TaxGuru.in - Daily Newsletter

Why Bank Loans Get Rejected in India: Practical Reasons & How to Fix Them

Manish Gugliya — Wed, 22 Apr 2026 08:51:35 +0000

This explains why bank loans are rejected due to poor documentation, weak financials, and unclear business models. It also highlights practical fixes to improve approval chances.

The post Why Bank Loans Get Rejected in India: Practical Reasons & How to Fix Them appeared first on TaxGuru.

US Taxation – IRS Audits

Subramanian Natarajan — Wed, 22 Apr 2026 08:43:51 +0000

The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, rights, and possible outcomes, ensuring clarity on compliance requirements and dispute resolution.

The post US Taxation – IRS Audits appeared first on TaxGuru.

Advocate Gets Bail in ITC Fraud Case Where Role Limited to Filing Returns

a2zbimaljain — Wed, 22 Apr 2026 08:30:41 +0000

The court examined whether an advocate involved in filing GST returns for fake entities should remain in custody. It granted bail, holding that limited compliance involvement and completed investigation justified release.

The post Advocate Gets Bail in ITC Fraud Case Where Role Limited to Filing Returns appeared first on TaxGuru.

Penalty Imposed Due to Delay in Holding Board Meeting Beyond 120 Days

editor4 — Wed, 22 Apr 2026 08:26:01 +0000

The case deals with failure to comply with the mandatory 120-day gap between Board meetings. The authority imposed penalties despite voluntary disclosure, reinforcing strict compliance requirements.

The post Penalty Imposed Due to Delay in Holding Board Meeting Beyond 120 Days appeared first on TaxGuru.

GST Introduces IMS Offline Tool to Simplify Bulk Invoice Management

Editor6 — Wed, 22 Apr 2026 08:22:28 +0000

The GST portal launches an Excel-based IMS Offline Tool to help taxpayers efficiently manage and process invoices. It enables bulk actions, reduces manual effort, and improves compliance accuracy through structured validation and upload features.

The post GST Introduces IMS Offline Tool to Simplify Bulk Invoice Management appeared first on TaxGuru.

ITAT Quashed Income Tax Assessment Due to Absence of Section 127 Transfer Order

CA AJAY KUMAR AGRAWAL — Wed, 22 Apr 2026 08:18:51 +0000

The Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled that absence of such order renders proceedings void ab initio, irrespective of merits.

The post ITAT Quashed Income Tax Assessment Due to Absence of Section 127 Transfer Order appeared first on TaxGuru.

Provision of section 76 of CGST not invocable as GST component already remitted

CAPOONAM — Wed, 22 Apr 2026 05:20:49 +0000

Madras High Court held that section 76 of the Central Goods and Services Tax Act, 2017 are not applicable since GST component is already remitted by GAIL [transmission vertical]. Accordingly, provisions of section 76 of CGST cannot be invoked. Hence, present petition is allowed.

The post Provision of section 76 of CGST not invocable as GST component already remitted appeared first on TaxGuru.

Electrical repair service to government entity exempt from service tax vide notification 25/2012

CAPOONAM — Wed, 22 Apr 2026 05:16:54 +0000

CESTAT Allahabad held that electrical repair services provided to governmental entities is exempt from payment of service tax vide notification no. 25/2012-ST dated 20.06.2012. Accordingly, the order is set aside and appeal is allowed.

The post Electrical repair service to government entity exempt from service tax vide notification 25/2012 appeared first on TaxGuru.

CBIC extends due date of March GSTR-3B to 21st April 2026

TG Team — Tue, 21 Apr 2026 14:47:03 +0000

CBIC extends due date for filing March 2026 GSTR-3B to April 21, 2026, for registered persons under Section 39 of the CGST Act.

The post CBIC extends due date of March GSTR-3B to 21st April 2026 appeared first on TaxGuru.

CESTAT Allowed SSI Exemption for Failure to Distinguish Trading from Manufacturing Sales

CA Sandeep Kanoi — Tue, 21 Apr 2026 14:36:36 +0000

The Tribunal ruled that the Department failed to prove that goods classified as trading were actually manufactured by the assessee. In absence of proper investigation, excise demand and penalties were held unsustainable.

The post CESTAT Allowed SSI Exemption for Failure to Distinguish Trading from Manufacturing Sales appeared first on TaxGuru.

SC Dismisses Appeal Due to Delay, HC Ruling on No PE and Offshore Taxability Stands

CA Sandeep Kanoi — Tue, 21 Apr 2026 14:32:18 +0000

The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not constitute a PE. The High Court found activities to be preparatory in nature. The ruling highlights strict standards for establishing PE in India.

The post SC Dismisses Appeal Due to Delay, HC Ruling on No PE and Offshore Taxability Stands appeared first on TaxGuru.

Offshore Supply Income Not Taxable in India Due to Absence of Business Connection: Delhi HC

CA Sandeep Kanoi — Tue, 21 Apr 2026 14:30:27 +0000

The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaison office was also held not to create a taxable presence. The case highlights limits of tax jurisdiction over cross-border supplies.

The post Offshore Supply Income Not Taxable in India Due to Absence of Business Connection: Delhi HC appeared first on TaxGuru.

