TaxGuru.in - Daily Newsletter

ROC Imposes Penalty for Missing PAN and Email Details in PAS-3 Filing

editor8 — Wed, 13 May 2026 10:49:16 +0000

ROC Chennai penalised a company and its director for failing to disclose PAN and e-mail IDs of allottees in Form PAS-3. The order highlights strict compliance requirements under Rule 14(6) of the Companies Act framework.

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ROC Imposes Penalty for Failure to Furnish PAN & Email IDs in PAS-3

editor8 — Wed, 13 May 2026 10:47:30 +0000

ROC Chennai penalised a Nidhi company and its directors for incomplete allottee disclosures in Form PAS-3. The order clarifies that absence of PAN or e-mail details cannot excuse statutory non-compliance.

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ROC Imposes Penalty as PAS-3 Did Not Mention Occupation of Allottees

Editor — Wed, 13 May 2026 10:47:00 +0000

ROC Chennai penalised a Nidhi company and its directors for filing incomplete allottee details in Form PAS-3. The ruling clarifies that occupation details of allottees are mandatory under Rule 12(2) of the Companies Rules, 2014.

The post ROC Imposes Penalty as PAS-3 Did Not Mention Occupation of Allottees appeared first on TaxGuru.

ROC Imposes Penalty Due to 513-Day Delay in Filing Annual Return MGT-7

Editor — Wed, 13 May 2026 10:46:41 +0000

ROC Chennai penalised a company and its director for filing Form MGT-7 more than 500 days late under Section 92 of the Companies Act, 2013. The ruling confirms that annual return filing delays attract substantial penalties despite operational or legal difficulties.

The post ROC Imposes Penalty Due to 513-Day Delay in Filing Annual Return MGT-7 appeared first on TaxGuru.

ROC Imposes Penalty Due to 313-Day Delay in Filing MGT-14 for Board Resolution

Editor — Wed, 13 May 2026 10:44:36 +0000

ROC Chennai penalised a company and its director for delayed filing of Form MGT-14 relating to approval of financial statements and Board’s Report. The ruling reiterates that board resolutions under Section 179(3) must be filed within the prescribed statutory timeline.

The post ROC Imposes Penalty Due to 313-Day Delay in Filing MGT-14 for Board Resolution appeared first on TaxGuru.

ROC Imposes Penalty Due to 274-Day Delay in Filing AOC-4 Financial Statements

Editor — Wed, 13 May 2026 10:44:15 +0000

ROC Chennai penalised a company and its director for delayed filing of financial statements under Section 137 of the Companies Act, 2013. The ruling confirms that prolonged litigation and staff shortage cannot excuse statutory MCA filing delays.

The post ROC Imposes Penalty Due to 274-Day Delay in Filing AOC-4 Financial Statements appeared first on TaxGuru.

ROC Imposes Penalty for Incorrect CSR Disclosure in AOC-4 XBRL Filing

Editor — Wed, 13 May 2026 10:40:39 +0000

ROC Mumbai levied a penalty under Section 450 after a company incorrectly stated that CSR provisions were not applicable in Form AOC-4 XBRL. The order highlights that directors signing MCA forms are personally responsible for accuracy of disclosures and attachments.

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Wrong Approval, Wrong Reassessment – Pune ITAT Quashes 148 Notice for Taking Sanction From PCIT Instead of PCCIT!

cavkshetty — Wed, 13 May 2026 07:53:43 +0000

The Pune ITAT held that reassessment proceedings become void when approval under Section 151 is taken from the wrong authority. Since sanction was obtained from the PCIT instead of the PCCIT, the notice under Section 148 was quashed.

The post Wrong Approval, Wrong Reassessment – Pune ITAT Quashes 148 Notice for Taking Sanction From PCIT Instead of PCCIT! appeared first on TaxGuru.

No Addition on “Excel Sheet Theory” Alone – ITAT Mumbai Deletes ₹64 Lakh Alleged On-Money Addition in Rubberwala Group Case!

cavkshetty — Wed, 13 May 2026 07:41:46 +0000

The Mumbai ITAT held that additions under Section 69 cannot be sustained merely on the basis of uncorroborated excel-sheet entries and third-party statements. The Tribunal deleted the alleged on-money addition in the Rubberwala Group matter.

The post No Addition on “Excel Sheet Theory” Alone – ITAT Mumbai Deletes ₹64 Lakh Alleged On-Money Addition in Rubberwala Group Case! appeared first on TaxGuru.

Why Section 76 of GST Law Protects Bona Fide Purchasers from ITC Denial

CJK LEGAL — Wed, 13 May 2026 07:34:12 +0000

The article argues that Section 76 of the CGST Act provides a complete recovery mechanism against defaulting suppliers, making ITC denial to genuine purchasers legally unsustainable. It analyses constitutional principles, High Court rulings and statutory safeguards under GST law.

The post Why Section 76 of GST Law Protects Bona Fide Purchasers from ITC Denial appeared first on TaxGuru.

E-Invoicing under GST: Applicability, Legal Framework & Exemptions – A review

CH.V.S.S.Prakash — Wed, 13 May 2026 07:32:20 +0000

This article explains the legal framework governing e-invoicing under GST, including turnover thresholds, IRN requirements and sector-wise exemptions. It also discusses the consequences of non-compliance under Rule 48 of the CGST Rules.

The post E-Invoicing under GST: Applicability, Legal Framework & Exemptions – A review appeared first on TaxGuru.

