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New Tax Audit Form 26 Expands Stock Reporting Requirements in 2026-27

tushar_kamdar@hotmail.com — Fri, 19 Jun 2026 13:45:51 +0000

Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is a significant increase in disclosure obligations and audit work for taxpayers and auditors.

The post New Tax Audit Form 26 Expands Stock Reporting Requirements in 2026-27 appeared first on TaxGuru.

Applicability of Section 332(1) of Income Tax Act, 2025 for Educational Institutions Covered by Schedule VII Sl. No. 19

Rohan1983 — Fri, 19 Jun 2026 13:37:45 +0000

This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exemption under Schedule VII. It highlights that the issue remains unsettled due to differing interpretations of Section 332.

The post Applicability of Section 332(1) of Income Tax Act, 2025 for Educational Institutions Covered by Schedule VII Sl. No. 19 appeared first on TaxGuru.

Redeemed My ELSS Fund After 3 Years – Is Gain Taxable & How Much?

Sonia Dawar — Fri, 19 Jun 2026 13:35:10 +0000

This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highlights how the Rs. 1.25 lakh LTCG exemption reduces the actual tax liability.

The post Redeemed My ELSS Fund After 3 Years – Is Gain Taxable & How Much? appeared first on TaxGuru.

Actionable Claims under GST: Understanding Taxability through Gameskraft Judgement by Hon’ble SC

K. Raji Reddy, IRS — Fri, 19 Jun 2026 13:33:56 +0000

The Supreme Court upheld the GST framework governing betting, gambling, casinos, lotteries, and online money gaming. The key takeaway is that specified actionable claims have been taxable since the inception of GST, with the 2023 amendments being clarificatory.

The post Actionable Claims under GST: Understanding Taxability through Gameskraft Judgement by Hon’ble SC appeared first on TaxGuru.

Wyoming LLC for Indian Entrepreneurs: Is It Really the Right Choice?

Vishal_CA — Fri, 19 Jun 2026 13:30:35 +0000

This article explains why a Wyoming LLC may suit some Indian entrepreneurs but is not a universal solution. The key takeaway is that business goals, tax implications, and long-term plans should drive the decision.

The post Wyoming LLC for Indian Entrepreneurs: Is It Really the Right Choice? appeared first on TaxGuru.

RBI Exempts Long-Term NRE Deposits from CRR and SLR for Regional Rural Banks

Editor — Fri, 19 Jun 2026 13:19:53 +0000

The Third Amendment Directions provide CRR and SLR exemption for eligible fresh NRE term deposits with a minimum tenure of three years. The RBI also clarified that transfers from NRO accounts to NRE accounts are not eligible for the exemption.

The post RBI Exempts Long-Term NRE Deposits from CRR and SLR for Regional Rural Banks appeared first on TaxGuru.

RBI Exempts Long-Term NRE Deposits from CRR & SLR for Rural Co-operative Banks

Editor — Fri, 19 Jun 2026 13:18:42 +0000

The RBI has exempted fresh NRE term deposits of three years or more mobilized by Rural Co-operative Banks between June 19 and September 30, 2026 from CRR and SLR requirements. The exemption applies to the original deposit amount while it remains on the bank's books, subject to specified conditions.

The post RBI Exempts Long-Term NRE Deposits from CRR & SLR for Rural Co-operative Banks appeared first on TaxGuru.

RBI Exempts Long-Term NRE Deposits from CRR & SLR for Urban Co-operative Banks

Editor — Fri, 19 Jun 2026 13:17:15 +0000

The RBI's Third Amendment Directions provide CRR and SLR exemption for eligible fresh NRE term deposits with a minimum tenure of three years. The amendment also clarifies that transfers from NRO accounts to NRE accounts are not eligible for the exemption.

The post RBI Exempts Long-Term NRE Deposits from CRR & SLR for Urban Co-operative Banks appeared first on TaxGuru.

RBI Exempts Long-Term NRE Deposits from CRR and SLR for Small Finance Banks

Editor — Fri, 19 Jun 2026 13:16:37 +0000

The RBI has amended the 2025 Directions to exempt qualifying fresh NRE term deposits from reserve maintenance requirements for Small Finance Banks. The amendment takes immediate effect and also introduces corresponding changes to Form A reporting requirements.

The post RBI Exempts Long-Term NRE Deposits from CRR and SLR for Small Finance Banks appeared first on TaxGuru.

RBI Exempts Long-Term NRE Deposits from CRR and SLR for Commercial Banks

Editor — Fri, 19 Jun 2026 13:15:35 +0000

The RBI's Third Amendment Directions grant CRR and SLR exemption for eligible fresh NRE term deposits with a minimum tenure of three years. The amendment also clarifies that transfers from NRO accounts to NRE accounts are not eligible for the exemption.

The post RBI Exempts Long-Term NRE Deposits from CRR and SLR for Commercial Banks appeared first on TaxGuru.

ITAT Deletes Section 68 Addition as Accepted Cash Sales Cannot Be Treated as Unexplained

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:15:18 +0000

ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under Section 68. The Tribunal found no evidence contradicting the books of account or stock records.

The post ITAT Deletes Section 68 Addition as Accepted Cash Sales Cannot Be Treated as Unexplained appeared first on TaxGuru.

