TaxGuru.in - Daily Newsletter

Income Tax | No Coercive Recovery of ₹29.24 Crore Tax Demand Until Stay Application Decided: Patna HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 17:06:05 +0000

Patna High Court barred coercive tax recovery and directed disposal of the assessee’s interim relief application within six weeks.

The post No Coercive Recovery of ₹29.24 Crore Tax Demand Until Stay Application Decided: Patna HC appeared first on TaxGuru.

Goods and Services Tax | GST Order Set Aside as Personal Hearing Was Not Given After Replies: Madras HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 17:04:54 +0000

Madras High Court sets aside GST order for want of personal hearing after replies; remand subject to appropriation and 25% tax deposit.

The post GST Order Set Aside as Personal Hearing Was Not Given After Replies: Madras HC appeared first on TaxGuru.

Income Tax | Sonu Sood Search: ITAT Mumbai Remands ₹76 Lakh Addition in Wife Sonali Sood’s Case

CA Sandeep Kanoi — Fri, 02 Oct 2026 17:04:24 +0000

ITAT Mumbai remands Rs. 76 lakh loan addition to AO for cross-examination and fresh enquiry; Section 148 jurisdiction grounds kept open.

The post Sonu Sood Search: ITAT Mumbai Remands ₹76 Lakh Addition in Wife Sonali Sood’s Case appeared first on TaxGuru.

Corporate Law | IBC Section 7 Application Not Time-Barred Where Debt Was Acknowledged: NCLAT Delhi

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:55:27 +0000

NCLAT Delhi dismisses promoter’s appeal, holding Section 7 IBC debt not time-barred amid continuing default and acknowledgment.

The post IBC Section 7 Application Not Time-Barred Where Debt Was Acknowledged: NCLAT Delhi appeared first on TaxGuru.

Corporate Law | BSNL Can Recover From Contractor but Wage Payment Order Requires No Interference: Calcutta HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:52:56 +0000

Calcutta High Court declined interference with wage payment order and allowed BSNL to proceed against the defaulting contractor.

The post BSNL Can Recover From Contractor but Wage Payment Order Requires No Interference: Calcutta HC appeared first on TaxGuru.

Corporate Law | Development MoU for Immovable Property Covered by Commercial Courts Act: Calcutta HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:51:26 +0000

Calcutta HC held development agreement dispute commercial and permitted return of plaint under Order VII Rule 10 CPC for proper presentation.

The post Development MoU for Immovable Property Covered by Commercial Courts Act: Calcutta HC appeared first on TaxGuru.

Excise Duty | CENVAT Credit Cannot Be Denied on Supplier Investigation Alone: CESTAT Kolkata

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:50:20 +0000

CESTAT Kolkata sets aside ₹10.38 lakh CENVAT credit demand where invoices, stock records, ledger and bank payments proved purchases.

The post CENVAT Credit Cannot Be Denied on Supplier Investigation Alone: CESTAT Kolkata appeared first on TaxGuru.

Goods and Services Tax | GSTR-3B and GSTR-2A Difference Alone Cannot Establish Ineligible ITC: GSTAT Lucknow

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:49:42 +0000

GSTAT Lucknow sets aside ITC mismatch orders and directs verification of reconciliation, RCM credit and supplier certificates with a fresh hearing.

The post GSTR-3B and GSTR-2A Difference Alone Cannot Establish Ineligible ITC: GSTAT Lucknow appeared first on TaxGuru.

Income Tax | GST Demand Quashed as Central Proceedings Overlapped State Proceedings: Gujarat HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:48:52 +0000

Gujarat HC quashed a consolidated GST demand and directed a fresh order excluding FYs 2017-18 and 2018-19 due to overlapping proceedings.

The post GST Demand Quashed as Central Proceedings Overlapped State Proceedings: Gujarat HC appeared first on TaxGuru.

Income Tax | SBI Not Assessee in Default for Following Court’s No-TDS Direction on LFC: ITAT Mumbai

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:48:17 +0000

ITAT Mumbai allows 39 SBI appeals, deleting LFC TDS demands, interest and penalties for payments covered by a binding High Court no-TDS direction.

The post SBI Not Assessee in Default for Following Court’s No-TDS Direction on LFC: ITAT Mumbai appeared first on TaxGuru.

Income Tax | ₹814.40 Crore CCPS Reclassification Credit Not Taxable Under Section 56(2)(viib): ITAT Delhi

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:47:10 +0000

ITAT Delhi deletes ₹814.40 crore CCPS reclassification and ₹9.59 lakh share-premium additions, citing no receipt and valid DCF valuation.

The post ₹814.40 Crore CCPS Reclassification Credit Not Taxable Under Section 56(2)(viib): ITAT Delhi appeared first on TaxGuru.

Income Tax | Section 50C Addition Deleted as Sale Consideration Fixed Before Registration: ITAT Chennai

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:45:13 +0000

ITAT Chennai accepted BIFR proceedings, board resolutions and bank advances as evidence of earlier fixed consideration and deleted the Section 50C addition.

The post Section 50C Addition Deleted as Sale Consideration Fixed Before Registration: ITAT Chennai appeared first on TaxGuru.

Income Tax | ITAT Mumbai Deletes 8% Purchase Addition After Purchases Accepted as Genuine

CA Sandeep Kanoi — Fri, 02 Oct 2026 16:40:42 +0000

ITAT Mumbai deleted the 8% purchase addition and ₹22 lakh Section 69A addition, citing genuine purchases and uncorroborated WhatsApp material.