OFAC Sanctions, Iran Imports & ₹6.75 Crore Consultancy Fee – ITAT Mumbai Says Revenue Cannot Sit in the Businessman’s Chair!

cavkshetty — Wed, 13 May 2026 07:31:27 +0000

The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affected by OFAC sanctions. The Tribunal held that the expenditure was incurred wholly and exclusively for business purposes.

The post OFAC Sanctions, Iran Imports & ₹6.75 Crore Consultancy Fee – ITAT Mumbai Says Revenue Cannot Sit in the Businessman’s Chair! appeared first on TaxGuru.

Reassessment Quashed as Section 148 Approval Was Taken from Wrong Authority

CA AJAY KUMAR AGRAWAL — Wed, 13 May 2026 07:21:13 +0000

The Bombay High Court held that reopening for AY 2016–17 becomes invalid when sanction is obtained from an authority not prescribed under Section 151(2). The Supreme Court affirmed the ruling by dismissing the Revenue’s SLP on delay and merits.

The post Reassessment Quashed as Section 148 Approval Was Taken from Wrong Authority appeared first on TaxGuru.

The Gold Duty Shock: A Symptom, Not the Disease

ramraj216 — Wed, 13 May 2026 07:16:29 +0000

The article argues that the sharp increase in gold import duty was triggered by pressure on India’s forex reserves, rising oil prices, and widening dollar outflows. It claims the move may revive smuggling, hurt the jewellery sector, and expose deeper weaknesses in economic management.

The post The Gold Duty Shock: A Symptom, Not the Disease appeared first on TaxGuru.

Demonetisation Sales Can’t Become “Bogus” Just Because SBNs Were Accepted- ITAT Bangalore Deletes ₹29.27 Lakh Addition!

cavkshetty — Wed, 13 May 2026 07:13:40 +0000

The Bangalore ITAT held that genuine business sales recorded in audited books cannot be treated as unexplained cash credits merely because payment was received in Specified Bank Notes during demonetisation. The Tribunal deleted the ₹29.27 lakh addition under Section 68.

The post Demonetisation Sales Can’t Become “Bogus” Just Because SBNs Were Accepted- ITAT Bangalore Deletes ₹29.27 Lakh Addition! appeared first on TaxGuru.

Tamil Nadu Election- Failure of BJP Strategy

T.R. Radhakrishnan — Wed, 13 May 2026 07:11:32 +0000

The piece states that replacing Annamalai as Tamil Nadu BJP President disrupted the partys long-term growth strategy. It suggests the decision reduced BJP s ability to expand its vote share and connect with younger voters.

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TDS on Rent under Income-tax Act, 2025: A Tenant’s Practical Guide to Form 141 Compliance

Anita Bhadra — Wed, 13 May 2026 07:08:47 +0000

The article explains that individual tenants paying rent above ₹50,000 per month must deduct TDS at 2% under Section 194-IB. It highlights compliance procedures, filing requirements, and consequences of non-deduction or delayed payment.

The post TDS on Rent under Income-tax Act, 2025: A Tenant’s Practical Guide to Form 141 Compliance appeared first on TaxGuru.

CPC Can’t Ignore Finance Act Benefit Just Because ITR Had No Column – Pune ITAT Allows 25% Corporate Tax Rate Claim!

cavkshetty — Wed, 13 May 2026 07:05:07 +0000

The Tribunal ruled that CPC’s application of a 30% tax rate merely due to absence of turnover disclosure in the return form could not override the concessional rate provided by law.

The post CPC Can’t Ignore Finance Act Benefit Just Because ITR Had No Column – Pune ITAT Allows 25% Corporate Tax Rate Claim! appeared first on TaxGuru.

RBI Cancels Licence of Sarvodaya Co-operative Bank Ltd., Mumbai

editor8 — Wed, 13 May 2026 06:59:58 +0000

RBI revoked the licence of a Mumbai-based co-operative bank after finding inadequate capital, poor earning prospects, and non-compliance with Banking Regulation Act provisions. The decision aims to protect depositors and safeguard public interest.

The post RBI Cancels Licence of Sarvodaya Co-operative Bank Ltd., Mumbai appeared first on TaxGuru.

Government Revises Preferential Customs Rates Under India-UAE CEPA

editor2 — Wed, 13 May 2026 06:58:25 +0000

Notification 18/2026 amends concessional customs rates under India-UAE CEPA effective 13 May 2026. Importers claiming India-UAE CEPA benefits to face revised tariff concession structure under latest amendment.

The post Government Revises Preferential Customs Rates Under India-UAE CEPA appeared first on TaxGuru.

Concessional Customs Duty on Gold, Silver & Platinum Imports raised to 10%

editor2 — Wed, 13 May 2026 06:56:27 +0000

Ministry of Finance hikes concessional import duty on gold, silver and platinum from 4.35% to 10% under Notification 57/2000-Customs effective 13 May 2026.

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Form 16 Trap – ITAT Bangalore Deletes ₹51 Lakh Penalty, Says Every Wrong Claim Is Not Misreporting!

cavkshetty — Wed, 13 May 2026 06:55:18 +0000

The Bangalore ITAT held that an assessee claiming exemption based on Form 16 issued by the employer acted under a bona fide belief and cannot automatically be penalized for misreporting. The Tribunal deleted the ₹51.20 lakh penalty levied under Section 270A.

The post Form 16 Trap – ITAT Bangalore Deletes ₹51 Lakh Penalty, Says Every Wrong Claim Is Not Misreporting! appeared first on TaxGuru.

