Tax & Legal Articles

The ITAT Cuttack, in the case of Kshirod Kumar Pattnaik Vs ITO, rendered a decisive ruling quashing reassessment proceedings framed by the ITO, Angul Ward, for Assessment Year 2012-13. The core issue was that the assessee's declared income of Rs. 35,...

The Reserve Bank of India (Payments Banks – Responsible Business Conduct) Second Amendment Directions, 2026 represent a comprehensive and forward-looking recalibration of the customer protection framework for Payments Banks in India. By introducing c...

The Reserve Bank of India (Urban Co-operative Banks – Responsible Business Conduct) Third Amendment Directions, 2026 represent a comprehensive and customer-centric overhaul of the electronic banking fraud protection landscape for UCBs. By introducing...

The Central Gujarat Chamber of Tax Consultants has submitted a detailed and legally grounded representation to the Union Finance Minister and the GST Council, seeking extension of the GSTAT appeal filing deadline from 30 June 2026 to 31 December 2026...

The doctrine of commercial wisdom under the Insolvency and Bankruptcy Code, 2016 represents a fundamental reorientation of how corporate distress is resolved in India. By vesting decision-making authority in the Committee of Creditors — institutions ...

The Supreme Court's ruling in Jagdeep Chowgule Vs Sheela Chowgule & Ors. conclusively resolves a significant jurisdictional debate that had produced conflicting outcomes across various High Courts in India. The Court has firmly established that the "...

The ITAT Delhi's ruling in Neeraj Goel Vs ACIT is an important precedent in the domain of search and seizure assessments, affirming that the Revenue cannot sustain additions to income on the basis of loose papers or documents that are anonymous, unsi...

The EPFO reforms of October 2025 represent a meaningful simplification of the partial withdrawal framework. Consolidating approximately thirteen provisions into three heads, standardising the service requirement at twelve months, and extending access...

The Calcutta High Court's ruling in Gaurav Enterprises Vs Union of India And Ors reaffirms a well-settled principle that the Income Tax authorities cannot recover amounts exceeding 20% of a disputed demand during the pendency of an appeal before the ...

The ITAT Ahmedabad's ruling in Checkmate Services Pvt. Ltd. Vs DCIT reinforces two well-established but frequently contested positions in income tax law. On the question of employees' PF/ESI contributions, the Tribunal reiterated the authoritative po...

The Calcutta High Court's decision in PCIT Vs Nopany & Sons unambiguously reaffirms that the issuance of notice under `Section 143(2)` of the Income Tax Act, 1961 by the jurisdictionally competent Assessing Officer within the prescribed time is a man...

The Reserve Bank of India (Local Area Banks – Prudential Norms on Capital Adequacy) Amendment Directions, 2026, effective from April 1, 2027, represent a comprehensive restructuring of how Local Area Banks must compute and maintain capital for foreig...

The Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Second Amendment Directions, 2026, effective June 24, 2026, marks a pivotal shift in the regulatory architecture governing...

The Reserve Bank of India (Rural Co-operative Banks – Prudential Norms on Capital Adequacy) Amendment Directions, 2026 represent a meaningful step toward strengthening market risk management within the rural co-operative banking sector. By introducin...

The RBI's First Amendment Directions, 2026 mark a decisive shift in how Agency Banks must approach the recovery of excess or wrongful government pension payments. By introducing a mandatory notice-and-consent framework, a bifurcated recovery mechanis...

Filing accurate `GSTR-9` and `GSTR-9C` for FY 2025-26 requires more than merely copying numbers from periodic returns. Automated reconciliations across `GSTR-1`, `GSTR-3B`, `GSTR-2B`/IMS, e-invoice data, and income-tax records have made systematic, w...

The Reserve Bank of India, through the Reserve Bank of India (Non-Banking Financial Companies — Financial Statements: Presentation and Disclosures) Second Amendment Directions, 2026, has introduced a targeted exemption that relieves Government-fully-...

The ITAT Kolkata, in Anderson Printing House Pvt. Ltd Vs ACIT, has emphatically reaffirmed that pecuniary jurisdiction fixed through `CBDT Instruction No. 1/2011` is binding and integral to the validity of assessment proceedings. Where the Instructio...

The `Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026` consolidate and modernise the regulatory framework governing TReDS. By dropping the requirement for compulsory platform‑level due diligence of MSME sellers, onboardin...

The Reserve Bank of India (Small Finance Banks – Responsible Business Conduct) Third Amendment Directions, 2026 significantly reinforce the safeguards available to customers of Small Finance Banks against fraudulent and unauthorised electronic bankin...

The Reserve Bank of India (Regional Rural Banks – Responsible Business Conduct) Third Amendment Directions, 2026 fundamentally recast the liability framework for fraudulent electronic banking transactions in the RRB ecosystem. By expressly defining “...

The decision in M. Rajendran v. M/s KPK Oils and Proteins India Pvt. Ltd. firmly establishes that, under the amended `Section 13(8)` of the SARFAESI Act, an assessee’s statutory right of redemption ends at the moment a valid auction or sale notice is...

The ITAT Ahmedabad in DCIT Vs Dharmdeep Commodities Pvt. Ltd. has reaffirmed a principle of considerable practical significance for commodity market participants: where commodity trades are routed through a recognised broker on an exchange platform a...

The GST system is built around the idea that tax should apply only to value addition, implemented through a seamless ITC chain. When ITC on construction of commercial buildings is denied under `Section 17(5)` but full GST continues to be levied on re...

The Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Seventh Amendment Directions, 2026, effective April 1, 2027, introduce a structured and uniform method for computing the Net Open Position of Small Finance Banks i...

The Reserve Bank of India, through A.P. (DIR Series) Circular No. 18 dated June 24, 2026, has formally withdrawn a set of FEMA circulars that had become inoperative since their issuance post June 1, 2000. The withdrawal covers circulars that were mad...

The Calcutta High Court in Bothra Shipping Services Pvt. Ltd. Vs Union of India And Ors. has reaffirmed that the Income Tax Department cannot freely appropriate refunds from one assessment year to satisfy a disputed demand of another year where an as...

The `Reserve Bank of India (Urban Co-operative Banks – Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026` introduce a structured, standardised, and continuous capital framework for foreign exchange and gold exposures of UCBs, eff...

The litigation culminating in Union of India And Ors. Vs K.K. Alloys (Supreme Court of India) has effectively settled an important aspect of GST administration: `Rule 86A` cannot be used to block ITC in excess of what is actually available in the Ele...

The Reserve Bank of India (Standalone Primary Dealers) Second Amendment Directions, 2026 significantly revise how SPDs must calculate and capitalise foreign exchange risk, effective April 1, 2027. The Directions replace paragraph 92 and delete paragr...