The post ITAT Mumbai Deletes 8% Purchase Addition After Purchases Accepted as Genuine appeared first on TaxGuru.

Fema / RBI | RBI Mandates BIS-Certified Note Sorting Machines Under New Master Direction

Editor — Fri, 02 Oct 2026 15:39:30 +0000

RBI issues Master Direction on Note Sorting Machines covering authentication, fitness sorting, calibration, BIS-certified machines and withdrawal of earlier circulars.

The post RBI Mandates BIS-Certified Note Sorting Machines Under New Master Direction appeared first on TaxGuru.

Goods and Services Tax | ₹2 Crore GST Monetary Limit Applies to Pending Appeals: Supreme Court

CA Sandeep Kanoi — Fri, 02 Oct 2026 15:38:52 +0000

Supreme Court held CBICs ₹2 crore monetary limit applies to pending departmental appeals and dismissed appeals involving tax effect of ₹25.47 lakh.

The post ₹2 Crore GST Monetary Limit Applies to Pending Appeals: Supreme Court appeared first on TaxGuru.

Service Tax | Pre-July 2010 Residential Construction Service Tax Demand Set Aside: CESTAT Hyderabad

CA Sandeep Kanoi — Fri, 02 Oct 2026 15:36:13 +0000

CESTAT Hyderabad set aside pre-1 July 2010 residential construction service tax demand, rejected extended limitation and removed all penalties.

The post Pre-July 2010 Residential Construction Service Tax Demand Set Aside: CESTAT Hyderabad appeared first on TaxGuru.

Goods and Services Tax | GST Rectification Application Must Be Decided Within Eight Weeks: Uttarakhand HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 15:35:31 +0000

Uttarakhand HC directed the GST authority to decide the taxpayers pending rectification application within eight weeks without examining its merits.

The post GST Rectification Application Must Be Decided Within Eight Weeks: Uttarakhand HC appeared first on TaxGuru.

Income Tax | Mechanical Section 153D Approval Invalidates Search Assessments: ITAT Delhi

CA Sandeep Kanoi — Fri, 02 Oct 2026 15:34:22 +0000

ITAT Delhi quashed AY 2014-15 to 2020-21 assessments as composite Section 153D approval was mechanical and lacked application of mind.

The post Mechanical Section 153D Approval Invalidates Search Assessments: ITAT Delhi appeared first on TaxGuru.

Goods and Services Tax | Classification of Goods and Services under GST: Fault Line of Indirect Taxation

Shekhar Singh — Fri, 02 Oct 2026 13:17:22 +0000

GST classification determines tax rates, HSN/SAC treatment and litigation outcomes. Explore classification principles, composite supplies and GST 2.0 reforms.

The post Classification of Goods and Services under GST: Fault Line of Indirect Taxation appeared first on TaxGuru.

Goods and Services Tax | ₹18.22 Crore Fake ITC Case: Punjab & Haryana HC Grants Regular Bail

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:35:09 +0000

Punjab & Haryana HC granted regular bail in alleged ₹18.22 crore fake ITC case considering custody, clean antecedents and no recovery from premises.

The post ₹18.22 Crore Fake ITC Case: Punjab & Haryana HC Grants Regular Bail appeared first on TaxGuru.

Goods and Services Tax | GST Summons Cannot Trigger Section 438 Anticipatory Bail: Supreme Court

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:34:11 +0000

Supreme Court held a person summoned at the GST inquiry stage cannot invoke Section 438 CrPC and ordinarily courts should not restrict statutory arrest powers.

The post GST Summons Cannot Trigger Section 438 Anticipatory Bail: Supreme Court appeared first on TaxGuru.

Goods and Services Tax | Section 41A Notice Not Mandatory Before GST Arrest: Telangana HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:33:19 +0000

Telangana HC held Section 41A CrPC notice is not mandatory before GST arrest, but its safeguards must be kept in mind under Section 69 CGST Act.

The post Section 41A Notice Not Mandatory Before GST Arrest: Telangana HC appeared first on TaxGuru.

Goods and Services Tax | ₹20.28 Crore Fake ITC Case: Rajasthan HC Denies Bail

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:32:12 +0000

Rajasthan HC denied bail in alleged ₹20.28 crore fake ITC case, holding economic offences require a different approach and distinguishing Ratnambar Kaushik.

The post ₹20.28 Crore Fake ITC Case: Rajasthan HC Denies Bail appeared first on TaxGuru.

Custom Duty | CESTAT Kolkata Deletes ₹10 Lakh Customs Penalty for Lack of Corroborative Evidence

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:29:49 +0000

CESTAT Kolkata set aside ₹10 lakh penalty under Section 112 as retracted co-noticee statement lacked corroborative evidence against appellant.

The post CESTAT Kolkata Deletes ₹10 Lakh Customs Penalty for Lack of Corroborative Evidence appeared first on TaxGuru.

Custom Duty | Smuggled Gold Paste Is Prohibited Goods; Gujarat HC Upholds Section 112 Penalty

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:29:36 +0000

Gujarat HC upheld ₹4.46 crore Customs penalty, holding smuggled gold paste as prohibited goods and petitioner liable under Section 112(a) and (b).

The post Smuggled Gold Paste Is Prohibited Goods; Gujarat HC Upholds Section 112 Penalty appeared first on TaxGuru.