Government Revises SWS and AIDC Rates on Gold & Silver

editor2 — Wed, 13 May 2026 06:53:44 +0000

Customs Notification 16/2026 Changes AIDC Structure for Gold, Silver and Platinum Imports - New customs notification modifies AIDC rates for bullion, jewellery components and recycled precious metal imports.

The post Government Revises SWS and AIDC Rates on Gold & Silver appeared first on TaxGuru.

Customs Duty on Gold and Silver Increased to 10%

editor2 — Wed, 13 May 2026 06:49:27 +0000

The Government has raised customs duty from 5% to 10% on several precious metals and related tariff items through Notification No. 15/2026-Customs. The amendment also introduces a special provision for spent catalyst and ash containing precious metals.

The post Customs Duty on Gold and Silver Increased to 10% appeared first on TaxGuru.

No Fishing Enquiries in Reassessment – Pune ITAT Quashes 148 Proceedings After AO Dropped Original Issue!

cavkshetty — Wed, 13 May 2026 06:45:25 +0000

Pune ITAT held that once the Assessing Officer accepted the explanation for cash deposits, reassessment could not continue on a completely new issue without issuing a fresh notice under Section 148.

The post No Fishing Enquiries in Reassessment – Pune ITAT Quashes 148 Proceedings After AO Dropped Original Issue! appeared first on TaxGuru.

Statutory SLR Deposits Save 80P Deduction – ITAT Bangalore Draws Clear Line Between Mandatory Funds & Idle Surplus!

cavkshetty — Wed, 13 May 2026 06:35:37 +0000

Bangalore ITAT held that interest earned on statutory SLR and fluid resource deposits maintained under the Karnataka Co-operative Societies Act qualifies for deduction under Section 80P(2)(a)(i).

The post Statutory SLR Deposits Save 80P Deduction – ITAT Bangalore Draws Clear Line Between Mandatory Funds & Idle Surplus! appeared first on TaxGuru.

SEBI Moves to Align Listed SDI Framework with RBI’s Standard Asset Directions

Shubham Sharma — Tue, 12 May 2026 15:09:39 +0000

SEBI proposes SDI rule changes to align listed securitisation norms with RBI directions, covering SPDE governance, disclosures, trustee changes, and more.

The post SEBI Moves to Align Listed SDI Framework with RBI’s Standard Asset Directions appeared first on TaxGuru.

Rationalisation of AOC-4 Filing Framework under Companies Act, 2013

csrabi@gmail.com — Tue, 12 May 2026 15:05:54 +0000

A Discussion Perspective A company is owned by its shareholders and managed by its Board of Directors. However, the framework of corporate governance extends beyond the objective of profit generation alone. Companies today operate within a broader stakeholder ecosystem comprising employees, lenders, creditors, investors, customers, regulators, government authorities and society at large. Contemporary corporate governance […]

The post Rationalisation of AOC-4 Filing Framework under Companies Act, 2013 appeared first on TaxGuru.

What Every CA Student Should Learn After Exams (Before Placements Begin)

CA Tushar Makkar — Tue, 12 May 2026 15:04:41 +0000

Learn Excel, LinkedIn, interview skills, GST, Ind AS, and tech tools after CA exams to improve ICAI placement chances and secure better offers.

The post What Every CA Student Should Learn After Exams (Before Placements Begin) appeared first on TaxGuru.

New PAN Regulations for NRIs, Foreign Entities & Their Representatives

apkireturn — Tue, 12 May 2026 14:55:44 +0000

India’s new PAN compliance framework introduces stricter documentation and verification requirements for NRIs and foreign entities. The reforms replace old forms and mandate TIN, passport, and authorized representative details.

The post New PAN Regulations for NRIs, Foreign Entities & Their Representatives appeared first on TaxGuru.

Technical Issues in GSTN’s New Annexure-B Utility

Rajbir Singh — Tue, 12 May 2026 14:54:10 +0000

Taxpayers and professionals are facing major technical issues while uploading Annexure-B JSON files for GST refunds. Common problems include duplicate data errors, missing invoice validations, and failed JSON uploads despite correct data preparation.

The post Technical Issues in GSTN’s New Annexure-B Utility appeared first on TaxGuru.

GSTN Introduces Automated Annexure-B Utility for GST Refunds

Rajbir Singh — Tue, 12 May 2026 14:53:11 +0000

GSTN has replaced manual Annexure-B filing with a JSON-based automated validation utility linked directly to Form RFD-01. The new system introduces invoice-level checks, ITC classification, and automated validations for refund processing.

The post GSTN Introduces Automated Annexure-B Utility for GST Refunds appeared first on TaxGuru.

GST Nil Returns: Everything You Need to Know (Without Headache)

Munivel Thangavel — Tue, 12 May 2026 14:50:36 +0000

The article explains when businesses must file a GST Nil Return despite having no sales, purchases, or tax liability. It highlights the importance of maintaining GST compliance to avoid penalties and future filing issues.

The post GST Nil Returns: Everything You Need to Know (Without Headache) appeared first on TaxGuru.

Bamboo Tree & Professional Growth: A Lesson in Patience, Persistence & Silent Transformation

Adv. Sudarshan Raturi — Tue, 12 May 2026 14:49:29 +0000

The article explains how the bamboo tree symbolizes invisible preparation before visible success in professional life. It highlights the importance of patience, discipline, and long-term learning for sustainable career growth.

The post Bamboo Tree & Professional Growth: A Lesson in Patience, Persistence & Silent Transformation appeared first on TaxGuru.