Reporting of FCNR (B) Deposits, ECB & OFCB mobilized under RBI’s Swap Facility

Editor — Fri, 19 Jun 2026 13:14:27 +0000

The RBI has directed all AD Category-I banks to submit daily data on FCNR(B) deposits, ECBs, and OFCBs mobilized under its swap facility. Banks must report the prescribed information by 6:00 p.m. every day and submit NIL statements where applicable.

The post Reporting of FCNR (B) Deposits, ECB & OFCB mobilized under RBI’s Swap Facility appeared first on TaxGuru.

ITAT Deletes Transfer Pricing Adjustment as CCDs Are Not Call Options

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:14:24 +0000

ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose from their issuance. The transfer pricing adjustment was deleted as no taxable income was generated.

The post ITAT Deletes Transfer Pricing Adjustment as CCDs Are Not Call Options appeared first on TaxGuru.

ITAT Holds Interest on CCDs Allowable as RBI’s FDI Classification Cannot Govern Income Tax

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:13:49 +0000

ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine their treatment under the Income Tax Act. The Tribunal ruled that interest on CCDs before conversion remains allowable.

The post ITAT Holds Interest on CCDs Allowable as RBI’s FDI Classification Cannot Govern Income Tax appeared first on TaxGuru.

ITAT Remands Support Service Fee Disallowance as CIT(A) Ignored Documentary Evidence

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:11:53 +0000

ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed from the assessee's own funds rather than borrowed funds.

The post ITAT Remands Support Service Fee Disallowance as CIT(A) Ignored Documentary Evidence appeared first on TaxGuru.

ITAT Deletes CCD Interest Disallowance as Debentures Remain Debt Until Conversion

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:11:09 +0000

ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted the disallowance of interest under Sections 36 and 37 while remanding the transfer pricing benchmarking issue.

The post ITAT Deletes CCD Interest Disallowance as Debentures Remain Debt Until Conversion appeared first on TaxGuru.

ITAT Deletes TP Adjustment as CCDs Remain Debt Until Conversion

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:10:19 +0000

ITAT Chennai held that Compulsorily Convertible Debentures retain the character of debt until conversion into equity. It ruled that interest on CCDs is deductible and that the TPO could not recharacterise them as equity.

The post ITAT Deletes TP Adjustment as CCDs Remain Debt Until Conversion appeared first on TaxGuru.

SC Allows Income Tax Assessment as Jurisdiction Objection Was Not Raised Within Section 124(3)(a) Time Limit

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:09:37 +0000

The Supreme Court held that an assessee who participates in assessment proceedings without objecting to jurisdiction within the period prescribed under Section 124(3)(a) cannot subsequently challenge the Assessing Officer's jurisdiction.

The post SC Allows Income Tax Assessment as Jurisdiction Objection Was Not Raised Within Section 124(3)(a) Time Limit appeared first on TaxGuru.

Allahabad HC Upholds Section 148 Notice as Cash Deposit Information Was Relevant

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:07:51 +0000

The Allahabad High Court held that information regarding cash deposits constituted relevant material for issuing a notice under Section 148. It dismissed the writ petition while permitting the assessee to pursue the statutory appellate remedy.

The post Allahabad HC Upholds Section 148 Notice as Cash Deposit Information Was Relevant appeared first on TaxGuru.

Allahabad HC Rejects Recall Plea as No Ground Was Made Out

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:07:13 +0000

The Allahabad High Court refused to recall its earlier judgment after holding that it had already delivered a detailed decision on merits and that no valid ground for recall was established.

The post Allahabad HC Rejects Recall Plea as No Ground Was Made Out appeared first on TaxGuru.

ITAT Quashes Section 153C Assessments as Proceedings Were Barred by Limitation

CA Sandeep Kanoi — Fri, 19 Jun 2026 13:06:12 +0000

ITAT Jaipur held that assessments initiated under Section 153C were time-barred under every possible computation of limitation. The assessment orders were declared void ab initio and quashed.

The post ITAT Quashes Section 153C Assessments as Proceedings Were Barred by Limitation appeared first on TaxGuru.

Calcutta HC Grants Fresh Hearing as GST SCN Was Not Received

CA Sandeep Kanoi — Fri, 19 Jun 2026 11:58:50 +0000

The Calcutta High Court granted the taxpayer an opportunity to reply after finding that the show cause notice was not received. The GST authority was directed to pass a fresh reasoned order after hearing the petitioner.

The post Calcutta HC Grants Fresh Hearing as GST SCN Was Not Received appeared first on TaxGuru.

ITAT Deletes Demonetization Cash Deposit Addition as Books & VAT Records Were Accepted

CA Sandeep Kanoi — Fri, 19 Jun 2026 11:44:45 +0000

The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee's books of account, stock records, and VAT returns supported the transactions. As no defects were found in the books, the addition under Sections 68/69A was deleted.

The post ITAT Deletes Demonetization Cash Deposit Addition as Books & VAT Records Were Accepted appeared first on TaxGuru.

Telangana HC Refuses to Quash GST Cancellation SCN Where Taxpayer Filed Detailed Reply

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 11:40:42 +0000

The Telangana High Court held that a GST registration cancellation notice was valid because the accompanying documents clearly conveyed the allegations and enabled the taxpayer to respond effectively.

The post Telangana HC Refuses to Quash GST Cancellation SCN Where Taxpayer Filed Detailed Reply appeared first on TaxGuru.