Custom Duty | Gold Falls Within Prohibited Goods Category: Delhi HC Dismisses Customs Appeal

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:28:58 +0000

Delhi HC dismissed Rahul Goyal’s customs appeal, holding the issue of gold being prohibited goods stood settled against assessee by Nidhi Kapoor.

The post Gold Falls Within Prohibited Goods Category: Delhi HC Dismisses Customs Appeal appeared first on TaxGuru.

Custom Duty | Allahabad HC Upholds Redemption of Gold as Import Was Not Prohibited

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:28:42 +0000

Allahabad HC held gold was not prohibited goods and upheld its release on redemption fine under Section 125 of Customs Act.

The post Allahabad HC Upholds Redemption of Gold as Import Was Not Prohibited appeared first on TaxGuru.

Custom Duty | Section 112 Penalty Unsustainable Without Corroborative Evidence: CESTAT Kolkata

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:21:02 +0000

CESTAT Kolkata sets aside Rs.25 lakh Customs Act Section 112 penalty where co-accused statements lacked cross-examination and corroborative evidence.

The post Section 112 Penalty Unsustainable Without Corroborative Evidence: CESTAT Kolkata appeared first on TaxGuru.

Corporate Law | Partners Can Face Cheque Dishonour Complaint Without Firm Initially Arraigned: SC

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:20:40 +0000

Supreme Court held Section 138 complaint against partners maintainable despite firm not being initially arraigned and restored cheque dishonour case.

The post Partners Can Face Cheque Dishonour Complaint Without Firm Initially Arraigned: SC appeared first on TaxGuru.

Income Tax | Portuguese Civil Code Cannot Divide Registered Share Voting Rights for Section 2(22)(e): Bombay HC

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:19:27 +0000

Bombay High Court held Portuguese Civil Code does not split registered shareholding or voting rights between spouses for Section 2(22)(e) deemed dividend.

The post Portuguese Civil Code Cannot Divide Registered Share Voting Rights for Section 2(22)(e): Bombay HC appeared first on TaxGuru.

Income Tax | Mechanical Reopening Based on Incorrect Facts Quashed: Bombay High Court

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:17:08 +0000

Bombay High Court quashed Section 148 reopening as reasons wrongly assumed a Section 143(3) assessment and misidentified a Supreme Court ruling.

The post Mechanical Reopening Based on Incorrect Facts Quashed: Bombay High Court appeared first on TaxGuru.

Corporate Law | Arbitration Clause Does Not Bar Section 9 IBC Petition: NCLAT Chennai

CA Sandeep Kanoi — Fri, 02 Oct 2026 12:16:38 +0000

NCLAT Chennai held an arbitration clause does not bar a Section 9 IBC petition and upheld CIRP admission where operational debt and default stood established.

The post Arbitration Clause Does Not Bar Section 9 IBC Petition: NCLAT Chennai appeared first on TaxGuru.

Goods and Services Tax | Who Must Register for GST? Persons Liable for GST Registration

Phurpa sona — Fri, 02 Oct 2026 11:59:27 +0000

Understand who must register for GST, Section 22 thresholds, compulsory registration under Section 24, voluntary registration and GST registration requirements.

The post Who Must Register for GST? Persons Liable for GST Registration appeared first on TaxGuru.

Goods and Services Tax | Allahabad HC Denies GST Anticipatory Bail Over Rs. 186.62 Crore Evasion Probe

CA Sandeep Kanoi — Fri, 02 Oct 2026 11:53:42 +0000

Allahabad High Court rejects GST anticipatory bail in alleged Rs. 186.62 crore clandestine manufacturing probe, citing non-cooperation and interrogation needs.

The post Allahabad HC Denies GST Anticipatory Bail Over Rs. 186.62 Crore Evasion Probe appeared first on TaxGuru.

Income Tax | Harshad Mehta AY 1993–94: ITAT Mumbai Deletes Unsupported Securities Additions

CA Sandeep Kanoi — Fri, 02 Oct 2026 11:44:37 +0000

ITAT Mumbai deletes major securities additions, upholds unexplained bank credits and remands limited issues in Harshad Mehta’s AY 1993–94 case.

The post Harshad Mehta AY 1993–94: ITAT Mumbai Deletes Unsupported Securities Additions appeared first on TaxGuru.

Goods and Services Tax | Unreconciled GSTR-9C Turnover & CA Certificate Insufficient to Claim GST Exemption on Interest Income: GSTAT

CA Sandeep Kanoi — Fri, 02 Oct 2026 11:42:12 +0000

GSTAT rejected Jana Small Finance Bank’s appeal as its CA certificate and audit report did not substantiate the claimed exempt interest income.

The post Unreconciled GSTR-9C Turnover & CA Certificate Insufficient to Claim GST Exemption on Interest Income: GSTAT appeared first on TaxGuru.

Finance | How to Start Investing as a Beginner

Editor — Fri, 02 Oct 2026 11:35:47 +0000

Learn how to start investing as a beginner in India, from setting goals and building an emergency fund to choosing investments and starting with ₹100.

The post How to Start Investing as a Beginner appeared first on TaxGuru.

Company Law | Independent Director under DPE Guidelines: Definition, Eligibility, Experience & IICA Test Exemption

Rashmi H — Fri, 02 Oct 2026 11:11:48 +0000

Understand Independent Director eligibility under DPE Guidelines, qualification, experience, disclosures and exemptions from the IICA proficiency test.