Income Tax Appeal Reinstated as Delay due to Bona Fide Belief & COVID-19 Disruption

CA Sandeep Kanoi — Tue, 21 Apr 2026 14:27:57 +0000

The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for delay. The matter was restored for reconsideration on merits.

The post Income Tax Appeal Reinstated as Delay due to Bona Fide Belief & COVID-19 Disruption appeared first on TaxGuru.

Reopening Valid Where Income Escapement Based on Search-Derived Information

CA Sandeep Kanoi — Tue, 21 Apr 2026 14:25:04 +0000

The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The ruling reinforces the burden of proof on the taxpayer.

The post Reopening Valid Where Income Escapement Based on Search-Derived Information appeared first on TaxGuru.

Wage Arrears Deduction Allowed as Liability Accrued from Pay Revision Effective Date

CA Sandeep Kanoi — Tue, 21 Apr 2026 14:23:02 +0000

The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provision was allowed despite later payment and quantification.

The post Wage Arrears Deduction Allowed as Liability Accrued from Pay Revision Effective Date appeared first on TaxGuru.

AI in GST: Powerful Tool, Unready Taxpayers: Risks of Algorithmic Judgement

S PRASAD — Tue, 21 Apr 2026 14:19:01 +0000

The increasing use of AI in GST is leading to automated mismatch alerts and notices based on flawed data. The key takeaway is that reliance on inaccurate systems can result in unjust tax demands for genuine taxpayers.

The post AI in GST: Powerful Tool, Unready Taxpayers: Risks of Algorithmic Judgement appeared first on TaxGuru.

No TDS on Transport Payments: Declaration Format Under Income Tax Act 2025

kraajagopal80@gmail.com — Tue, 21 Apr 2026 14:17:10 +0000

Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key takeaway is that proper documentation ensures compliance and prevents unnecessary tax deduction.

The post No TDS on Transport Payments: Declaration Format Under Income Tax Act 2025 appeared first on TaxGuru.

GST on IPL: Sport or High-Octane Entertainment — 18% vs 40%?

CA Shivani Gupta — Tue, 21 Apr 2026 14:12:22 +0000

IPL franchises have contested the 40% GST rate, arguing it wrongly classifies matches as entertainment instead of sporting events. The key takeaway is that tax treatment depends on classification, which directly impacts applicable GST rates.

The post GST on IPL: Sport or High-Octane Entertainment — 18% vs 40%? appeared first on TaxGuru.

Ambiguity in NCLAT Orders Not a Complete Defence for IRP Against Regulatory Penalty: IBBI

editor4 — Tue, 21 Apr 2026 13:55:26 +0000

The authority held that confusion arising from interim orders did not absolve the professional from taking proactive steps. The case reinforces the expectation of due diligence in insolvency proceedings.

The post Ambiguity in NCLAT Orders Not a Complete Defence for IRP Against Regulatory Penalty: IBBI appeared first on TaxGuru.

Customs Issues Procedure for Returned Export Cargo Due to Strait of Hormuz Disruption

Editor — Tue, 21 Apr 2026 13:38:34 +0000

The notice outlines procedures for handling export containers returned due to disrupted maritime routes. It allows simplified clearance without Bill of Entry where seal integrity is verified.

The post Customs Issues Procedure for Returned Export Cargo Due to Strait of Hormuz Disruption appeared first on TaxGuru.

CBDT Refutes Allegations of Tax Raid, Terms Claims Baseless; Complaint Filed with Election Commission & Police

Editor — Tue, 21 Apr 2026 13:38:16 +0000

The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations baseless and factually incorrect.

The post CBDT Refutes Allegations of Tax Raid, Terms Claims Baseless; Complaint Filed with Election Commission & Police appeared first on TaxGuru.

DGFT Launches Online Module Due to Issues in Manual EPCG Scrip Utilization

Editor — Tue, 21 Apr 2026 13:36:18 +0000

The trade notice introduces an electronic system to resolve difficulties faced in using manually issued EPCG scrips. It enables seamless processing and transmission for better compliance.

The post DGFT Launches Online Module Due to Issues in Manual EPCG Scrip Utilization appeared first on TaxGuru.

RBI issues consolidated directions on Digital Payments – E-mandate framework, 2026

editor3 — Tue, 21 Apr 2026 13:35:05 +0000

The RBI has consolidated all previous e-mandate guidelines into a single framework governing recurring digital payments. The key takeaway is a unified and streamlined regulatory structure with enhanced customer safeguards.

The post RBI issues consolidated directions on Digital Payments – E-mandate framework, 2026 appeared first on TaxGuru.

Family Trust Cannot Act as Mutual Fund Sponsor Under SEBI Rules

editor2 — Tue, 21 Apr 2026 13:34:10 +0000

SEBI clarified that only a body corporate can act as a sponsor under MF Regulations 2026. A family trust, not being a body corporate, is ineligible.

The post Family Trust Cannot Act as Mutual Fund Sponsor Under SEBI Rules appeared first on TaxGuru.

Penalty Imposed for Delay in Holding First Board Meeting Beyond Statutory Period

editor4 — Tue, 21 Apr 2026 13:31:48 +0000

The authority imposed penalties after finding the company failed to hold its first board meeting within 30 days of incorporation. The ruling reinforces strict compliance with Section 173(1).