Telangana HC Restores Income Tax Appeals After Vivad Se Vishwas Lapse

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 11:39:41 +0000

The Telangana High Court held that although relief under the Vivad Se Vishwas Scheme could not be revived after the scheme expired, the taxpayer should not be left without a remedy. The Court directed restoration of the withdrawn appeals for decision on merits.

The post Telangana HC Restores Income Tax Appeals After Vivad Se Vishwas Lapse appeared first on TaxGuru.

Telangana HC Refuses Writ as GSTAT Becomes Functional for Appeals

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 11:38:48 +0000

The Telangana High Court declined to entertain the writ petition because the GST Appellate Tribunal (GSTAT) is now functional and provides an effective statutory appellate remedy. The Court permitted the petitioner to file an appeal before the GSTAT within the prescribed window period after making the required statutory deposit.

The post Telangana HC Refuses Writ as GSTAT Becomes Functional for Appeals appeared first on TaxGuru.

Bangalore ITAT: TDS Credit Cannot Be Denied Merely Because It Was Omitted in Original Return

cavkshetty — Fri, 19 Jun 2026 11:35:00 +0000

ITAT Bangalore held that TDS credit cannot be denied merely because it was omitted in the original income tax return. The Tribunal directed the Assessing Officer to verify Form 26AS and allow the credit if the corresponding income has been offered to tax.

The post Bangalore ITAT: TDS Credit Cannot Be Denied Merely Because It Was Omitted in Original Return appeared first on TaxGuru.

GST Enforcement on Autopilot: How Bonafide Buyers Are Being Crushed in Karnataka

S PRASAD — Fri, 19 Jun 2026 11:25:15 +0000

The article examines alleged GST enforcement practices in Karnataka where ITC is denied based on NGTP reports and retrospective supplier cancellations. It argues that bona fide buyers with supporting documents should not face demands without independent verification and proper hearing.

The post GST Enforcement on Autopilot: How Bonafide Buyers Are Being Crushed in Karnataka appeared first on TaxGuru.

Mere GSTR-1 & 3B Mismatch Cannot Automatically Trigger Section 74 Proceedings: GSTAT

Shrutikesarwani — Fri, 19 Jun 2026 11:24:46 +0000

GSTAT held that a mere mismatch between GSTR-1 and GSTR-3B does not automatically establish tax evasion or justify proceedings under Section 74. The Tribunal emphasized that the department must first verify records, undertake reconciliation, and prove fraud or suppression.

The post Mere GSTR-1 & 3B Mismatch Cannot Automatically Trigger Section 74 Proceedings: GSTAT appeared first on TaxGuru.

Merchant Trade Transactions (MTT): How Indian Traders Earn in Dollars Without a Single Box Touching Indian Soil

CA. Keshav Kumar — Fri, 19 Jun 2026 11:13:56 +0000

Merchant Trade Transactions allow Indian businesses to trade goods between two foreign countries without importing them into India. The article explains the RBI rules, FEMA compliance, GST treatment, and the October 2025 regulatory changes.

The post Merchant Trade Transactions (MTT): How Indian Traders Earn in Dollars Without a Single Box Touching Indian Soil appeared first on TaxGuru.

The Startup Funding Dilemma: Convertible Notes vs iSAFEs

Krish Trivedi — Fri, 19 Jun 2026 11:06:16 +0000

Convertible notes and iSAFE both defer valuation but operate under different legal frameworks in India. The article explains their features, regulatory differences, and how startups can choose the most suitable fundraising instrument.

The post The Startup Funding Dilemma: Convertible Notes vs iSAFEs appeared first on TaxGuru.

Valuation Challenges in Startup Fundraising

shilpakiran — Fri, 19 Jun 2026 11:00:25 +0000

Startup valuation depends on business potential, governance, compliance, and investor confidence rather than financial metrics alone. The article explains how realistic valuation and strong governance support successful fundraising.

The post Valuation Challenges in Startup Fundraising appeared first on TaxGuru.

Assessment on Amalgamated Bank’s Predecessor Held Void; ITAT Quashes Order Passed in Name of Non-Existent Syndicate Bank

cavkshetty — Fri, 19 Jun 2026 11:00:04 +0000

ITAT Bangalore held that an assessment order passed in the name of an amalgamated bank after it had ceased to exist is void ab initio. The Tribunal ruled that once the Assessing Officer was informed of the amalgamation, the defect could not be cured under Section 292B.

The post Assessment on Amalgamated Bank’s Predecessor Held Void; ITAT Quashes Order Passed in Name of Non-Existent Syndicate Bank appeared first on TaxGuru.

Belated Return Filed in Response to Section 148 Cannot Revive Section 80P Deduction: Bangalore ITAT

cavkshetty — Fri, 19 Jun 2026 10:50:11 +0000

The Tribunal ruled that filing a return in response to Section 148 does not cure the failure to file the original return within the due date prescribed under Section 139(1). Consequently, the claim for deduction under Section 80P was rightly rejected.

The post Belated Return Filed in Response to Section 148 Cannot Revive Section 80P Deduction: Bangalore ITAT appeared first on TaxGuru.

Section 154 Cannot Be Used to Make Fresh Disallowance of Asset Write-Off Claim: Bangalore ITAT

cavkshetty — Fri, 19 Jun 2026 10:38:43 +0000

ITAT Bangalore held that Section 154 cannot be invoked to make a fresh disallowance of an asset write-off claim that was never examined in the original assessment. The Tribunal ruled that such an issue is not a mistake apparent from the record and falls outside the scope of rectification.