GSTAT vs CESTAT: Deciphering Jurisdiction for IGST on Import of Goods

V R Pavan Kumar — Tue, 12 May 2026 14:48:14 +0000

The Andhra Pradesh High Court held that Customs authorities are responsible for levy and assessment of IGST on imported goods. The ruling has renewed debate over whether appeals should lie before GSTAT or CESTAT.

The post GSTAT vs CESTAT: Deciphering Jurisdiction for IGST on Import of Goods appeared first on TaxGuru.

GST Show Cause Notices can cover Multiple Financial Years: Karnataka HC

etaxmantra — Tue, 12 May 2026 14:46:33 +0000

Karnataka High Court held that consolidated show cause notices under Sections 73 and 74 of the CGST Act can legally cover multiple financial years. The Court ruled that the law does not restrict GST notices to a single tax period.

The post GST Show Cause Notices can cover Multiple Financial Years: Karnataka HC appeared first on TaxGuru.

Delhi HC: Additional Documents Can Be Filed in Criminal Tax Prosecution – “Truth Cannot Be Sacrificed for Technicalities”

cavkshetty — Tue, 12 May 2026 13:40:56 +0000

The Delhi High Court held that additional documents already referred to in a criminal complaint can be filed later under Section 311 Cr.P.C. The Court ruled that procedural defects should not obstruct substantive justice where no serious prejudice is caused.

The post Delhi HC: Additional Documents Can Be Filed in Criminal Tax Prosecution – “Truth Cannot Be Sacrificed for Technicalities” appeared first on TaxGuru.

Delhi HC to Tax Department: 100% Shareholding Doesn’t Make You Owner of Company’s Property

cavkshetty — Tue, 12 May 2026 13:38:45 +0000

The Delhi High Court held that shareholders of a foreign company cannot be taxed on the company’s rental income and capital gains merely because they hold all its shares. The Court reiterated that a company is a separate legal entity unless fraud or sham arrangements are proved.

The post Delhi HC to Tax Department: 100% Shareholding Doesn’t Make You Owner of Company’s Property appeared first on TaxGuru.

SEBI Plans Cap on Commodity Derivatives Penalties Due to Concerns Over Excessive Punishment

editor4 — Tue, 12 May 2026 13:37:24 +0000

The regulator has proposed capping penalties for position limit breaches in commodity derivatives, stating that excessive penalties may discourage market participation and risk management.

The post SEBI Plans Cap on Commodity Derivatives Penalties Due to Concerns Over Excessive Punishment appeared first on TaxGuru.

SEBI Proposes Phased Physical Settlement in Agricultural Commodity Derivatives

editor7 — Tue, 12 May 2026 13:36:28 +0000

SEBI has proposed objective triggers such as average daily traded volume and open interest for transitioning agricultural derivatives to compulsory physical settlement. The proposal seeks to ensure that flexibility in settlement methodology remains limited and transparent.

The post SEBI Proposes Phased Physical Settlement in Agricultural Commodity Derivatives appeared first on TaxGuru.

PFRDA Introduces Additional Incentive Support for Grass-Root Pension Enrollment Network

Editor — Tue, 12 May 2026 13:35:11 +0000

PFRDA has expanded the NPS Sanchay incentive framework to include CSC-VLEs, BCs/Pension Sakhis, and PACS operating through PoPs. The move aims to strengthen last-mile pension outreach and improve pension inclusion.

The post PFRDA Introduces Additional Incentive Support for Grass-Root Pension Enrollment Network appeared first on TaxGuru.

Important May 2026 Income Tax Compliances for Gems & Jewellery Businesses

Dr. Suresh Surana — Tue, 12 May 2026 13:33:21 +0000

The article explains how gems and jewellery businesses must distinguish compliances governed by the Income-tax Act, 1961 and the new Income-tax Act, 2025 during May 2026. It highlights important TDS, TCS, and reporting deadlines applicable during the transition period.

The post Important May 2026 Income Tax Compliances for Gems & Jewellery Businesses appeared first on TaxGuru.

No Cross-Examination, No Addition: ITAT Deletes ₹1.09 Crore “Entry Operator” Loan Addition

cavkshetty — Tue, 12 May 2026 13:32:06 +0000

ITAT Mumbai held that addition under Section 69A could not survive when based solely on a third-party statement without granting cross-examination. The Tribunal ruled that denial of cross-examination violated principles of natural justice.

The post No Cross-Examination, No Addition: ITAT Deletes ₹1.09 Crore “Entry Operator” Loan Addition appeared first on TaxGuru.

From Compliance To Culture: Redefining POSH Governance In Modern Corporate Era

Sonal Jain — Tue, 12 May 2026 13:31:33 +0000

From Compliance To Culture: Redefining POSH Governance In Modern Corporate Era A Governance-Centric Analysis of Workplace Safety, Accountability and Institutional Responsibility Introduction The modern corporate environment is witnessing a significant transformation in the understanding of workplace governance and employee protection. Issues relating to dignity, inclusion, ethics, and accountability are no longer viewed merely as human […]

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Dead Person Can’t Be Assessed: ITAT Quashes Entire Assessment Despite AO Being Informed of Death

cavkshetty — Tue, 12 May 2026 13:31:08 +0000

The Mumbai ITAT held that assessment proceedings conducted in the name of a deceased person are legally void once the department is informed about the death. Both the assessment and appellate orders were quashed as nullities.

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Suppliers Ignoring Section 133(6) Notices Alone Can’t Make Purchases Bogus: ITAT Gives Fresh Lifeline to Liquor Trader

cavkshetty — Tue, 12 May 2026 13:30:06 +0000

The Pune ITAT ruled that purchases cannot automatically be disallowed merely because suppliers failed to reply to notices issued under Section 133(6). The Tribunal restored the matter for fresh verification after considering documentary evidence produced by the assessee.