The post Independent Director under DPE Guidelines: Definition, Eligibility, Experience & IICA Test Exemption appeared first on TaxGuru.

Goods and Services Tax | GSTN Introduces Multistate GST Registration Facility for Multiple States/UTs

Editor2 — Fri, 02 Oct 2026 10:35:12 +0000

GSTN introduces Multistate Registration for Normal Taxpayers to apply for GST registration in multiple States/UTs simultaneously under one PAN.

The post GSTN Introduces Multistate GST Registration Facility for Multiple States/UTs appeared first on TaxGuru.

Company Law | NFRA Issues Going Concern Guidance on SA 570 for Auditors and Audit Committees

Editor2 — Fri, 02 Oct 2026 10:32:57 +0000

NFRA explains going concern assessment under SA 570, auditor reporting outcomes, CARO 2020 requirements and 35 audit committee questions.

The post NFRA Issues Going Concern Guidance on SA 570 for Auditors and Audit Committees appeared first on TaxGuru.

SEBI | SEBI Revamps Document Number Verification System for Authentication of Letters and Notices

Editor2 — Fri, 02 Oct 2026 10:30:47 +0000

SEBI revamps its Document Number Verification System by adding subject matter as a mandatory field and aligning it with E-Office outward numbers.

The post SEBI Revamps Document Number Verification System for Authentication of Letters and Notices appeared first on TaxGuru.

Corporate Law | IBC Strengthens Credit Discipline, Recovery Climate and Ease of Doing Business: Harsh Malhotra

Editor — Fri, 02 Oct 2026 10:29:07 +0000

Harsh Malhotra says the IBC has strengthened credit discipline, improved recovery and supported ease of doing business as IBBI marks its 10th Annual Day.

The post IBC Strengthens Credit Discipline, Recovery Climate and Ease of Doing Business: Harsh Malhotra appeared first on TaxGuru.

Goods and Services Tax | Punjab and Haryana HC Bars Mechanical ITC Reversal for Supplier GST Default

CA Sandeep Kanoi — Fri, 02 Oct 2026 10:24:34 +0000

Punjab and Haryana High Court upholds Section 16(2)(c), sets safeguards for ITC reversal and directs fresh review of supplier-default cases.

The post Punjab and Haryana HC Bars Mechanical ITC Reversal for Supplier GST Default appeared first on TaxGuru.

Fema / RBI | RBI Amends Local Area Bank Shareholding Rules with One-Time Approval for Qualifying Investors

Editor — Fri, 02 Oct 2026 09:48:15 +0000

RBI permits one-time approval for subsequent major share acquisitions by qualifying mutual funds, insurers and pension funds in Local Area Banks.

The post RBI Amends Local Area Bank Shareholding Rules with One-Time Approval for Qualifying Investors appeared first on TaxGuru.

Fema / RBI | RBI Introduces One-Time Approval for Major Shareholding Acquisitions in Payments Banks

Editor — Fri, 02 Oct 2026 09:47:18 +0000

RBI permits one-time approval for qualifying persons acquiring up to 10% additional shareholding in Payments Banks, subject to specified conditions.

The post RBI Introduces One-Time Approval for Major Shareholding Acquisitions in Payments Banks appeared first on TaxGuru.

Fema / RBI | RBI Introduces One-Time Approval for Major Shareholding Acquisitions in Small Finance Banks

Editor — Fri, 02 Oct 2026 09:46:20 +0000

RBI allows one-time approval for subsequent major share acquisitions by qualifying mutual funds, insurers and pension funds in small finance banks.

The post RBI Introduces One-Time Approval for Major Shareholding Acquisitions in Small Finance Banks appeared first on TaxGuru.

Fema / RBI | RBI Allows One-Time Approval for Subsequent Major Share Acquisitions by Qualifying Persons

Editor — Fri, 02 Oct 2026 09:45:23 +0000

RBI allows mutual funds, insurers and pension funds one-time approval for subsequent major share acquisitions up to 10% in commercial banks.

The post RBI Allows One-Time Approval for Subsequent Major Share Acquisitions by Qualifying Persons appeared first on TaxGuru.

Fema / RBI | RBI Withdraws 268 Circulars and Guidelines on Currency Management

Editor — Fri, 02 Oct 2026 09:44:25 +0000

RBI withdraws 268 currency management circulars and guidelines consolidated into Master Directions or rendered obsolete or redundant.

The post RBI Withdraws 268 Circulars and Guidelines on Currency Management appeared first on TaxGuru.

Finance | Bitcoin (BTC): How It Works and Indian Tax & Compliance Position

CA Sandeep Kanoi — Fri, 02 Oct 2026 07:24:31 +0000

Understand Bitcoin, blockchain, mining and the Indian tax, TDS, reporting and compliance framework applicable to BTC transactions in 2026.

The post Bitcoin (BTC): How It Works and Indian Tax & Compliance Position appeared first on TaxGuru.

Fema / RBI | Digital Rupee (e₹) – RBI FAQs

Editor — Fri, 02 Oct 2026 05:49:36 +0000

RBIs updated Digital Rupee FAQs explain e₹ wallets, UPI interoperability, programmability, wholesale CBDC use cases and CAT Sandbox.

The post Digital Rupee (e₹) – RBI FAQs appeared first on TaxGuru.

Custom Duty | Punjab & Haryana HC Orders Release of Perishable Goods Against Surety Bonds

CA Sandeep Kanoi — Fri, 02 Oct 2026 05:30:30 +0000

Punjab & Haryana HC ordered release of perishable goods against surety bonds after petitioner stated full customs/excise duty was already paid.