The post Section 154 Cannot Be Used to Make Fresh Disallowance of Asset Write-Off Claim: Bangalore ITAT appeared first on TaxGuru.

Section 66 IBC Expanded as NCLAT Recognised Third-Party Liability

Kamakshi Sharan — Fri, 19 Jun 2026 10:28:30 +0000

The article explains how the NCLAT interpreted Section 66(1) to extend liability beyond company insiders to third parties who knowingly participate in fraudulent conduct. It highlights the shift toward creditor-focused value recovery under the IBC.

The post Section 66 IBC Expanded as NCLAT Recognised Third-Party Liability appeared first on TaxGuru.

Second Form 10AB Application Maintainable; CIT(E) Cannot Reject Registration Solely Because Earlier Rejection Was Not Challenged

cavkshetty — Fri, 19 Jun 2026 10:24:17 +0000

ITAT Bangalore held that the Income-tax Act does not prohibit a charitable trust from filing a second application for registration under Section 12AB after an earlier rejection.

The post Second Form 10AB Application Maintainable; CIT(E) Cannot Reject Registration Solely Because Earlier Rejection Was Not Challenged appeared first on TaxGuru.

Area-Based Maintenance Charges Invalid as Common Infrastructure Is Shared Equally

CA Sandeep Kanoi — Fri, 19 Jun 2026 10:15:14 +0000

The Court held that maintenance charges for common amenities, facilities, and services cannot be based on apartment size when all owners enjoy them equally. The impugned resolution and related invoices were declared void.

The post Area-Based Maintenance Charges Invalid as Common Infrastructure Is Shared Equally appeared first on TaxGuru.

ITAT Quashes Two Reassessments: Time-Barred Assessment and Second Section 148 Notice During Pendency of Earlier Reassessment Held Invalid

cavkshetty — Fri, 19 Jun 2026 10:14:29 +0000

ITAT ruled that the reassessment order passed under Section 147 was unsustainable as it exceeded the limitation period prescribed by the Income-tax Act. The decision highlights that statutory timelines cannot be ignored without supporting evidence from the Revenue.

The post ITAT Quashes Two Reassessments: Time-Barred Assessment and Second Section 148 Notice During Pendency of Earlier Reassessment Held Invalid appeared first on TaxGuru.

Bona Fide Claim Under Newly Introduced Section 71(3A) Saves Assessee from Penalty Under Section 270A

cavkshetty — Fri, 19 Jun 2026 10:00:46 +0000

ITAT Bangalore deleted the penalty under Section 270A after holding that the assessee's incorrect claim arose from a bona fide misunderstanding of a newly introduced provision under Section 71(3A).

The post Bona Fide Claim Under Newly Introduced Section 71(3A) Saves Assessee from Penalty Under Section 270A appeared first on TaxGuru.

No Addition on Reopening Issue, No Addition on Any Other Issue: Bangalore ITAT Quashes Reassessment

cavkshetty — Fri, 19 Jun 2026 09:45:17 +0000

ITAT Bangalore held that reassessment cannot survive where the Assessing Officer makes no addition on the very issue for which the assessment was reopened. The Tribunal deleted the Section 54 disallowance, holding that additions on unrelated issues are unsustainable once the original reopening ground fails.

The post No Addition on Reopening Issue, No Addition on Any Other Issue: Bangalore ITAT Quashes Reassessment appeared first on TaxGuru.

Making ESOPs Work for Startup Employees: A Practical Guide (2025-26)

Sanyam Goel — Fri, 19 Jun 2026 09:44:43 +0000

ESOPs can create significant wealth, but many employees struggle with taxation, limited liquidity, and unrealistic expectations. The article explains why thoughtful ESOP structuring and communication are essential.

The post Making ESOPs Work for Startup Employees: A Practical Guide (2025-26) appeared first on TaxGuru.

I Sold Listed Shares & Made INR 3 Lakh Profit – How Is LTCG Taxed Now?

Sonia Dawar — Fri, 19 Jun 2026 09:40:57 +0000

Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide explains tax calculation, exemptions, and planning strategies for investors.

The post I Sold Listed Shares & Made INR 3 Lakh Profit – How Is LTCG Taxed Now? appeared first on TaxGuru.

ITAT Deletes Section 69 Addition Where Investment Was Made Through Tenant’s Cheque and Properly Explained

cavkshetty — Fri, 19 Jun 2026 09:30:50 +0000

ITAT Bangalore held that a ₹5 lakh investment could not be treated as unexplained under Section 69 where documentary evidence showed it was made through a cheque issued by the tenant under a lease arrangement.

The post ITAT Deletes Section 69 Addition Where Investment Was Made Through Tenant’s Cheque and Properly Explained appeared first on TaxGuru.

Genuine Application of Income Cannot Be Denied for Mere Reporting Mismatch in Return

cavkshetty — Fri, 19 Jun 2026 09:15:14 +0000

ITAT Bangalore held that a genuine claim of application of income supported by documentary evidence cannot be denied merely because of a reporting mismatch in different schedules of the income tax return.

The post Genuine Application of Income Cannot Be Denied for Mere Reporting Mismatch in Return appeared first on TaxGuru.