The post Suppliers Ignoring Section 133(6) Notices Alone Can’t Make Purchases Bogus: ITAT Gives Fresh Lifeline to Liquor Trader appeared first on TaxGuru.

Insurer Cannot Escape Liability Without Evidence Against Driving Licence: AP HC

CA Sandeep Kanoi — Tue, 12 May 2026 13:23:40 +0000

The Andhra Pradesh High Court held that an Insurance Company cannot avoid liability without producing evidence showing absence of a valid driving licence. The Court also upheld compensation based on gross salary and enhanced amounts under conventional heads.

The post Insurer Cannot Escape Liability Without Evidence Against Driving Licence: AP HC appeared first on TaxGuru.

Bombay HC Quashes Reassessment as Limitation Expired Before Assessment Order Was Passed

CA Sandeep Kanoi — Tue, 12 May 2026 13:17:34 +0000

The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the limitation period prescribed under Section 153. The Court ruled that procedural remand directions did not extend limitation under Section 153(6).

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Customs Broker Liable for Penalty as Goods Were Transported to Unauthorised Premises

CA Sandeep Kanoi — Tue, 12 May 2026 13:14:47 +0000

CESTAT Bangalore upheld penalty under Section 112(b) after finding that the Customs Broker knowingly arranged transportation of duty-free imported goods to locations not permitted under advance licences. The Tribunal held that such conduct amounted to aiding violation of customs conditions.

The post Customs Broker Liable for Penalty as Goods Were Transported to Unauthorised Premises appeared first on TaxGuru.

ITAT Deletes Addition as Sale Value & Stamp Duty Alone Cannot Prove Cash Payment

CA Sandeep Kanoi — Tue, 12 May 2026 13:13:00 +0000

ITAT Mumbai held that denial of cross-examination in a case based on third-party statements and seized records violated principles of natural justice. The matter was remanded for fresh assessment after granting the assessee an opportunity to cross-examine witnesses.

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ITAT Delhi Deletes Section 69A Addition as Excess Agricultural Income Was Declared by Mistake

CA Sandeep Kanoi — Tue, 12 May 2026 13:11:48 +0000

The ITAT Delhi held that an assessee cannot be taxed on excess income wrongly declared in the return due to inadvertent error. The Tribunal deleted the Section 69A addition after accepting agricultural income evidence.

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ITAT Delhi Deletes IDS Addition as Income Was Taxed in Wrong Assessment Year

CA Sandeep Kanoi — Tue, 12 May 2026 13:11:00 +0000

The ITAT Delhi held that undisclosed income declared under IDS-2016 but unpaid within prescribed time must be taxed in the year of declaration, not the original assessment year. The reassessment addition for AY 2013-14 was deleted.

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NCLT Cannot Keep Reserved IBC Matter Pending Indefinitely: Bombay HC

CA Sandeep Kanoi — Tue, 12 May 2026 13:08:49 +0000

The Bombay High Court directed constitution of a special NCLT Bench after an insolvency petition remained pending despite being reserved for orders twice. The Court held that delay frustrated the purpose of IBC proceedings.

The post NCLT Cannot Keep Reserved IBC Matter Pending Indefinitely: Bombay HC appeared first on TaxGuru.

Residential Quarters for Employees Not Taxable as Commercial Construction: CESTAT Allahabad

CA Sandeep Kanoi — Tue, 12 May 2026 13:05:17 +0000

Tribunal ruled that construction services relating to employee residential colonies were outside scope of commercial or industrial construction services during relevant period.

The post Residential Quarters for Employees Not Taxable as Commercial Construction: CESTAT Allahabad appeared first on TaxGuru.

ITAT Kolkata Allows Foreign Tax Credit Despite Late Filing of Form 67

CA Sandeep Kanoi — Tue, 12 May 2026 12:59:28 +0000

The ITAT Kolkata held that delayed filing of Form No. 67 is only a procedural defect and cannot deprive an assessee of Foreign Tax Credit under Section 90 and the India-USA DTAA.

The post ITAT Kolkata Allows Foreign Tax Credit Despite Late Filing of Form 67 appeared first on TaxGuru.

Quicklime With Less Than 98% Purity Falls Under CTH 2522: SC

CA Sandeep Kanoi — Tue, 12 May 2026 12:43:41 +0000

The Supreme Court dismissed the Revenue’s appeals after observing that the classification dispute had already been settled in an earlier judgment upheld by the Court. The ruling confirms reliance on the precedent followed by CESTAT.

The post Quicklime With Less Than 98% Purity Falls Under CTH 2522: SC appeared first on TaxGuru.

ITAT Delhi Rejects Revenue Appeal Over Presumptive Taxation & Jewellery Additions

CA Sandeep Kanoi — Tue, 12 May 2026 12:41:32 +0000

The ITAT Delhi held that once income higher than the presumptive rate under Section 44AD was declared, the assessee was not required to maintain detailed books or expense records. The addition based on estimated expenditure was deleted.

The post ITAT Delhi Rejects Revenue Appeal Over Presumptive Taxation & Jewellery Additions appeared first on TaxGuru.

ITAT Remands Section 54F Dispute Due to Non-Consideration of Evidence

CA Sandeep Kanoi — Tue, 12 May 2026 12:39:51 +0000

The ITAT Delhi held that the lower authorities failed to properly consider the assessee’s submissions and documentary evidence in a Section 54F dispute. The matter was remanded to the Assessing Officer for fresh adjudication after granting proper hearing opportunity.