The post Penalty Imposed for Delay in Holding First Board Meeting Beyond Statutory Period appeared first on TaxGuru.

Penalty Imposed for Failure to Mention DIN in Financial Statements Under Companies Act

editor7 — Tue, 21 Apr 2026 13:31:28 +0000

The issue centered on omission of DIN details by directors in financial filings. The ruling imposed penalties while exempting individuals not associated during the default period.

The post Penalty Imposed for Failure to Mention DIN in Financial Statements Under Companies Act appeared first on TaxGuru.

Penalty Imposed for Not Mentioning DIN in Financial Statements Under Companies Act

editor3 — Tue, 21 Apr 2026 13:30:41 +0000

The ROC imposed penalties for failure to disclose DIN in financial statements, violating Section 158. The key takeaway is that non-compliance with statutory disclosure requirements attracts monetary penalties under Section 172.

The post Penalty Imposed for Not Mentioning DIN in Financial Statements Under Companies Act appeared first on TaxGuru.

Procedure for Transfer of Unclaimed Dividend to IEPF under Companies Act, 2013

DR CS RONAK JHUTHAWAT — Tue, 21 Apr 2026 11:45:54 +0000

The framework under the Companies Act, 2013 requires companies to transfer unclaimed dividends after seven years to IEPF along with shares. This process includes identification, shareholder intimation, Board approval, and timely filing of prescribed forms.

The post Procedure for Transfer of Unclaimed Dividend to IEPF under Companies Act, 2013 appeared first on TaxGuru.

CESTAT Sets Aside ₹352 Cr Service Tax Demand as Coal Mining Held ‘Manufacture’ Not Service

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:38:13 +0000

The Tribunal ruled that coal extraction and processing constitute manufacture, not mining services, making service tax demand unsustainable and reinforcing mutual exclusivity of tax levies.

The post CESTAT Sets Aside ₹352 Cr Service Tax Demand as Coal Mining Held ‘Manufacture’ Not Service appeared first on TaxGuru.

ITAT Upholds Section 10A Deduction Despite Wrong Section 10B Claim in Return

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:32:02 +0000

The Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a continuation of assessment and aimed at determining correct tax liability.

The post ITAT Upholds Section 10A Deduction Despite Wrong Section 10B Claim in Return appeared first on TaxGuru.

Income Tax Refund Cannot be Adjusted When Recovery Is Stayed: Orissa HC

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:30:22 +0000

The Court held that adjusting a refund against a disputed demand during the subsistence of a stay order is illegal and arbitrary, directing release of the refund with interest.

The post Income Tax Refund Cannot be Adjusted When Recovery Is Stayed: Orissa HC appeared first on TaxGuru.

ITAT Allows Fresh Opportunity for 80P Deduction Claim Due to Non-Submission of Evidence

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:25:54 +0000

The Tribunal held that deduction cannot be rejected merely due to absence of supporting evidence without examining merits. It remanded the matter for fresh verification of the claim.

The post ITAT Allows Fresh Opportunity for 80P Deduction Claim Due to Non-Submission of Evidence appeared first on TaxGuru.

ITR Filing FY 2025-26: Step by Step Guide for Salaried Professionals

Diksha Chawla — Tue, 21 Apr 2026 11:19:13 +0000

Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the correct tab under the applicable law.

The post ITR Filing FY 2025-26: Step by Step Guide for Salaried Professionals appeared first on TaxGuru.

ITAT Deletes Penalty as Both Limbs of Section 271(1)(c) Invoked Together

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:14:11 +0000

The Tribunal held that a penalty notice lacking clarity on whether it relates to concealment or inaccurate particulars is invalid. It ruled that such a defect makes the penalty unsustainable.

The post ITAT Deletes Penalty as Both Limbs of Section 271(1)(c) Invoked Together appeared first on TaxGuru.

Custody Not Required as Trial Likely to Take Time, HC Grants Bail in Fake ITC Case

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:12:57 +0000

Considering the duration of custody and the likely delay in trial, the Court found continued detention unnecessary. It granted bail while noting that the case would be decided on merits later.

The post Custody Not Required as Trial Likely to Take Time, HC Grants Bail in Fake ITC Case appeared first on TaxGuru.

HC Orders Railways to Pay Restoration Costs for Misuse of Private Land

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:10:15 +0000

The court directed payment for restoration costs after authorities admitted using private land. It held that such use affecting land fertility warrants compensation.

The post HC Orders Railways to Pay Restoration Costs for Misuse of Private Land appeared first on TaxGuru.

ITAT Deletes AMP Adjustment, Rejects Bright Line Test Following HC Precedents in Louis Vuitton case

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:04:41 +0000

The Tribunal held that BLT cannot be used for transfer pricing adjustments on AMP expenses. It ruled that no adjustment was warranted based on binding precedents.

The post ITAT Deletes AMP Adjustment, Rejects Bright Line Test Following HC Precedents in Louis Vuitton case appeared first on TaxGuru.

MAT Not Applicable as Bank Not Formed Under Companies Act: ITAT Kolkata

CA Sandeep Kanoi — Tue, 21 Apr 2026 11:01:00 +0000

The Tribunal set aside additions to book profit after ruling that MAT provisions do not apply to banks established under a special statute. It emphasized that such entities are not companies under the Companies Act.