FAQ on filing DPT-3 under Companies Act, 2013 and its rules

Sushil Kumar Antal — Fri, 19 Jun 2026 09:14:10 +0000

This guide explains why companies must file Form DPT-3 not only for deposits but also for outstanding transactions excluded from the definition of deposits. It highlights the reporting requirements, applicability, and key compliance obligations.

The post FAQ on filing DPT-3 under Companies Act, 2013 and its rules appeared first on TaxGuru.

Bangalore ITAT Restores Section 50C & Section 54F Issues; CIT(A) Cannot Dismiss Appeal for Non-Prosecution

cavkshetty — Fri, 19 Jun 2026 08:30:31 +0000

ITAT Bangalore held that where the assessee disputed the stamp duty valuation and furnished a registered valuer's report, the Assessing Officer ought to have referred the matter to the Departmental Valuation Officer (DVO).

The post Bangalore ITAT Restores Section 50C & Section 54F Issues; CIT(A) Cannot Dismiss Appeal for Non-Prosecution appeared first on TaxGuru.

Wrong Section, Wrong Assessment: Bangalore ITAT Annuls Section 143(3) Order Passed After Search

cavkshetty — Fri, 19 Jun 2026 07:35:14 +0000

ITAT Bangalore held that once a search under Section 132 was conducted, the assessment for the relevant year had to proceed under Section 147/148 in accordance with the post-2021 statutory scheme.

The post Wrong Section, Wrong Assessment: Bangalore ITAT Annuls Section 143(3) Order Passed After Search appeared first on TaxGuru.

P&H HC Remands Expatriate Secondment GST Dispute for Fresh Consideration

UBR Legal Advocates — Fri, 19 Jun 2026 06:52:18 +0000

The Punjab and Haryana High Court set aside the GST adjudication order on secondment of expatriate employees because relevant CBIC Circular No. 210/4/2024-GST and Instruction No. 05/2023-GST were issued after the order.

The post P&H HC Remands Expatriate Secondment GST Dispute for Fresh Consideration appeared first on TaxGuru.

Drug License Cost, Types & Timeline in India

Compliance Calendar LLP — Fri, 19 Jun 2026 06:50:16 +0000

Learn the different types of Drug Licenses in India, their costs, required documents, and approval timelines. The guide explains the compliance requirements for pharmacies, wholesalers, manufacturers, and importers.

The post Drug License Cost, Types & Timeline in India appeared first on TaxGuru.

WhatsApp, Google Drive & Shared Folders: Are We Handling Data Safely?

Itisha — Fri, 19 Jun 2026 06:47:22 +0000

The DPDP Act does not ban WhatsApp, Google Drive, or shared folders for handling personal data. The key requirement is that organizations implement lawful processing, security safeguards, access controls, and purpose limitation.

The post WhatsApp, Google Drive & Shared Folders: Are We Handling Data Safely? appeared first on TaxGuru.

Bombay HC Questions recovery of SFIS benefits via SCN issued after 10 Years

UBR Legal Advocates — Fri, 19 Jun 2026 06:39:59 +0000

The Bombay High Court considered a challenge to a demand-cum-show cause notice on the ground that it was issued more than ten years after the alleged transaction. The Court issued notice to the respondents and permitted the petitioner to seek further relief if additional proceedings are initiated.

The post Bombay HC Questions recovery of SFIS benefits via SCN issued after 10 Years appeared first on TaxGuru.

Railway Dynamic Braking Assemblies classifiable Under Chapter 8607: CESTAT Bangalore

UBR Legal Advocates — Fri, 19 Jun 2026 06:39:00 +0000

CESTAT Bangalore upheld the classification of dynamic braking assemblies and components under CETH 8607 as parts of railway locomotives. The Tribunal relied on the Supreme Court's predominant or sole-use test and dismissed the Revenue's appeal seeking classification under CETH 8414 and 8516.

The post Railway Dynamic Braking Assemblies classifiable Under Chapter 8607: CESTAT Bangalore appeared first on TaxGuru.

GST Appeal Allowed as Assessee Pursued Writ Remedy Before Telangana HC

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:37:28 +0000

The Telangana High Court permitted the assessee to file a statutory appeal within two weeks with the prescribed pre-deposit. It directed the appellate authority to consider the appeal while taking into account that the writ petition had been pursued.

The post GST Appeal Allowed as Assessee Pursued Writ Remedy Before Telangana HC appeared first on TaxGuru.

Telangana HC Allows Taxpayer to Pursue GST Appeal Against Assessment Order Despite Delay

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:36:26 +0000

The Telangana High Court allowed the assessee to file a statutory appeal with a delay condonation application instead of examining the writ petition on merits. The appellate authority was directed to decide the delay issue before considering the appeal.

The post Telangana HC Allows Taxpayer to Pursue GST Appeal Against Assessment Order Despite Delay appeared first on TaxGuru.

Telangana HC Permits Taxpayer to Pursue GST Appeal Against Assessment Order

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:35:24 +0000

he Telangana High Court allowed the assessee to file a statutory appeal within two weeks with the prescribed pre-deposit. It directed the appellate authority to consider the appeal in accordance with law, taking into account that the writ petition had been pursued.

The post Telangana HC Permits Taxpayer to Pursue GST Appeal Against Assessment Order appeared first on TaxGuru.