The post ITAT Remands Section 54F Dispute Due to Non-Consideration of Evidence appeared first on TaxGuru.

ITAT Rejects MAT Addition as Company Validly Opted for Section 115BAA Concessional taxation

CA Sandeep Kanoi — Tue, 12 May 2026 12:38:58 +0000

ITAT Delhi held that MAT provisions under Section 115JB cannot apply once a company validly opts for concessional taxation under Section 115BAA. The Tribunal also relied on consistency as the department had accepted the option in earlier years.

The post ITAT Rejects MAT Addition as Company Validly Opted for Section 115BAA Concessional taxation appeared first on TaxGuru.

ITAT Delhi Rejects Appeal as AO’s Situs Determines Territorial Jurisdiction

CA Sandeep Kanoi — Tue, 12 May 2026 12:37:27 +0000

ITAT Delhi held that territorial jurisdiction depends on the location of the Assessing Officer handling the assessment. Since the assessee’s jurisdiction lay in Agra, the Delhi Bench dismissed the appeal.

The post ITAT Delhi Rejects Appeal as AO’s Situs Determines Territorial Jurisdiction appeared first on TaxGuru.

ITAT Accepts Spam Folder Explanation as Reasonable Cause for Missing Tax Notice

CA Sandeep Kanoi — Tue, 12 May 2026 12:35:21 +0000

The Tribunal ruled that the appellate authority should have adopted a liberal approach while considering additional evidence crucial to adjudication. The assessee was granted another opportunity to substantiate the exemption claim.

The post ITAT Accepts Spam Folder Explanation as Reasonable Cause for Missing Tax Notice appeared first on TaxGuru.

Karnataka HC Quashes GST Order as Same Officer Handled Audit & Adjudication

CA Sandeep Kanoi — Tue, 12 May 2026 12:33:49 +0000

The Karnataka High Court held that objections relating to an officer performing dual roles in audit and adjudication must be examined before merits are considered. The matter was remitted for fresh adjudication after jurisdictional findings.

The post Karnataka HC Quashes GST Order as Same Officer Handled Audit & Adjudication appeared first on TaxGuru.

ITAT Quashes Section 153C Assessments As AO Recorded Improper Satisfaction

CA Sandeep Kanoi — Tue, 12 May 2026 12:32:52 +0000

ITAT Delhi held that assessments under Section 153C were invalid as the Assessing Officer failed to record satisfaction in terms of the amended statutory requirement. The Tribunal quashed the assessments for lack of proper jurisdictional compliance.

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ITAT Deletes Section Addition for Demonetisation Cash Deposits Explained Through Cash Flow Statement

CA Sandeep Kanoi — Tue, 12 May 2026 12:30:51 +0000

The ITAT Bangalore condoned a 28-day delay in filing appeal after accepting the assessee’s explanation regarding non-noticing of electronically communicated appellate order. The Tribunal adopted a justice-oriented approach.

The post ITAT Deletes Section Addition for Demonetisation Cash Deposits Explained Through Cash Flow Statement appeared first on TaxGuru.

ITAT Reduces Demonetization Cash Deposit Addition to 10% Due to Supporting Evidence

CA Sandeep Kanoi — Tue, 12 May 2026 12:29:30 +0000

The ITAT Rajkot reduced the addition on demonetization cash deposits after finding that the assessee had produced land records, cash flow statements, and other supporting evidence. The Tribunal restricted the addition to 10% of the disputed amount.

The post ITAT Reduces Demonetization Cash Deposit Addition to 10% Due to Supporting Evidence appeared first on TaxGuru.

Withholding GST Refunds under Section 54(11): Need for Structured Framework

Anand Singh — Tue, 12 May 2026 12:04:27 +0000

The article highlights concerns over indefinite withholding of GST refunds under Section 54(11) due to absence of statutory timelines. It proposes periodic review and reauthorization mechanisms to balance taxpayer rights and revenue protection.

The post Withholding GST Refunds under Section 54(11): Need for Structured Framework appeared first on TaxGuru.

GST Act Silence on Interest Cannot Defeat Refund Rights in Unconstitutional Levy Cases: AP HC

CA. Shafaly Girdharwal — Tue, 12 May 2026 12:00:33 +0000

The Andhra Pradesh High Court held that refund arising from an unconstitutional GST levy carries a constitutional right to interest. The Court ruled that the State must compensate taxpayers for wrongful retention of money.

The post GST Act Silence on Interest Cannot Defeat Refund Rights in Unconstitutional Levy Cases: AP HC appeared first on TaxGuru.

Common Issues raised in GST Department Audit

Roopa Nayak — Tue, 12 May 2026 11:55:15 +0000

The article explains common GST audit objections relating to ITC, reverse charge liability, and turnover mismatches. It highlights that proper reconciliations, documentary evidence, and judicial precedents may help avoid demands and penalties.

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State & Police To Blame For Tarikh Pe Tarikh, Not Just Judges: Allahabad HC

Sanjeev Sirohi — Tue, 12 May 2026 11:51:38 +0000

The Allahabad High Court observed that criminal case delays are caused not only by judicial officers but also by inadequate infrastructure, police non-cooperation, and forensic deficiencies. The Court issued multiple reform directions while rejecting a bail plea.

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Delhi HC Orders GST Reimbursement Since Frozen Meat Supply Was Taxable

CA Sandeep Kanoi — Tue, 12 May 2026 11:35:28 +0000

The Delhi High Court held that frozen chicken supplied to the Indian Army was not exempt from GST because it was supplied in unit containers. The Court directed reimbursement of GST paid by the supplier along with interest for delayed payment.

