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    April 10, 2026   Case Laws GST
    Directors' personal liability for company GST dues requires statutory conditions and a hearing before bank account attachment
    April 10, 2026   Case Laws GST
    Writ jurisdiction declined against GST adjudication order; petitioner left to statutory appeal on interest under Section 50.
    April 10, 2026   Case Laws Income Tax
    Medical reimbursement threshold not liable to Fringe Benefit Tax; levy on amounts up to the exempt limit was set aside.
    April 10, 2026   Case Laws Income Tax
    Concealment penalty depends on intention, and a conscious false exemption claim sustains penalty despite a claimed computation error.
    April 10, 2026   Case Laws Income Tax
    Non-service of tax demand notices led the Court to quash section 220 recovery action and preserve statutory remedies.
    April 10, 2026   Case Laws Income Tax
    Arm's length royalty pricing upheld where regulatory approval did not bind transfer pricing analysis.
    April 10, 2026   Case Laws Income Tax
    Reassessment limitation for escaped immovable property income upheld under the substituted regime; writ challenge to notices failed.
    April 10, 2026   Case Laws Income Tax
    Interest definition and independent deduction claims upheld for financial institution receipts and tax computation
    April 10, 2026   Case Laws Income Tax
    Reassessment sanction under section 151(ii) is a jurisdictional ; improper approval invalidates the section 148 notice.
    April 10, 2026   Case Laws Income Tax
    Gross profit estimation on identical facts led ITAT to adopt 0.40 per cent and delete penalty for inaccurate particulars.
    April 10, 2026   Case Laws Income Tax
    Retrospective 10% tolerance band and DVO valuation in co-owned property case defeated the addition under section 56(2)(x)(b).
    April 10, 2026   Case Laws Income Tax
    Slump sale capital gains under section 50B: omitted capital work-in-progress could be corrected without a revised return.
    April 10, 2026   Case Laws Income Tax
    Advance tax precondition for appeal admission fails where no taxable income in India is shown; quantum and penalty restored.
    April 10, 2026   Case Laws Income Tax
    Unexplained unsecured loans and on-money receipts: ITAT upheld restricted additions while rejecting full taxation of estimated receipts.
    April 10, 2026   Case Laws Income Tax
    Consistency in income characterisation and depreciation on temporary structures upheld, restoring house property deduction and business depreciation.
    April 10, 2026   Case Laws Income Tax
    Ad hoc disallowance of truck rent curtailed to 2%, while unpaid motor truck rent was remanded for verification.
    April 10, 2026   Case Laws Income Tax
    Set-off of earlier years' charitable deficit under section 11 allowed for AY 2017-18; Form 9A not required.
    April 10, 2026   Case Laws Income Tax
    Jurisdictional defect in scrutiny notice invalidated the assessment; participation could not cure absence of jurisdiction.
    April 10, 2026   Case Laws Income Tax
    Provisional bank stock statements cannot override audited books absent defects; revenue-neutral stock adjustments were also rejected.
    April 10, 2026   Case Laws Income Tax
    Statutory appeal remains available after failed revision; explained cash deposits during demonetisation could not be taxed as unexplained money.
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April 10, 2026   Case Laws GST
Directors' personal liability for company GST dues requires statutory conditions and a hearing before bank account attachment
April 10, 2026   Case Laws GST
Writ jurisdiction declined against GST adjudication order; petitioner left to statutory appeal on interest under Section 50.
April 10, 2026   Case Laws Income Tax
Medical reimbursement threshold not liable to Fringe Benefit Tax; levy on amounts up to the exempt limit was set aside.
April 10, 2026   Case Laws Income Tax
Concealment penalty depends on intention, and a conscious false exemption claim sustains penalty despite a claimed computation error.
April 10, 2026   Case Laws Income Tax
Non-service of tax demand notices led the Court to quash section 220 recovery action and preserve statutory remedies.
April 10, 2026   Case Laws Income Tax
Arm's length royalty pricing upheld where regulatory approval did not bind transfer pricing analysis.
April 10, 2026   Case Laws Income Tax
Reassessment limitation for escaped immovable property income upheld under the substituted regime; writ challenge to notices failed.
April 10, 2026   Case Laws Income Tax
Interest definition and independent deduction claims upheld for financial institution receipts and tax computation
April 10, 2026   Case Laws Income Tax
Reassessment sanction under section 151(ii) is a jurisdictional ; improper approval invalidates the section 148 notice.
April 10, 2026   Case Laws Income Tax
Gross profit estimation on identical facts led ITAT to adopt 0.40 per cent and delete penalty for inaccurate particulars.
April 10, 2026   Case Laws Income Tax
Retrospective 10% tolerance band and DVO valuation in co-owned property case defeated the addition under section 56(2)(x)(b).
April 10, 2026   Case Laws Income Tax
Slump sale capital gains under section 50B: omitted capital work-in-progress could be corrected without a revised return.
April 10, 2026   Case Laws Income Tax
Advance tax precondition for appeal admission fails where no taxable income in India is shown; quantum and penalty restored.
April 10, 2026   Case Laws Income Tax
Unexplained unsecured loans and on-money receipts: ITAT upheld restricted additions while rejecting full taxation of estimated receipts.
April 10, 2026   Case Laws Income Tax
Consistency in income characterisation and depreciation on temporary structures upheld, restoring house property deduction and business depreciation.
April 10, 2026   Case Laws Income Tax
Ad hoc disallowance of truck rent curtailed to 2%, while unpaid motor truck rent was remanded for verification.
April 10, 2026   Case Laws Income Tax
Set-off of earlier years' charitable deficit under section 11 allowed for AY 2017-18; Form 9A not required.
April 10, 2026   Case Laws Income Tax
Jurisdictional defect in scrutiny notice invalidated the assessment; participation could not cure absence of jurisdiction.
April 10, 2026   Case Laws Income Tax
Provisional bank stock statements cannot override audited books absent defects; revenue-neutral stock adjustments were also rejected.
April 10, 2026   Case Laws Income Tax
Statutory appeal remains available after failed revision; explained cash deposits during demonetisation could not be taxed as unexplained money.

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FEMA

AD Cat-I banks must exclude positions arising from hedged...

Open position computation for AD Cat-I banks excludes hedged FCNR(B) and foreign borrowing transactions under revised RBI directions.

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FEMA June 26, 2026 Circulars
AD Cat-I banks must exclude positions arising from hedged transactions linked to FCNR(B) deposits, External Commercial Borrowings and Overseas Foreign Currency Borrowings when computing net overnight open position. The circular partially modifies the earlier NOP-INR directions and requires continued compliance with the June 2026 swap-facility circulars, the March 2026 circular on open positions, and the Master Direction on Risk Management and Inter-Bank Dealings. The clarification is issued under FEMA and operates without prejudice to any approvals required under other laws.
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Acts Income Tax
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