Telangana HC Dismisses Writ Petition Challenging GST Assessment Due to Unexplained Delay

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:34:22 +0000

The Telangana High Court refused to entertain the writ petition as it was filed after considerable delay without any satisfactory explanation. It held that the statutory appellate remedy could not be bypassed after the limitation period expired.

The post Telangana HC Dismisses Writ Petition Challenging GST Assessment Due to Unexplained Delay appeared first on TaxGuru.

Telangana HC Directs Refund Consideration for Long-Pending VAT/CST Refund Claim

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:33:19 +0000

The Telangana High Court directed the tax authority to consider the petitioners representation by a reasoned order within thirty days. It disposed of the writ petition without expressing any opinion on the merits.

The post Telangana HC Directs Refund Consideration for Long-Pending VAT/CST Refund Claim appeared first on TaxGuru.

7 Day Prior Notice Before GST Action Not a Shield Against Arrest: Delhi HC

a2zbimaljain — Fri, 19 Jun 2026 06:33:12 +0000

Delhi HC held that directing GST Department to give seven days' prior notice before coercive action is not equivalent to blanket anticipatory bail. Ruling preserves investigative powers while ensuring taxpayers receive an opportunity to pursue legal remedies.

The post 7 Day Prior Notice Before GST Action Not a Shield Against Arrest: Delhi HC appeared first on TaxGuru.

Telangana HC Directs GST Authorities to Rectify Multiple SCNs & Orders

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:32:16 +0000

The Telangana High Court held that issuance of multiple GST show cause notices and orders for the same tax period is amenable to rectification under Section 161 of the TGST Act. It directed the proper officer to undertake rectification in accordance with law.

The post Telangana HC Directs GST Authorities to Rectify Multiple SCNs & Orders appeared first on TaxGuru.

Telangana High Court Permits GST Appeal Against Assessment Order

ADV AKRUTI GOYAL — Fri, 19 Jun 2026 06:31:14 +0000

The Telangana High Court permitted the assessee to file a statutory appeal against the GST order within two weeks with the required pre-deposit. It directed the appellate authority to consider the delay while deciding the appeal in accordance with law.

The post Telangana High Court Permits GST Appeal Against Assessment Order appeared first on TaxGuru.

GST Appeal Restored as Authority Ignored Assessee’s Reply on Delay

a2zbimaljain — Fri, 19 Jun 2026 06:29:15 +0000

The Orissa High Court held that rejecting a GST appeal without considering the assessee's electronically filed explanation on delay amounted to an error apparent on the face of the record. The matter was remanded for fresh consideration after finding the delay was within the condonable period.

The post GST Appeal Restored as Authority Ignored Assessee’s Reply on Delay appeared first on TaxGuru.

Advance Tax Collections Grow 15.30% due to Higher Corporate Tax Payments

Editor — Fri, 19 Jun 2026 06:12:42 +0000

Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax receipts. Advance tax collections also recorded double-digit growth, reflecting strong revenue performance.

The post Advance Tax Collections Grow 15.30% due to Higher Corporate Tax Payments appeared first on TaxGuru.

SEBI Proposes Review of Margin Trading Facility Framework

editor4 — Fri, 19 Jun 2026 06:10:41 +0000

SEBI has proposed wide-ranging changes to the MTF framework to improve risk management and operational efficiency. The consultation includes revised collateral, funding, exposure, and compliance norms while inviting public comments.

The post SEBI Proposes Review of Margin Trading Facility Framework appeared first on TaxGuru.

Cyprus as a Holding and Trading Base: 2026 Setup Essentials

Editor — Fri, 19 Jun 2026 06:02:47 +0000

Cyprus continues to offer a competitive destination for holding and trading companies despite the increase in corporate tax to 15% from 2026. The article highlights that EU access, participation exemptions, IP incentives, and business substance remain the key advantages.

The post Cyprus as a Holding and Trading Base: 2026 Setup Essentials appeared first on TaxGuru.

Form 3CD Reporting Error Not Sufficient to Deny Bonus Deduction: ITAT Bangalore

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:51:09 +0000

The ITAT Bangalore held that a mismatch between the income tax return and Form 3CD cannot by itself justify disallowance of a genuine bonus payment. It allowed the deduction after finding that the payment was supported by books of account and bank records.

The post Form 3CD Reporting Error Not Sufficient to Deny Bonus Deduction: ITAT Bangalore appeared first on TaxGuru.

Gauhati HC Allows GST Registration Restoration as Taxpayer Offered to File Pending Returns

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:49:37 +0000

The Gauhati High Court held that a taxpayer whose GST registration was cancelled for non-filing of returns could seek restoration by complying with the proviso to Rule 22(4) of the CGST Rules. It directed the authority to consider the application in accordance with law after compliance.

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CESTAT Allows Customs Exemption as Export-Reimport Link Was Properly Established

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:48:17 +0000

CESTAT held that the exporter established complete correlation between the exported, re-imported and re-exported frozen buffalo meat through documentary evidence and departmental supervision. It set aside the customs duty demand, redemption fine and penalties after finding compliance with Notification No. 158/95-Cus.

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VCES Declaration Cannot Be Rejected Due to Time-Barred SCN: CESTAT Chennai

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:47:34 +0000

CESTAT Chennai held that rejection of a VCES declaration was unsustainable because the show cause notice was issued beyond the prescribed 30-day period. The Tribunal set aside the rejection and allowed the appeal with consequential relief.