The post Punjab & Haryana HC Orders Release of Perishable Goods Against Surety Bonds appeared first on TaxGuru.

Goods and Services Tax | Karnataka HC Restores GST Appeal After Condoning Delay on Medical Grounds

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:14:17 +0000

Karnataka HC condoned delay in a GST appeal on medical grounds, restored the appeal and directed a hearing while keeping merits open.

The post Karnataka HC Restores GST Appeal After Condoning Delay on Medical Grounds appeared first on TaxGuru.

Goods and Services Tax | GST Demand Cannot Exceed Show Cause Notice: Calcutta High Court

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:13:21 +0000

Calcutta High Court remands GST demand exceeding the show cause notice, subject to a 10% tax deposit and fresh hearing.

The post GST Demand Cannot Exceed Show Cause Notice: Calcutta High Court appeared first on TaxGuru.

Goods and Services Tax | GST Registration Restoration Makes Departmental Appeals Infructuous: GSTAT Hyderabad

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:12:37 +0000

GSTAT Hyderabad upheld the GST appeal delay limit but held Revenue appeals not maintainable after the Department restored taxpayers’ registrations.

The post GST Registration Restoration Makes Departmental Appeals Infructuous: GSTAT Hyderabad appeared first on TaxGuru.

Goods and Services Tax | Outsourced Caterer’s Hospital Food Supply Not GST Exempt Healthcare: GSTAT Hyderabad

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:11:23 +0000

GSTAT Hyderabad held outsourced hospital food supply taxable, directed Section 73 redetermination and allowed Rule 35 cum-tax benefit.

The post Outsourced Caterer’s Hospital Food Supply Not GST Exempt Healthcare: GSTAT Hyderabad appeared first on TaxGuru.

Corporate Law | NOIDA & GNIDA Lease Dues Remain Unsecured Without General First Charge: NCLAT

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:10:23 +0000

NCLAT rejects NOIDA and GNIDA appeals as lease deeds lacked a general contractual charge securing their dues under the amended IBC.

The post NOIDA & GNIDA Lease Dues Remain Unsecured Without General First Charge: NCLAT appeared first on TaxGuru.

Goods and Services Tax | GSTAT Ernakulam Sets Aside GST PenaltyOrder for Breach of Seven-Day Timeline

editor8 — Thu, 01 Oct 2026 21:05:51 +0000

GSTAT Ernakulam sets aside the appellate order after holding a Section 129(3) penalty order passed 28 days after notice void ab initio.

The post GSTAT Ernakulam Sets Aside GST PenaltyOrder for Breach of Seven-Day Timeline appeared first on TaxGuru.

Goods and Services Tax | Telangana HC Grants Anticipatory Bail in Rs.98.47 Crore Alleged Fake ITC Case

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:03:04 +0000

Telangana HC grants anticipatory bail in alleged Rs.98.47 crore fake ITC case; custodial interrogation must be specifically justified.

The post Telangana HC Grants Anticipatory Bail in Rs.98.47 Crore Alleged Fake ITC Case appeared first on TaxGuru.

Goods and Services Tax | Gujarat HC Grants Bail in E-Way Bill Forgery Case Subject to ₹29.30 Lakh Deposit

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:02:10 +0000

Gujarat HC grants regular bail in alleged forged E-way bill case, subject to ₹29.30 lakh deposit and other conditions.

The post Gujarat HC Grants Bail in E-Way Bill Forgery Case Subject to ₹29.30 Lakh Deposit appeared first on TaxGuru.

Excise Duty | CESTAT Hyderabad Upholds ₹8.37 Crore Clean Energy Cess Credit Denial; Deletes Penalty

CA Sandeep Kanoi — Thu, 01 Oct 2026 21:01:39 +0000

CESTAT Hyderabad upheld denial of CENVAT credit on Clean Energy Cess but set aside ₹5,000 penalty, partly allowing Penna Cement’s appeal.

The post CESTAT Hyderabad Upholds ₹8.37 Crore Clean Energy Cess Credit Denial; Deletes Penalty appeared first on TaxGuru.

Custom Duty | Acceptance of Enhanced Customs Value Does Not Bar Importer From Challenging Reassessment: CESTAT Delhi

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:20:42 +0000

CESTAT Delhi upheld declared transaction value for 57 Bills of Entry and rejected Revenue’s appeal against relief granted to importer.

The post Acceptance of Enhanced Customs Value Does Not Bar Importer From Challenging Reassessment: CESTAT Delhi appeared first on TaxGuru.

Custom Duty | Coerced Consent Cannot Justify Enhancement of Customs Transaction Value: CESTAT Chandigarh

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:18:33 +0000

CESTAT Chandigarh quashed customs valuation enhancement based on coerced consent, DGoV/LME data and unsupported related-party grounds.

The post Coerced Consent Cannot Justify Enhancement of Customs Transaction Value: CESTAT Chandigarh appeared first on TaxGuru.

Custom Duty | Consent to Enhanced Customs Value Cannot Waive Statutory Valuation Safeguards: CESTAT Allahabad

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:18:10 +0000

CESTAT Allahabad held consent to enhanced customs value does not bar appeal where Rule 12 valuation safeguards were not followed.

The post Consent to Enhanced Customs Value Cannot Waive Statutory Valuation Safeguards: CESTAT Allahabad appeared first on TaxGuru.

