Tax & Legal Articles

Clubbing provisions in `Sections 60 to 64` prevent income from being shifted to relatives to reduce tax. Income transferred without the asset (`Section 60`) and income from revocable transfers (`Section 61`) stay with the transferor. Gifts and gratui...

By its order dated 11/06/2026, the Registrar of Companies, Bangalore, adjudicated a suo motu application admitting that e-Form INC-20A was filed on 08.05.2023, although business had started on 10.11.2022, a period of 179 days recorded as non-complian...

The Tamil Nadu AAR held that Pooja Panneer (rose water) is not puja samagri under Sl. No. 167 of Notification No.10/2025-Central Tax (Rate). The list in the entry, introduced by "namely", is exhaustive, and the product has several everyday uses beyon...

The Karnataka High Court used mediation to close a long-pending Bennethora project acquisition dispute, fixing land value at Rs.90,000 per acre and building in a waiver of interest for two and a half years, conditional on payment within four months. ...

The ITAT Bangalore held that cash deposits made during demonetisation, when fully traced to cash sales entered in audited books and supported by records like the cash book, stock register, VAT returns and invoices, cannot be assessed as unexplained c...

CAG Compliance Audit Report No. 21 of 2025, presented on 18th December, 2025, contains 50 observations with a revenue implication of ₹747 crore. Of these, 49 were accepted, and the Ministries reported rectification worth ₹21 crore and recovery of ₹14...

SEBI Press Release No. 14/2026 of February 26, 2026 warns that persons offering "account handling" services, often posing as experts, PMS providers or fund managers, promise risk-free profit but take a share of gains and leave all losses with the inv...

The CBI has stated that it arrested a GST Superintendent and an Inspector of the Ranipet Range in a bribery case registered on 07.04.2026. By the agency's account, the Superintendent asked for Rs. 30,000 for a GST registration clearance, agreed to Rs...

An NBFC is a registered company whose financial assets and financial income each exceed 50 per cent; it needs a certificate of registration under `Section 45-IA` of the RBI Act, 1934 and minimum NOF of ₹10 crore, with higher floors for specialised ca...

The Finance Bill, 2026 permits an updated return where an assessee brings down a loss that was reported in a return of loss filed within the due date. This closes a gap that left assessees unable to fix overstated losses, and it does so without letti...

Budget 2026-27 puts ₹10,000 crore over five years behind Biopharma SHAKTI, aimed at domestic production of biologics and biosimilars and less dependence on imports. It sits within a wider push on manufacturing in 7 strategic and frontier sectors. Sup...

The Tribunal held that an officer of a creditor bank is neither automatically within nor automatically outside Section 339 of the Companies Act, 2013. Liability depends on proof of an individual's knowledge, participation or facilitation, to be exami...

From the calendar year 2026, ICAI has eased the process for medical exemptions from CPE hours by dropping the Branch or Regional Council routing, while tying UDIN activity to a 10-hour learning floor even in an exempted year. Female members additiona...

ICSI's 2025 Policy, effective 19 August 2025, sets a single framework for dealing with workplace sexual harassment. It goes beyond the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 by letting employees of a...

The Bombay High Court, in Writ Petition (L) No. 15175 of 2025, set aside the order dated 27 June 2024 under which the assessee's 2014-2015 MVAT refund was withheld against possible liabilities for 2016-2017 and 2017-2018. The set-aside was by consent...

ITAT Surat held that a penalty under `Section 271(1)(c)` cannot stand where the underlying bogus-purchase addition was made and reduced on an estimated basis. The 25% addition had come down to 6% through appellate stages, and the Tribunal treated it ...

ICAI has extended the deadline for feedback on its comprehensive review of the CA Scheme of Education and Training to 31st August 2026, by an announcement dated 18th August 2026 that follows the one of 31st July 2026. The extension changes nothing in...

The CBI has stated that it arrested a CGST Superintendent at Ibrahimpatnam, Vijayawada, after a trap on 10.08.2026 in which Rs. 50,000, part of an alleged demand of Rs. 1,50,000, was recovered. The alleged demand related to not issuing a demand notic...

Form No. 44 now carries the statement of foreign income and foreign tax credit under `Rule 76` of the Income-tax Rules, 2026, replacing Form No. 67. Form No. 45 is a new intimation for foreign tax disputes settled after the credit could not be claime...

The Appellate Tribunal under SAFEMA held that an order confirming a provisional attachment under the PMLA must engage with the arguments actually raised. A detailed order that largely repeats pleadings and gives no findings on the money trail or on t...

The Chhattisgarh High Court refused anticipatory bail to a retired IAS officer in a CBI case alleging corruption, criminal conspiracy, manipulation of official records and interference with witnesses. It treated the allegations as serious and the inv...

Most return errors in AY 2026-27 are practical: a wrong form, an unreconciled AIS entry, a missing Form 10-IEA, an unreported foreign account or an unverified return. They can be avoided by working through reconciliation, regime choice and verificati...

Cyprus offers EU membership, a common-law-influenced legal system, a wide treaty network and a corporate rate of 15% from 1 January 2026. Incorporation is relatively quick, no minimum paid-up capital is required for a private company, and much of the...

Round tripping combines an exchange-control question and, in some cases, a money-laundering question. FEMA restricts investment in foreign entities that invest back into India and limits the layering of structures. PMLA reaches processes connected wi...

The computation starts with residential status, moves through heads, clubbing and set-off, and ends with the higher of normal tax and AMT less credits, with interest and fee added and payments deducted. The new regime under `Section 115BAC` is the de...

Broken period interest is the accrued interest a purchaser pays to a seller for the stub period between the last coupon and the date of purchase. Revenue treated it as interest under `Section 56`; assessees argued that it was part of the cost of acqu...

`Section 54(11)` allows withholding of a refund that has been ordered only after a hearing, and only where the refund order is under challenge and the Commissioner forms an opinion that releasing the amount would harm the revenue because of malfeasan...

A timely year-end reconciliation of sales, input tax credit and reverse charge liability, together with the elections that fall due by 31 March 2026 and 30 April 2026, reduces the risk of interest at 18%, denial of credit, notices and penalties. The ...

The Act leaves "revenue" and "capital" undefined, so the classification rests on judicial principles read with `Section 4`, `Section 2(24)` and `Section 45`. Revenue receipts are generally taxable unless exempt; capital receipts are not, unless the A...

Residential status under `Section 6` is a presence test applied year by year. It sorts an individual into ROR, RNOR or NR, and `Section 5` then limits the taxable income accordingly: global income for an ROR, Indian income and foreign income from an ...