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Mobile Phone Importer Entitled to 1% CVD Benefit Despite CENVAT Credit Condition

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:46:16 +0000

CESTAT Chennai held that an importer was entitled to concessional CVD under Notification No. 12/2012-CE because imported goods must be treated as if manufactured in India under Section 3 of the Customs Tariff Act. The Tribunal relied on the Supreme Court's ruling in SRF Ltd. and dismissed the Department's appeal.

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ITAT Remands Cash Deposit Addition as Documentary Evidence Was Not Examined

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:40:29 +0000

ITAT Visakhapatnam remanded the assessment after holding that documentary evidence relating to cash deposits, members' records and audit reports required proper verification. The Tribunal directed a fresh assessment without expressing any opinion on the merits.

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FAQs on Income Tax e-Verification Scheme 2021

Editor — Fri, 19 Jun 2026 05:18:48 +0000

The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and income tax returns through online verification and Section 133(6) notices. It also highlights taxpayers options to submit explanations or file updated returns to avoid further assessment proceedings

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ITAT Hyderabad Deletes Section 69 Addition as Dumb Document Lacked Evidence

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:09:33 +0000

ITAT Hyderabad held that an addition under Section 69 cannot be sustained solely on the basis of an uncorroborated loose sheet. The Tribunal ruled that independent evidence is necessary to establish alleged on-money payments.

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ITAT Allows Foreign Tax Credit as Delay in Filing Form 67 Is Procedural: ITAT Visakhapatnam

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:08:30 +0000

The ITAT Visakhapatnam held that delayed filing of Form No. 67 does not justify denial of Foreign Tax Credit where taxes have been paid in the foreign jurisdiction. It ruled that the procedural delay cannot override the substantive benefit available under the DTAA.

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Section 80P Deduction Denied as Return of Income Was Not Filed Before Assessment

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:06:38 +0000

ITAT Visakhapatnam held that filing a return of income before completion of assessment is mandatory for claiming deduction under Section 80P. The Tribunal upheld denial of the deduction where the return was filed only after the assessment.

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Sale of Ancestral Property Taxable as Capital Gains not as Income from Other Sources

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:03:41 +0000

The ITAT held that proceeds from the sale of ancestral immovable property are taxable under the head Capital Gains" and not Income from Other Sources. The matter was remanded to the Assessing Officer for fresh computation after considering the assessee's documents.

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ITAT Remands Capital Gains Case as AO Failed to Refer Valuation to DVO

CA Sandeep Kanoi — Fri, 19 Jun 2026 05:00:22 +0000

The ITAT held that the Assessing Officer must comply with the mandatory provisions of Section 50C(2) before adopting the stamp duty value. The matter was remanded for obtaining the DVO's valuation report and fresh adjudication.

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ITAT Deletes Maximum Marginal Rate Tax as Charitable Trust Is Taxable at Normal Rates

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:59:14 +0000

The ITAT held that a public charitable trust could not be taxed at the Maximum Marginal Rate under Section 167B. It directed taxation at normal rates and held that no tax was payable as the income was below the basic exemption limit.

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Cash Deposits in Old Notes Alone Cannot Justify Section 69A Addition: ITAT Ahmedabad

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:57:28 +0000

ITAT Ahmedabad held that cash deposits cannot be treated as unexplained merely because they were made in old denomination notes during demonetisation. The Tribunal remanded the matter to verify whether the deposits represented genuine business sales.

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Gujarat HC Orders Bank Account Release of Director as No DRC-18 Finding Was Recorded

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:54:19 +0000

The Gujarat High Court directed release of the petitioner's attached bank accounts after the State admitted that no findings under Form DRC-18 had been recorded. The Court, however, allowed the authorities to pursue recovery from the company or its responsible directors in accordance with law.

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Compensation under Early Retirement Scheme cannot be taxed as profits in lieu of salary

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:46:28 +0000

The ITAT Pune held that compensation received under an Early Retirement Scheme could not be taxed as profits in lieu of salary under Section 17(3)(i). Following earlier judicial precedents, it directed deletion of the addition.

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ITAT Quashes Section 270A Penalty as AO Failed to Specify Misreporting Charge

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:39:49 +0000

The ITAT held that penalty proceedings under Section 270A were invalid because the Assessing Officer did not specify the applicable statutory charge under the provision. It ruled that such omission violated the principles of natural justice and quashed the penalty.

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NCLT Dispenses with Creditor Meetings as Demerger Scheme Does Not Affect Their Rights

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:37:46 +0000

The NCLT Delhi dispensed with meetings of secured and unsecured creditors after finding that the proposed demerger involved no compromise with creditors and did not adversely affect their rights. Only the resulting company's equity shareholders were directed to convene a meeting.

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CESTAT Allows Excise Refund Interest as Section 11BB Runs From Application Date

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:35:32 +0000

CESTAT Allahabad held that interest under Section 11BB becomes payable after three months from the date of the refund application, not from the appellate order granting refund. The Tribunal awarded statutory interest on the delayed refund while rejecting the claim for interest on interest.

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Calcutta HC Orders Form 5 Issuance as Portal Error Cannot Defeat Vivad Se Vishwas Relief

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:34:20 +0000

The Calcutta High Court held that the Income Tax Department cannot deny Form 5 under the Vivad Se Vishwas Scheme due to a technical portal error that wrongly mapped the taxpayer's payment. It directed correction of the error and issuance of Form 5 after verification of the challan.