Income Tax | Corporate Guarantee for AE Falls Under Section 92B; 0.20% Commission Is ALP: ITAT Mumbai

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:16:52 +0000

ITAT Mumbai held corporate guarantee to AE is an international transaction but restricted arm’s length guarantee commission to 0.20%.

The post Corporate Guarantee for AE Falls Under Section 92B; 0.20% Commission Is ALP: ITAT Mumbai appeared first on TaxGuru.

Income Tax | Rule 128 Effective From 01.04.2017 Cannot Deny Kenya Foreign Tax Credit for Earlier Return: ITAT Mumbai

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:14:52 +0000

ITAT Mumbai held Rule 128 could not deny Kenya tax credit for a return filed in 2015 and also decided corporate guarantee and MAT issues.

The post Rule 128 Effective From 01.04.2017 Cannot Deny Kenya Foreign Tax Credit for Earlier Return: ITAT Mumbai appeared first on TaxGuru.

Income Tax | Section 28 Land Acquisition Interest Is Compensation and No TDS Deduction Permissible: Karnataka HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:12:34 +0000

Karnataka HC holds Section 28 interest forms part of land acquisition compensation and capital receipt; TDS deduction was impermissible.

The post Section 28 Land Acquisition Interest Is Compensation and No TDS Deduction Permissible: Karnataka HC appeared first on TaxGuru.

Income Tax | No TDS on Compulsory Land Acquisition Compensation: Karnataka HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:09:27 +0000

Karnataka HC directs KNNL to pay mediated land acquisition compensation without TDS and prescribes a time-bound disbursement mechanism.

The post No TDS on Compulsory Land Acquisition Compensation: Karnataka HC appeared first on TaxGuru.

Corporate Law | Speaker Cannot Disqualify MLA Till End of Assembly Term Under Tenth Schedule: SC

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:08:57 +0000

Supreme Court upheld Karnataka MLAs’ disqualification but set aside the Speaker’s direction barring them for the remainder of the Assembly term.

The post Speaker Cannot Disqualify MLA Till End of Assembly Term Under Tenth Schedule: SC appeared first on TaxGuru.

Income Tax | Karnataka HC Directs Release of Land Acquisition Compensation Withheld Towards TDS

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:08:03 +0000

Karnataka HC directs release of compensation withheld towards income tax/TDS, holding such deduction impermissible in the case.

The post Karnataka HC Directs Release of Land Acquisition Compensation Withheld Towards TDS appeared first on TaxGuru.

Corporate Law | Bombay HC Refuses to Quash MPID FIR Against Director Over Rs. 1.31 Crore Depositor Funds

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:04:08 +0000

Bombay HC refuses to quash MPID proceedings against society director, finding prima facie material regarding misappropriation of depositor funds.

The post Bombay HC Refuses to Quash MPID FIR Against Director Over Rs. 1.31 Crore Depositor Funds appeared first on TaxGuru.

Corporate Law | PMLA Proceedings Cannot Be Quashed on Issues Already Considered Earlier: Karnataka HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 20:03:32 +0000

Karnataka High Court dismisses JSW Steel’s pleas to quash PMLA proceedings and upholds Special Judge’s cognizance and summons order.

The post PMLA Proceedings Cannot Be Quashed on Issues Already Considered Earlier: Karnataka HC appeared first on TaxGuru.

Income Tax | SC Dismisses Revenue SLP in Section 143(2) Limitation Case; Question of Law Left Open

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:59:37 +0000

Supreme Court dismisses Revenue’s SLP in Travel Designer India case on Section 143(2) limitation but expressly leaves the question of law open.

The post SC Dismisses Revenue SLP in Section 143(2) Limitation Case; Question of Law Left Open appeared first on TaxGuru.

Income Tax | Section 271AAB Penalty Quashed as Notice Failed to Specify Applicable Limb: ITAT Pune

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:37:07 +0000

ITAT Pune quashed Section 271AAB penalty as notice failed to specify clause (a) or (b); assessee appeal allowed and Revenue appeal dismissed.

The post Section 271AAB Penalty Quashed as Notice Failed to Specify Applicable Limb: ITAT Pune appeared first on TaxGuru.

Income Tax | Section 271AAB Penalty of Rs.43.78 Lakh Deleted for Defective Notice: ITAT Delhi

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:33:02 +0000

ITAT Delhi deletes Rs.43.78 lakh Section 271AAB(1A) penalty as the notice failed to specify the applicable charge or clause.

The post Section 271AAB Penalty of Rs.43.78 Lakh Deleted for Defective Notice: ITAT Delhi appeared first on TaxGuru.

Income Tax | Section 271AAB Penalty Invalid When Notices Fail to Specify Applicable Limb: ITAT Delhi

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:32:17 +0000

ITAT Delhi quashes ₹6.25 crore Section 271AAB penalty as three notices failed to specify the applicable statutory limb.

The post Section 271AAB Penalty Invalid When Notices Fail to Specify Applicable Limb: ITAT Delhi appeared first on TaxGuru.

Income Tax | Pen Drive Entries Without Corroboration Cannot Sustain Addition: ITAT Chennai

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:31:09 +0000

ITAT Chennai quashes Section 153C proceedings based on common satisfaction and deletes additions founded on uncorroborated third-party pen-drive entries.

The post Pen Drive Entries Without Corroboration Cannot Sustain Addition: ITAT Chennai appeared first on TaxGuru.