The post MAT Not Applicable as Bank Not Formed Under Companies Act: ITAT Kolkata appeared first on TaxGuru.

Service Tax Demand Invalid Where Excise Duty Already Paid on Goods: CESTAT Kolkata

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:58:24 +0000

The Tribunal held that including income from scrap sale, already subject to excise duty, in service tax valuation would lead to double taxation. It ruled that such addition is not permissible and set aside the demand.

The post Service Tax Demand Invalid Where Excise Duty Already Paid on Goods: CESTAT Kolkata appeared first on TaxGuru.

Charging cases for Hering aids without built-in power conversion not classifiable as static converters

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:53:21 +0000

The Tribunal ruled that when customs authorities had examined and accepted the classification earlier, suppression of facts cannot be alleged. The extended period of limitation was therefore held to be invalid.

The post Charging cases for Hering aids without built-in power conversion not classifiable as static converters appeared first on TaxGuru.

Section 68 Addition Deleted Due to Lack of Evidence of Bogus Transactions

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:50:41 +0000

The Tribunal held that mere suspicion of bogus transactions without supporting evidence cannot justify addition under section 68. Proper documentation of sales and purchases led to deletion of the addition.

The post Section 68 Addition Deleted Due to Lack of Evidence of Bogus Transactions appeared first on TaxGuru.

CESTAT Remands Case Due to Ambiguity in LOP Affecting Duty Exemption

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:44:13 +0000

The Tribunal remanded the matter to clarify whether import of fabrics was permitted under the Letter of Permission. The ruling highlights the impact of unclear authorizations on exemption claims.

The post CESTAT Remands Case Due to Ambiguity in LOP Affecting Duty Exemption appeared first on TaxGuru.

Delay in Claiming Investment Allowance Not a Ground for Rejection Without Proper Verification

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:43:12 +0000

The Tribunal held that delay alone cannot justify rejection of a statutory deduction claim raised in appeal. It directed fresh verification to determine eligibility on merits.

The post Delay in Claiming Investment Allowance Not a Ground for Rejection Without Proper Verification appeared first on TaxGuru.

No Service Tax on works contract & manpower services integrally linked to electricity transmission

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:40:09 +0000

The Tribunal held that works contract and manpower services were integrally linked to electricity transmission. It ruled such services are covered under the negative list exemption.

The post No Service Tax on works contract & manpower services integrally linked to electricity transmission appeared first on TaxGuru.

ITAT Remands Case as Fresh Claim Cannot Be Rejected Solely Due to Delay

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:37:11 +0000

The Tribunal held that a claim admitted at the appellate stage must be examined on merits and cannot be denied merely due to time lapse. The case was remanded for fresh verification.

The post ITAT Remands Case as Fresh Claim Cannot Be Rejected Solely Due to Delay appeared first on TaxGuru.

Amortised Value of Moulds Includible in Assessable Value as Additional Consideration: CESTAT Chennai

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:35:36 +0000

The Tribunal held that moulds and dies supplied by customers form part of assessable value as additional consideration. It clarified that their amortised cost must be included in valuation of finished goods.

The post Amortised Value of Moulds Includible in Assessable Value as Additional Consideration: CESTAT Chennai appeared first on TaxGuru.

Cash Deposits During Demonetization Not Unexplained When Supported by Books: ITAT Delhi

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:33:22 +0000

The issue was whether demonetization cash deposits were unexplained. The Tribunal held that deposits from recorded business sales cannot be taxed under Section 68.

The post Cash Deposits During Demonetization Not Unexplained When Supported by Books: ITAT Delhi appeared first on TaxGuru.

Duty Demand Quashed: DGH Certificate Cannot Add Conditions Beyond Notification

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:30:12 +0000

The Tribunal held that exemption cannot be denied based on a re-export condition imposed through a DGH certificate when such a requirement is absent in the notification.

The post Duty Demand Quashed: DGH Certificate Cannot Add Conditions Beyond Notification appeared first on TaxGuru.

ITAT Surat Allows Expense Linked to Settled Dues Despite No Business Income

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:28:12 +0000

The Tribunal upheld deletion of expense disallowance after finding that occupation charges were settled during the relevant year. It ruled that such crystallized liabilities are allowable under Section 37(1), dismissing the Revenue’s objections.

The post ITAT Surat Allows Expense Linked to Settled Dues Despite No Business Income appeared first on TaxGuru.

Charitable Status Reconsideration Ordered as Fee-Based Activities Alone Not Grounds for 12AB Rejection

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:26:28 +0000

The case addressed whether charging fees negates charitable status. The Tribunal held that this alone cannot justify rejection and ordered re-examination of the application with proper analysis.

The post Charitable Status Reconsideration Ordered as Fee-Based Activities Alone Not Grounds for 12AB Rejection appeared first on TaxGuru.

Extended Limitation Period Not Applicable When Demand Arises from Audit Records

CA Sandeep Kanoi — Tue, 21 Apr 2026 10:25:31 +0000

The order highlights that both improper issuance of notices and incorrect application of law led to invalid recovery proceedings. The Tribunal set aside the demand and granted relief to the appellants.