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Calcutta HC Quashes Property Tax Hike as Enhanced Valuation was Without Statutory Procedure

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:22:43 +0000

The Calcutta High Court held that KMC's retrospective enhancement of Annual Valuation and consequential property tax demands lacked statutory authority and violated mandatory procedural safeguards. The Court restored the earlier valuation and permitted fresh assessment only in accordance with the KMC Act.

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Cash Deposits During Demonetisation Cannot Be Taxed Twice Where Sales Are Accepted: ITAT Delhi

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:16:15 +0000

The Delhi ITAT held that cash deposits sourced from recorded cash sales cannot be treated as unexplained credits once the sales and books of account are accepted. The Tribunal deleted the Section 68 addition as it resulted in double taxation of the same income.

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ITAT Delhi Upholds 1% Income Estimate as Assessee Was Commission Agent

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:15:25 +0000

The ITAT Delhi held that only 1% of the gross bank transactions could be assessed as income after finding that the assessee acted as a commission agent. It upheld the CIT(A)'s reliance on the consistent approach adopted in the preceding assessment year.

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Sales Tax Subsidy Non-Taxable as It Was Meant for Industrial Development: ITAT Ahmedabad

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:14:03 +0000

The ITAT held that sales tax subsidy granted under industrial incentive schemes constituted a capital receipt because its purpose was industrial development rather than business profits. The Revenue's appeal was dismissed and the subsidy was excluded from taxable income and book profits.

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NCLT Allows First Motion as 100% Consents Dispensed with Resulting Company Meetings

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:11:35 +0000

The NCLT allowed the first motion application for a demerger scheme and dispensed with meetings of the Resulting Company's equity shareholders and unsecured creditors because all had provided consent affidavits. It directed meetings only for the Demerged Company's stakeholders and laid down the procedure for further approval.

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NCLT Refuses to Dispense with Unsecured Creditors’ Meeting as 90% Consent Requirement Was Not Met

CA Sandeep Kanoi — Fri, 19 Jun 2026 04:09:43 +0000

The Tribunal found the amalgamation application maintainable and noted compliance with valuation, accounting standards, board approvals, and disclosure requirements. It allowed the first motion application while directing further statutory compliances before sanction of the Scheme.

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Section 122 of CGST Act: Multiple Penalties, Vicarious Liability & Expanding Reach of Section 122(1A)

CA. Shafaly Girdharwal — Thu, 18 Jun 2026 14:01:29 +0000

The article examines how Section 122(1A) broadens GST penalty provisions beyond taxable persons to beneficiaries and participants. It also analyses issues relating to multiple penalties, retrospective application and emerging judicial trends.

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Delhi HC Restrains Google for Allowing Trademark as AdWords Keywords

CA Sandeep Kanoi — Thu, 18 Jun 2026 13:57:31 +0000

The Delhi High Court held that Google could not use the registered trademark HINDWARE as advertising keywords and granted a permanent injunction. The Court also awarded ₹30 lakh in nominal damages and litigation costs.

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CA Final May 2026: Pass Percentage, Toppers and Analysis

editor8 — Thu, 18 Jun 2026 13:56:23 +0000

ICAI declared the CA Final May 2026 examination results, with 7,931 candidates qualifying as Chartered Accountants. The announcement also included pass percentages and the All India rank holders.

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ICAI Clarifies No Exam Data Breach as Portal Was Only for Examiner Training

editor8 — Thu, 18 Jun 2026 13:51:02 +0000

ICAI clarified that the alleged security breach involved only an examiner training portal and did not affect examination records, marks, or answer books. Stakeholders have been advised to rely only on official ICAI communications.

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CBIC Adds Navi Mumbai customs airports as international courier terminals

editor2 — Thu, 18 Jun 2026 13:50:22 +0000

CBIC has amended Notification No. 27/2018-Customs (N.T.) by inserting "Navi Mumbai" as a new entry in the notified table. The amendment has been issued under Section 7(1)(f) of the Customs Act, 1962.

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IRDAI Forms AI Working Group to Strengthen Governance in Insurance Sector

editor2 — Thu, 18 Jun 2026 13:47:58 +0000

IRDAI has constituted a Working Group to develop governance, oversight, and security frameworks for AI adoption in the insurance sector. The panel will recommend measures to promote ethical AI use while safeguarding policyholders data.

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CBIC Revises DIGIT Data Entry Rules as Uniform Customs Reporting Required

editor2 — Thu, 18 Jun 2026 13:46:52 +0000

CBIC has issued fresh instructions prescribing uniform procedures, timelines, and case classifications for recording Customs offence cases in DIGIT. The revised framework also introduces structured data governance and phased auto-population of enforcement reports.

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Digital Media Law and Indian Cinematography: An Overview

Soumyaranjan Adhikary — Thu, 18 Jun 2026 13:43:50 +0000

This article explains India's legal framework governing films, digital media, certification, licensing, and exhibition. It also highlights landmark legal disputes that have shaped the regulation of the Indian film industry.

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Can Capital Gains Exemption Be Claimed If House Is Bought in Spouse’s/Family Members Name?

Kowsalya ch — Thu, 18 Jun 2026 13:38:07 +0000

This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is purchased in the name of a spouse or family member. It explains that while several High Courts have adopted a liberal approach, the issue remains unsettled due to the absence of a Supreme Court ruling.

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