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Telangana HC Dismisses GST Writ Due to Availability of Alternative Appellate Remedy

CA Sandeep Kanoi — Tue, 12 May 2026 11:34:12 +0000

The Telangana High Court refused to interfere with a GST demand order involving alleged misclassification of cargo transport services, holding that the petitioner should pursue statutory appellate remedies. The Court found no violation of natural justice.

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Gold Cannot Be Confiscated Solely Due to High Purity: Delhi HC

CA Sandeep Kanoi — Tue, 12 May 2026 11:27:25 +0000

Delhi High Court upheld the view that high-purity gold jewellery could not be absolutely confiscated merely because it fell within the category of primary gold. Redemption on payment of fine and duty was allowed.

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R&D Cess Exemption Cannot Be Denied After Proper Payment & Documentation

CA Sandeep Kanoi — Tue, 12 May 2026 11:25:28 +0000

Tribunal found that the assessee had paid applicable R&D cess on royalty and technical know-how fees and had maintained supporting records. Exemption equivalent to service tax liability was therefore allowed.

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Mysore Race Club liable to Service Tax on Horse Race Telecast Charges

CA Sandeep Kanoi — Tue, 12 May 2026 11:23:09 +0000

CESTAT held that sharing telecast rights of horse racing events with other clubs against downlinking charges amounted to commercial exploitation of events. Service tax demand for the post-2010 period was upheld.

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Charging Fees for Environmental Education Doesn’t Destroy Charity: Delhi ITAT Grants 12A Registration

cavkshetty — Tue, 12 May 2026 11:22:29 +0000

The Delhi ITAT held that activities relating to environmental protection, farming awareness, and sustainability education qualify under the preservation of environment limb of Section 2(15). The Tribunal ruled that such activities are not hit by the restrictive proviso applicable to general public utility cases.

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Madras HC Stays GST Proceedings on Mining Royalty Pending SC Decision

CA Sandeep Kanoi — Tue, 12 May 2026 11:05:31 +0000

The Madras High Court directed GST authorities to keep proceedings on seigniorage fee and royalty demands in abeyance until the Supreme Court decides the issue. The Court, however, required deposit of 10% of the disputed tax as security.

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Gujarat HC Restrains GST Order on Corporate Guarantee Dispute Pending Constitutional Challenge

CA Sandeep Kanoi — Tue, 12 May 2026 11:03:48 +0000

The Gujarat High Court directed authorities not to pass any final order in a GST dispute concerning corporate guarantees during pendency of the writ petition. The case challenges Rule 28(2) and circulars prescribing 1% deemed valuation for GST purposes.

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Three Hearing Dates Cannot Be Treated as Three Adjournments: Gujarat HC

CA Sandeep Kanoi — Tue, 12 May 2026 11:02:03 +0000

Gujarat High Court quashed tax orders after holding that three hearing dates cannot be treated as three adjournments under Section 33A, citing breach of natural justice.

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Reopening After 4 Years on Same “Hawala Purchase” Material = Mere Change of Opinion: Pune ITAT Quashes Reassessment

cavkshetty — Tue, 12 May 2026 10:39:38 +0000

The Pune ITAT held that reassessment beyond four years based on the same hawala purchase material already examined during scrutiny amounted to a mere change of opinion. The reassessment proceedings were therefore quashed as invalid.

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Income Tax Additions Based Only on DRI Allegations Sent Back for Fresh Review by ITAT

CA Sandeep Kanoi — Tue, 12 May 2026 10:25:45 +0000

The Tribunal observed that earlier additions were primarily based on DRI show-cause notices without independent investigation by the Assessing Officer. Fresh adjudication was ordered after admission of subsequent customs findings.

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How to Use Crypto Cards to Optimize Tax Returns in 2026

Editor — Tue, 12 May 2026 10:20:50 +0000

The article explains that each crypto card transaction is treated as a taxable transfer of virtual digital assets under Indian tax law. It highlights the need for proper reporting, record-keeping, and tax planning for 2026 filings.

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7 Types of Credit Card Offers and How to Evaluate Them

Editor — Tue, 12 May 2026 10:12:11 +0000

Credit card offers explained with 7 types and evaluation tips. Learn to compare rewards, fees, and benefits before applying.

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Segregation & Aggregation of Income Under Income Tax Acts 1961 & 2025

MOHIT SINGH — Tue, 12 May 2026 09:49:45 +0000

The Income-tax Act, 2025 replaces old Sections 68 to 69D with a simplified sequential structure under Sections 102 to 106. The changes aim to improve clarity while retaining existing tax liabilities on unexplained income and assets.

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LMPC Compliance in India: Rules & Requirements Guide

Compliance Calendar LLP — Tue, 12 May 2026 09:47:12 +0000

LMPC Compliance regulates packaging, labeling, and sale of packaged commodities under the Legal Metrology framework in India. Businesses must follow mandatory declaration and registration requirements to avoid penalties and customs issues.

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Anticipatory Bail Allowed as No Specific Allegations Linked CA to Share Transfer Fraud

CA Sandeep Kanoi — Tue, 12 May 2026 09:29:03 +0000

The Telangana High Court granted anticipatory bail to a Chartered Accountant accused in a share transfer fraud case, observing that the evidence was primarily documentary in nature. The Court held that custodial interrogation was not necessary in the circumstances.