Income Tax | Cash Addition Based on Third-Party Loose Sheets Without Corroboration Deleted: ITAT Chennai

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:30:31 +0000

ITAT Chennai deletes cash-rebate additions based on third-party diaries and upholds section 11 exemption for educational and incidental receipts.

The post Cash Addition Based on Third-Party Loose Sheets Without Corroboration Deleted: ITAT Chennai appeared first on TaxGuru.

Corporate Law | Fresh Predicate FIR Can Sustain Existing ECIR but Quashed FIRs Cannot Support PMLA Probe: Delhi HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:28:06 +0000

Delhi HC holds fresh scheduled offence can sustain existing ECIR, but PMLA proceedings tied to compounded or quashed FIRs cannot continue.

The post Fresh Predicate FIR Can Sustain Existing ECIR but Quashed FIRs Cannot Support PMLA Probe: Delhi HC appeared first on TaxGuru.

Income Tax | Section 147 Reopening on Mere Suspicion of Fund Rotation Quashed: ITAT Delhi

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:26:16 +0000

Delhi ITAT quashes Section 147 reassessment as fund rotation and STR information showed suspicion, not a live link to escaped income.

The post Section 147 Reopening on Mere Suspicion of Fund Rotation Quashed: ITAT Delhi appeared first on TaxGuru.

Corporate Law | ECIR Cannot Be Quashed Under Section 482 CrPC as Registration Is Administrative Act: Madras HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:25:25 +0000

Madras HC held ECIR registration is an administrative ED act, not an FIR under CrPC, and cannot be quashed by invoking Section 482 CrPC.

The post ECIR Cannot Be Quashed Under Section 482 CrPC as Registration Is Administrative Act: Madras HC appeared first on TaxGuru.

Corporate Law | Cooperative Bank CEO Appointment Must Harmonise Sections 49-E and 54: SC

CA Sandeep Kanoi — Thu, 01 Oct 2026 19:24:07 +0000

Supreme Court explains CEO appointment powers of cooperative banks, Apex Societies and Registrar under Sections 49-E and 54 of Chhattisgarh law

The post Cooperative Bank CEO Appointment Must Harmonise Sections 49-E and 54: SC appeared first on TaxGuru.

Company Law | Secretarial Standards on Minutes under Companies Act, 2013: SS-1 & SS-2

CS Jyoti Mittal — Thu, 01 Oct 2026 19:08:02 +0000

Understand SS-1 and SS-2 requirements for company minutes, including drafting, quorum, notice, voting, signing, preservation and timelines.

The post Secretarial Standards on Minutes under Companies Act, 2013: SS-1 & SS-2 appeared first on TaxGuru.

Company Law | Resolution by Circulation under Section 175: Procedure, Recording and Minutes

CS Jyoti Mittal — Thu, 01 Oct 2026 19:05:13 +0000

Learn the procedure for resolution by circulation under Section 175, including approval, dissent, recording and entry in Board meeting minutes.

The post Resolution by Circulation under Section 175: Procedure, Recording and Minutes appeared first on TaxGuru.

Corporate Law | Section 7 IBC Application Within Limitation If Filed Within 3 Years of Last Payment: NCLAT Delhi

CA Sandeep Kanoi — Thu, 01 Oct 2026 18:48:11 +0000

NCLAT held Section 7 application was within limitation as the last payment on 31.07.2018 gave Financial Creditor a fresh three-year limitation period.

The post Section 7 IBC Application Within Limitation If Filed Within 3 Years of Last Payment: NCLAT Delhi appeared first on TaxGuru.

Income Tax | Audit Report Filed Before Assessment Sufficient for Deduction; Filing With Return Directory: Delhi HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 18:47:18 +0000

Delhi HC held filing the audit report with return is directory; filing it before assessment satisfies the statutory requirement for deduction.

The post Audit Report Filed Before Assessment Sufficient for Deduction; Filing With Return Directory: Delhi HC appeared first on TaxGuru.

Income Tax | Section 80-IA Deduction Cannot Be Denied If Audit Report Filed During Assessment: Gujarat HC

CA Sandeep Kanoi — Thu, 01 Oct 2026 18:46:20 +0000

Gujarat HC quashed reassessment holding Section 80-IA audit report filed during assessment sufficient and interest on delayed sale payment eligible.

The post Section 80-IA Deduction Cannot Be Denied If Audit Report Filed During Assessment: Gujarat HC appeared first on TaxGuru.

Income Tax | Delay in Filing Form 10-IC Not Fatal to Section 115BAA Concessional Tax Claim: ITAT Ahmedabad

CA Sandeep Kanoi — Thu, 01 Oct 2026 18:44:15 +0000

ITAT Ahmedabad directs AO to consider delayed Form 10-IC and verify Section 115BAA concessional tax claim for AY 2020-21.

The post Delay in Filing Form 10-IC Not Fatal to Section 115BAA Concessional Tax Claim: ITAT Ahmedabad appeared first on TaxGuru.

Income Tax | Non-Filing of Form 10-IC Not Fatal to Section 115BAA Concessional Tax Claim: ITAT Kolkata

CA Sandeep Kanoi — Thu, 01 Oct 2026 18:43:19 +0000

ITAT Kolkata restores Section 115BAA claim to AO, holding delayed Form 10-IC can be considered where assessee otherwise fulfils statutory conditions.

