging GST registration cancellation after noting the availability of an appellate remedy before the GST Tribunal. The Court held that the petitioner could not bypass the statutory appeal mechanism.

The post MP High Court Refuses GST Writ Petition as Effective Appeal Remedy Before GSTAT Was Available appeared first on TaxGuru.