The post Extended Limitation Period Not Applicable When Demand Arises from Audit Records appeared first on TaxGuru.

GST SCNs Invalid Without Specific Allegations of Suppression

Rohan1983 — Tue, 21 Apr 2026 10:19:11 +0000

Explains that vague show cause notices lacking details of suppression violate legal principles. Highlights that extended limitation and penalties require clear proof of intent.

The post GST SCNs Invalid Without Specific Allegations of Suppression appeared first on TaxGuru.

GST Refund on Export of Goods – Understanding Adjusted Total Turnover

Anuj Gandhi — Tue, 21 Apr 2026 10:18:25 +0000

Clarifies that export value used in refund calculation must be consistently applied in both numerator and denominator. Highlights that inconsistency leads to notices and delays.

The post GST Refund on Export of Goods – Understanding Adjusted Total Turnover appeared first on TaxGuru.

Politicians Can’t Be Allowed To Judge Judicial Competence: Delhi HC

Sanjeev Sirohi — Tue, 21 Apr 2026 10:12:35 +0000

The Court examined whether prior orders and perceived bias justified recusal and held they did not. It ruled that unsubstantiated apprehensions cannot form the basis for disqualification of a judge.

The post Politicians Can’t Be Allowed To Judge Judicial Competence: Delhi HC appeared first on TaxGuru.

Consolidated GST Notices Referred to Larger Bench Due to Conflicting Judicial Views

a2zbimaljain — Tue, 21 Apr 2026 10:08:19 +0000

The Court examined whether show-cause notices covering multiple financial years are valid and noted divergent High Court rulings. It referred key legal questions to a Larger Bench for final determination.

The post Consolidated GST Notices Referred to Larger Bench Due to Conflicting Judicial Views appeared first on TaxGuru.

When the Taxman’s Address Becomes a Casino Sign

Aksh Yogendra Jain — Tue, 21 Apr 2026 07:59:30 +0000

The operators avoided traditional hacking and instead used structural loopholes in website optimisation. The incident shows how technical weaknesses can undermine regulatory frameworks.

The post When the Taxman’s Address Becomes a Casino Sign appeared first on TaxGuru.

Selling Trust: The Quiet Problem of Product Mis-Selling in Indian Banking

Aksh Yogendra Jain — Tue, 21 Apr 2026 07:58:45 +0000

Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural reforms to align sales practices with customer interests.

The post Selling Trust: The Quiet Problem of Product Mis-Selling in Indian Banking appeared first on TaxGuru.

ITAT Remands Case Due to Lack of Opportunity to Substantiate Bogus Expense Claim

CA Sandeep Kanoi — Tue, 21 Apr 2026 07:38:32 +0000

The Tribunal set aside the appellate order as the assessee sought another chance to prove the genuineness of expenses. It directed fresh assessment after proper opportunity of hearing.

The post ITAT Remands Case Due to Lack of Opportunity to Substantiate Bogus Expense Claim appeared first on TaxGuru.

Customs Exemption Allowed Without Correlation for Non-Sensitive Inputs but Subject to DFIA Conditions

CA Sandeep Kanoi — Tue, 21 Apr 2026 07:36:46 +0000

The Authority examined whether importers can claim duty exemption without linking input specifications to export goods. It ruled that such correlation is not required for non-sensitive inputs, but exemption is conditional upon strict compliance with DFIA licence terms, including value caps and usage restrictions.

The post Customs Exemption Allowed Without Correlation for Non-Sensitive Inputs but Subject to DFIA Conditions appeared first on TaxGuru.

Advance Ruling Rejected as preserved areca nuts Classification Issue Already Settled by HC

editor8 — Tue, 21 Apr 2026 07:35:54 +0000

The authority refused to entertain the application as the classification of provisionally preserved areca nuts was already decided by the High Court. It held that settled judicial precedent bars fresh rulings on identical issues.

The post Advance Ruling Rejected as preserved areca nuts Classification Issue Already Settled by HC appeared first on TaxGuru.

Missing DIN in Financial Statements Attracts Penalty Under Companies Act: ROC Kanpur

editor2 — Tue, 21 Apr 2026 07:10:32 +0000

Failure to mention DIN in signed financial statements was held to violate Section 158. The authority imposed penalties while limiting liability to responsible officers.

The post Missing DIN in Financial Statements Attracts Penalty Under Companies Act: ROC Kanpur appeared first on TaxGuru.

DIN Not Mentioned in Financial Statements Leads to ROC Penalty

editor2 — Tue, 21 Apr 2026 07:08:51 +0000

Failure to disclose DIN in signed financial statements was held to violate Section 158. The ROC imposed penalties while limiting liability to responsible officers only.

The post DIN Not Mentioned in Financial Statements Leads to ROC Penalty appeared first on TaxGuru.

ROC Penalizes Company for DIN Non-Disclosure in Financial Filings

editor2 — Tue, 21 Apr 2026 07:06:46 +0000

Failure to mention DIN in signed financial statements was treated as a violation of Section 158. The ROC imposed penalties while restricting liability to responsible officers.

The post ROC Penalizes Company for DIN Non-Disclosure in Financial Filings appeared first on TaxGuru.