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CESTAT Quashes Drawback Recovery as Repealed 1995 Rules Could Not Be Revived Through Section 159A

CA Sandeep Kanoi — Tue, 12 May 2026 09:26:51 +0000

Tribunal held that Section 159A of the Customs Act could not revive Rules 16 and 16A of repealed 1995 Drawback Rules where 2017 Rules showed a different legislative intention. Recovery proceedings initiated in 2022 were therefore held unsustainable.

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Facts, Terms & Intention of Parties Determine Sale or Works Contract: CESTAT Chennai

CA Sandeep Kanoi — Tue, 12 May 2026 09:19:01 +0000

CESTAT Chennai ruled that the BOOT water transmission agreement was a single indivisible works contract and not a trading activity. The Tribunal held that transfer of property in goods during execution did not convert the contract into sale of goods.

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Additional Documents in Black Money Case Not Complaint Amendment: Delhi HC

CA Sandeep Kanoi — Tue, 12 May 2026 09:16:07 +0000

The Delhi High Court held that the scope of Section 311 Cr.P.C. is wide and extends to documentary evidence in addition to oral testimony. The provision can be used whenever the evidence is essential for a just decision.

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Delay in Form 10 Can’t Defeat Charity: ITAT Revives ₹1.28 Crore Section 11(2) Accumulation Claim

cavkshetty — Tue, 12 May 2026 09:15:16 +0000

ITAT Mumbai observed that the charitable trust had filed its original return within the due date prescribed under Section 139(1). The Tribunal directed fresh adjudication of the exemption claim instead of rejecting it on technical grounds.

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No Section 201 Default if TDS Non-Deduction Was Due to Court Directions: ITAT Ahmedabad

CA Sandeep Kanoi — Tue, 12 May 2026 09:11:49 +0000

Tribunal ruled that compliance with judicial orders restraining deduction of tax at source cannot attract liability under Sections 201(1) and 201(1A) of the Income Tax Act.

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No Section 69A Addition if Deposited Money Not Belong to Assessee: ITAT Delhi

CA Sandeep Kanoi — Tue, 12 May 2026 09:09:09 +0000

ITAT Delhi held that if Government money was fraudulently routed through the assessee’s account by another person, such deposits may not constitute the assessee’s income. The case was remanded for factual verification.

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Excise Rule 26 Penalty Set Aside as Goods Were Not Liable for Confiscation

CA Sandeep Kanoi — Tue, 12 May 2026 09:07:06 +0000

CESTAT Delhi held that penalties under Rule 26 of the Central Excise Rules cannot be imposed without a finding that goods were liable to confiscation. The Tribunal set aside the penalties as the impugned order contained no such determination.

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Service Tax Demand Set Aside as Taxable Value Fell Below Rs. 10 Lakh Threshold

CA Sandeep Kanoi — Tue, 12 May 2026 09:05:52 +0000

CESTAT Mumbai held that the appellant was entitled to exemption under Notification No. 33/2012-S.T. as the taxable value of services remained below Rs.10 lakh. The Tribunal ruled that no service tax liability arose in such circumstances.

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No Automatic Addition Based on Form 26AS Mismatch if No Matching Bank Credits

CA Sandeep Kanoi — Tue, 12 May 2026 09:03:26 +0000

The assessee claimed that amounts deposited in bank accounts were retailer collections remitted to the telecom company and not commission income. The Tribunal directed the Assessing Officer to conduct proper verification.

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No Service Tax on Liquidated Damages for Delay in Contract Performance

CA Sandeep Kanoi — Tue, 12 May 2026 09:01:24 +0000

The Hyderabad CESTAT held that amounts recovered from vendors for delayed performance of contracts cannot be treated as consideration for tolerating an act under Section 66E(e). The service tax demand on liquidated damages was set aside.

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Income Tax Prosecution Quashed as Officer Lacked Jurisdiction to File Complaint: Madras HC

CA Sandeep Kanoi — Tue, 12 May 2026 08:59:14 +0000

The Madras High Court held that prosecution under Section 276CC was invalid because the Assistant Commissioner lacked jurisdiction over the assessee’s case. In absence of a transfer order under Section 127, the complaint was held unsustainable.

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Ex Parte Assessment on Bitcoin Transactions Sent Back for Fresh Hearing: ITAT Delhi

CA Sandeep Kanoi — Tue, 12 May 2026 08:57:55 +0000

ITAT Delhi condoned a 333-day delay in filing appeal after finding the reasons stated by the assessee to be bona fide. The matter was remanded to the CIT(A) for fresh consideration.

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ITAT Slams ₹120 Crore Section 68 Addition on Fintech Giant: AO Cannot Ignore Evidence & Make Mechanical Additions

cavkshetty — Tue, 12 May 2026 08:55:30 +0000

ITAT Bangalore held that NIL taxable income disclosed by an Alternative Investment Fund does not automatically negate its creditworthiness. The Tribunal recognized the statutory pass-through taxation mechanism applicable to AIF structures.

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Type Test Charges Not Taxable as Excise Value as Testing Was Optional: CESTAT Mumbai

CA Sandeep Kanoi — Tue, 12 May 2026 08:52:16 +0000

CESTAT Mumbai held that optional “type test charges” collected separately from customers cannot be included in the assessable value of transformers. The Tribunal ruled that post-manufacturing testing conducted at the buyer’s request does not attract Central Excise duty.

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Waste Mud Not Excisable if Emerged Involuntarily During Bleaching Process

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

CESTAT Hyderabad held that waste mud generated during bleaching of crude palm oil cannot be treated as an excisable manufactured product. The Tribunal ruled that involuntary waste arising during refining does not attract Central Excise duty.

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