The post Non-Filing of Form 10-IC Not Fatal to Section 115BAA Concessional Tax Claim: ITAT Kolkata appeared first on TaxGuru.

Goods and Services Tax | September 2026 Gross GST Revenue Rises 14.7% to Rs. 2.04 Lakh Crore

Editor — Thu, 01 Oct 2026 18:35:50 +0000

September 2026 gross GST revenue rose 14.7% to Rs. 2,03,521 crore, while net GST revenue increased 18.1% to Rs. 1,76,520 crore.

The post September 2026 Gross GST Revenue Rises 14.7% to Rs. 2.04 Lakh Crore appeared first on TaxGuru.

Custom Duty | Import Permit Mandatory for Insecticides Imported for Non-Insecticidal Use: CBIC

editor7 — Thu, 01 Oct 2026 18:34:58 +0000

CBIC mandates import permits for insecticides imported for non-insecticidal uses, including acrylonitrile, under amended Insecticides Rules, 1971.

The post Import Permit Mandatory for Insecticides Imported for Non-Insecticidal Use: CBIC appeared first on TaxGuru.

SEBI | SEBI Mandates Investor Awareness Messages on Broker Websites and Apps From November 1

Editor — Thu, 01 Oct 2026 18:29:55 +0000

SEBI mandates stock brokers to display investor awareness messages and risk disclosures on websites and trading apps under Project Jagrook from October 2026.

The post SEBI Mandates Investor Awareness Messages on Broker Websites and Apps From November 1 appeared first on TaxGuru.

CA, CS, CMA | ICAI Invites MCQs for Advanced Information Technology (IT) Test Question Bank

Editor — Thu, 01 Oct 2026 18:28:41 +0000

ICAI invites original MCQs from Chartered Accountants and experts for its Advanced IT test Question Bank, with Rs.500 honorarium for each selected question.

The post ICAI Invites MCQs for Advanced Information Technology (IT) Test Question Bank appeared first on TaxGuru.

Excise Duty | ATF Export SAED Cut from ₹15 to ₹10.5/Litre from 1 October 2026

Editor — Thu, 01 Oct 2026 18:26:01 +0000

CBIC cuts SAED on ATF exports from ₹15 to ₹10.5 per litre through Notification No. 53/2026-Central Excise, effective 1 October 2026.

The post ATF Export SAED Cut from ₹15 to ₹10.5/Litre from 1 October 2026 appeared first on TaxGuru.

Excise Duty | Diesel Export SAED Cut from ₹20 to ₹16/Litre from 1 October 2026

Editor — Thu, 01 Oct 2026 18:21:54 +0000

CBIC cuts SAED on diesel exports from ₹20 to ₹16 per litre through Notification No. 52/2026-Central Excise, effective 1 October 2026.

The post Diesel Export SAED Cut from ₹20 to ₹16/Litre from 1 October 2026 appeared first on TaxGuru.

Custom Duty | Notification No. 80/2026-Customs (N.T.) – Revised Customs Tariff Values from 1 October 2026

Editor — Thu, 01 Oct 2026 18:14:43 +0000

CBIC revises tariff values for palm oils, soybean oil, brass scrap, gold, silver and areca nuts under Notification No. 80/2026-Customs (N.T.).

The post Notification No. 80/2026-Customs (N.T.) – Revised Customs Tariff Values from 1 October 2026 appeared first on TaxGuru.

SEBI | SEBI Renews Recognition of BSE Clearing for Three Years from October 3, 2026

Editor — Thu, 01 Oct 2026 18:13:53 +0000

SEBI renews recognition of BSE Clearing Limited under the Securities Contracts (Regulation) Act and Regulations for three years till October 2, 2029.

The post SEBI Renews Recognition of BSE Clearing for Three Years from October 3, 2026 appeared first on TaxGuru.

Fema / RBI | RBI Allows Delegation of ATM Cassette Swap Monitoring to Executive Committee

Editor — Thu, 01 Oct 2026 18:13:35 +0000

RBI modifies ATM cassette swap guidelines, allowing banks to delegate implementation monitoring to a Committee of Executives.

The post RBI Allows Delegation of ATM Cassette Swap Monitoring to Executive Committee appeared first on TaxGuru.

Fema / RBI | RBI Master Circular 2026 on Credit Facilities to SCs & STs

Editor — Thu, 01 Oct 2026 18:13:13 +0000

RBI consolidates guidelines for bank credit to SC/ST beneficiaries covering planning, lending, DRI, CEGSSC, monitoring and reporting.

The post RBI Master Circular 2026 on Credit Facilities to SCs & STs appeared first on TaxGuru.

DGFT | DGFT Extends Minimum Import Price on Virgin Multi-layer Paper Board till 31 March 2027

Editor — Thu, 01 Oct 2026 18:11:35 +0000

DGFT extends MIP of INR 67,220 per MT on Virgin Multi-layer Paper Board under specified ITC HS codes till 31 March 2027.

The post DGFT Extends Minimum Import Price on Virgin Multi-layer Paper Board till 31 March 2027 appeared first on TaxGuru.

Finance | IFSCA Extends CMI KMP & Employee Certification Deadline to 31 December 2026

editor7 — Thu, 01 Oct 2026 18:10:55 +0000

IFSCA extends the deadline for KMPs and employees of Capital Market Intermediaries to complete the prescribed certification course to 31 December 2026.

The post IFSCA Extends CMI KMP & Employee Certification Deadline to 31 December 2026 appeared first on TaxGuru.