ROC Imposed Penalty for Failure to Mention DIN in Financial Statements

Editor6 — Tue, 21 Apr 2026 07:05:04 +0000

Authorities held that omission of Directors’ Identification Numbers in financial statements violates statutory requirements under company law. The case highlights that even procedural lapses attract penalties regardless of intent.

The post ROC Imposed Penalty for Failure to Mention DIN in Financial Statements appeared first on TaxGuru.

Company Penalized for Filing Financial Statements Without Director Signatures

Editor6 — Tue, 21 Apr 2026 07:03:57 +0000

Authorities held that filing financial statements without directors’ signatures violates mandatory provisions under Section 134. The ruling confirms that such procedural lapses attract penalties even if admitted by the company.

The post Company Penalized for Filing Financial Statements Without Director Signatures appeared first on TaxGuru.

Directors & Company Liable for Penalty for Filing Unsigned Financial Statements

Editor — Tue, 21 Apr 2026 07:02:44 +0000

The authority penalized a company for filing financial statements without mandatory director signatures. The ruling reinforces strict compliance requirements under statutory filing provisions.

The post Directors & Company Liable for Penalty for Filing Unsigned Financial Statements appeared first on TaxGuru.

ROC Kanpur Imposed Penalty for Filing Unsigned Financial Statements

Editor — Tue, 21 Apr 2026 07:01:54 +0000

The authority penalized a company for filing unsigned financial statements, holding it in violation of statutory requirements. The ruling emphasizes strict adherence to director authentication obligations under company law.

The post ROC Kanpur Imposed Penalty for Filing Unsigned Financial Statements appeared first on TaxGuru.

ROC Imposes Penalty for Non-Signing of Financial Statements by Directors

editor2 — Tue, 21 Apr 2026 07:00:21 +0000

Failure to sign financial statements led to penalties under Section 134(8). The order highlights strict compliance requirements and limited relief for small companies.

The post ROC Imposes Penalty for Non-Signing of Financial Statements by Directors appeared first on TaxGuru.

RFP Restriction in Banking Software Tender to Authorized Vendors is Justified: CCI

CA Sandeep Kanoi — Tue, 21 Apr 2026 06:57:26 +0000

Allegations of an implied anti-competitive agreement between a regulator and a software provider were rejected. The Commission found no material indicating collusion or exclusion of competitors.

The post RFP Restriction in Banking Software Tender to Authorized Vendors is Justified: CCI appeared first on TaxGuru.

Mastermind Arrested for ₹1,825 Crore GST Refund Fraud via Fake ITC & Bogus Exports

Editor — Tue, 21 Apr 2026 06:54:55 +0000

Authorities arrested the key accused for orchestrating fake ITC claims and fictitious export transactions. The case highlights strict enforcement against large-scale GST refund fraud using shell entities.

The post Mastermind Arrested for ₹1,825 Crore GST Refund Fraud via Fake ITC & Bogus Exports appeared first on TaxGuru.

Customs Notification 39/2026: Key Entry Removed from Tamil Nadu List

editor8 — Tue, 21 Apr 2026 06:52:57 +0000

The government has amended customs infrastructure rules by deleting a specific entry for Tamil Nadu. The update signals continued rationalisation of notified customs locations.

The post Customs Notification 39/2026: Key Entry Removed from Tamil Nadu List appeared first on TaxGuru.

DGFT Extends Interest Subvention to Chapter 72 Goods for MSEs Only

editor3 — Tue, 21 Apr 2026 06:52:48 +0000

The notification includes 167 new tariff lines under Chapter 72 for interest subvention benefits, but restricts eligibility exclusively to Micro and Small Enterprises.

The post DGFT Extends Interest Subvention to Chapter 72 Goods for MSEs Only appeared first on TaxGuru.

IFSCA Issues New Cyber Security Rules for IFSC Market Infrastructure Institutions

editor3 — Tue, 21 Apr 2026 06:46:38 +0000

The issue concerns enhanced cyber security norms for critical financial institutions. The takeaway is mandatory compliance with a detailed framework to strengthen resilience and protect market integrity.

The post IFSCA Issues New Cyber Security Rules for IFSC Market Infrastructure Institutions appeared first on TaxGuru.

India–Korea MoU Signed to Boost Financial Regulatory Cooperation

editor3 — Tue, 21 Apr 2026 06:37:59 +0000

The issue highlights a new agreement between financial regulators of both countries. The key takeaway is that the MoU promotes collaboration, transparency, and stronger financial ecosystems.

The post India–Korea MoU Signed to Boost Financial Regulatory Cooperation appeared first on TaxGuru.

New Customs Instruction Adds Five Food Import Ports Under FSSAI Framework

editor2 — Tue, 21 Apr 2026 06:37:35 +0000

CBIC updated the list of food import entry points and authorised officers. The instruction adds five new locations and directs implementation of revised FSSAI-linked procedures.

The post New Customs Instruction Adds Five Food Import Ports Under FSSAI Framework appeared first on TaxGuru.

Dormant Company in India – Legal framework, Procedure and Compliances

CS Deepak Sharma — Tue, 21 Apr 2026 06:29:45 +0000

Explains the legal framework of dormant companies under Section 455, including eligibility, process, and reduced compliance benefits. Highlights how businesses can retain corporate identity without full operational obligations.

The post Dormant Company in India – Legal framework, Procedure and Compliances appeared first on TaxGuru.

SEBI Quarterly Compliances for Listed Companies under LODR Regulations

Affluence Advisory Private Limited — Tue, 21 Apr 2026 06:29:29 +0000

Explains mandatory quarterly disclosures under SEBI LODR, including financial results, governance reports, and shareholding patterns. Highlights how timely compliance ensures transparency and investor protection.

The post SEBI Quarterly Compliances for Listed Companies under LODR Regulations appeared first on TaxGuru.

Gender Equality in Workplace: A Critical Analysis of India’s Labour Codes 2019-2020

Basira Viola Ruvarashe — Tue, 21 Apr 2026 06:25:15 +0000

The paper examines whether recent labour law reforms deliver real gender equality or merely formal compliance. It concludes that despite progressive provisions, enforcement gaps and exclusions limit actual impact.

The post Gender Equality in Workplace: A Critical Analysis of India’s Labour Codes 2019-2020 appeared first on TaxGuru.

Addition Deleted Due to Lack of Corroborative Evidence in Search-Based Case

CA AJAY KUMAR AGRAWAL — Tue, 21 Apr 2026 06:18:07 +0000

ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid. The burden of proof lies on the department.

The post Addition Deleted Due to Lack of Corroborative Evidence in Search-Based Case appeared first on TaxGuru.

What is EMI Scheme in Custom? Complete Guide on Duty Deferment, Eligibility & Benefits

CA Ramanujan Sharma — Tue, 21 Apr 2026 06:11:35 +0000

Highlights how the EMI Scheme allows businesses to defer duty payments, easing working capital pressure while improving operational efficiency.

The post What is EMI Scheme in Custom? Complete Guide on Duty Deferment, Eligibility & Benefits appeared first on TaxGuru.

Outsourcing in Age of Data Protection: Legal Risks and Responsibilities

VishnuTandi — Tue, 21 Apr 2026 06:09:42 +0000

Explains that outsourcing does not transfer legal responsibility under the DPDP Act. Data fiduciaries remain fully liable for vendor-related breaches and compliance failures.

The post Outsourcing in Age of Data Protection: Legal Risks and Responsibilities appeared first on TaxGuru.

Whether Supplier Can Reduce Output Tax Liability Through Credit Note When Recipient Becomes Unregistered?

Prince Mittal — Tue, 21 Apr 2026 06:08:46 +0000

Explains how suppliers may face denial of output tax reduction when recipients cannot reverse ITC after deregistration. Highlights the risk of double tax benefit and need for safeguards.

The post Whether Supplier Can Reduce Output Tax Liability Through Credit Note When Recipient Becomes Unregistered? appeared first on TaxGuru.

Computerization of Form 121 (Earlier Form 15G & Form 15H)

Editor6 — Tue, 21 Apr 2026 05:52:29 +0000

A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal highlights improved efficiency, accuracy, and centralized monitoring.

The post Computerization of Form 121 (Earlier Form 15G & Form 15H) appeared first on TaxGuru.

GST Export of Services: Why Using Customs Exchange Rate Is Wrong

Anuj Gandhi — Tue, 21 Apr 2026 05:41:03 +0000

A common GST issue in export of services relates to the correct exchange rate for currency conversion, often misunderstood by professionals. Many incorrectly apply the Customs notified exchange rate, which is applicable only to import and export of goods. For services, the correct provision is Rule 34(2) of the CGST Rules, 2017, which mandates that […]

The post GST Export of Services: Why Using Customs Exchange Rate Is Wrong appeared first on TaxGuru.

Penalty Imposed for Incorrect AGM Date in AOC-4 Filing Due to Wrong Entry

Editor — Tue, 21 Apr 2026 05:38:09 +0000

The ROC penalized the company for reporting an incorrect AGM date in its financial filing. The ruling confirms that even inadvertent errors in statutory forms attract penalties.

The post Penalty Imposed for Incorrect AGM Date in AOC-4 Filing Due to Wrong Entry appeared first on TaxGuru.

Penalty Imposed for Incorrect AOC-4 Filing Despite Rectification Request

Editor6 — Tue, 21 Apr 2026 05:37:11 +0000

Authorities held that correcting a defective financial statement filing does not remove penalty liability. The ruling reinforces strict accountability for accuracy in MCA filings.

The post Penalty Imposed for Incorrect AOC-4 Filing Despite Rectification Request appeared first on TaxGuru.

Exemption Allowed as Sponsorship and Royalty were Incidental to Charitable Purpose: ITAT Delhi

CA Sandeep Kanoi — Mon, 20 Apr 2026 13:28:49 +0000

The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of profit motive prevented application of the proviso to section 2(15), allowing exemption under sections 11 and 12.

The post Exemption Allowed as Sponsorship and Royalty were Incidental to Charitable Purpose: ITAT Delhi appeared first on TaxGuru.

No Service Tax on Transport Services Without Consignment Notes: CESTAT Allahabad

CA Sandeep Kanoi — Mon, 20 Apr 2026 13:26:24 +0000

The Tribunal set aside the demand as time-barred and unsupported by evidence beyond third-party income tax data. It held that absence of fraud or suppression invalidated extended limitation.

The post No Service Tax on Transport Services Without Consignment Notes: CESTAT Allahabad appeared first on TaxGuru.

Gratuity Deduction Can’t Be Denied for ITR–Audit Report Mismatch Without Verification

CA Sandeep Kanoi — Mon, 20 Apr 2026 13:23:47 +0000

The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting errors require verification, not outright denial of deduction.

The post Gratuity Deduction Can’t Be Denied for ITR–Audit Report Mismatch Without Verification appeared first on TaxGuru.

LLP Compliance – Form 11 – Annual Return of LLP

CS Shruti Pendharkar — Mon, 20 Apr 2026 13:14:18 +0000

The issue highlights mandatory annual return filing for LLPs. The key takeaway is that delayed filing attracts heavy daily penalties, making timely compliance essential.

The post LLP Compliance – Form 11 – Annual Return of LLP appeared first on TaxGuru.

ITAT Remands ₹1.57 Cr Addition as NRE Deposit Evidence Not Properly Examined

CA Sandeep Kanoi — Mon, 20 Apr 2026 13:02:33 +0000

The case involved additions for unexplained bank deposits where the assessee later produced authenticated NRE account evidence. ITAT remanded the matter, directing fresh consideration of documents and proper opportunity of hearing.

The post ITAT Remands ₹1.57 Cr Addition as NRE Deposit Evidence Not Properly Examined appeared first on TaxGuru.

SC dismissed SLP for Delay & Lack of Merit on Interconnect Charges Taxability

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:59:28 +0000

The Court dismissed the SLP due to a 390-day delay and absence of valid grounds. The ruling leaves intact the finding that interconnect payments are not royalty.

The post SC dismissed SLP for Delay & Lack of Merit on Interconnect Charges Taxability appeared first on TaxGuru.

Interconnect Charges Not Royalty: HC Dismisses Revenue Appeal

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:57:02 +0000

The High Court followed its earlier ruling that interconnect service charges are not taxable as royalty. The Revenues appeal was dismissed due to lack of merit and binding precedent.

The post Interconnect Charges Not Royalty: HC Dismisses Revenue Appeal appeared first on TaxGuru.

No Valid Basis to Intervene: SC Confirms Quashing of Reassessment Notices

TG Team — Mon, 20 Apr 2026 12:52:19 +0000

The Court declined to interfere after finding no sufficient reason to disturb the High Court’s decision. The ruling reinforces limits on appellate intervention.

The post No Valid Basis to Intervene: SC Confirms Quashing of Reassessment Notices appeared first on TaxGuru.

Reassessment Notices Quashed Due to Lack of Tangible Material for PE Allegation

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:50:01 +0000

The Court set aside Section 148 notices after finding no tangible evidence supporting the existence of a Permanent Establishment. The ruling highlights the need for concrete material in reassessment.

The post Reassessment Notices Quashed Due to Lack of Tangible Material for PE Allegation appeared first on TaxGuru.

Excise Duty Refund Denied Due to Excess Realisation Over FOB Value Triggering Unjust Enrichment

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:46:49 +0000

The Tribunal rejected the refund claim after finding that export proceeds exceeded the declared FOB value. It held that such excess creates a presumption of duty being passed on, barring refund.

The post Excise Duty Refund Denied Due to Excess Realisation Over FOB Value Triggering Unjust Enrichment appeared first on TaxGuru.

Service Tax Liability Confirmed on Sub-Contractor Due to Independent Taxability of Services

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:46:03 +0000

Manoj Kumar Gupta Vs Commissioner (CESTAT Allahabad) The appeal before the Tribunal arose from an Order-in-Appeal upholding a demand of ₹1,95,356 towards Service Tax for the financial year 2015–16, along with interest and penalties under Sections 77 and 78 of the Finance Act, 1994. The appellant was registered for providing “Business Auxiliary Services.” Based on […]

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Amounts Paid During Investigation Treated as Excise Duty After Adjudication, Refund Denied

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:43:52 +0000

The Tribunal ruled that payments made during investigation become duty once appropriated in adjudication. It rejected the argument that such payments remain deposits under protest. The decision reinforces that refund claims for such amounts are subject to limitation.

The post Amounts Paid During Investigation Treated as Excise Duty After Adjudication, Refund Denied appeared first on TaxGuru.

No Mens Rea, No Misconduct: ICAI Clears CA in Alleged Bribery Trap Case

cavkshetty — Mon, 20 Apr 2026 12:42:58 +0000

ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not misconduct, proceedings closed under Rule 15(2).

The post No Mens Rea, No Misconduct: ICAI Clears CA in Alleged Bribery Trap Case appeared first on TaxGuru.

Chhattisgarh HC Stayed GST Recovery Subject to Pre-Deposit Compliance

CA Sandeep Kanoi — Mon, 20 Apr 2026 12:40:09 +0000

The Court permitted the taxpayer to obtain a stay by following the procedure under Section 112 and relevant CBIC circulars. It emphasized that compliance with pre-deposit and undertaking conditions is mandatory. The decision highlights the role of procedural compliance in securing relief.

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