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    Closing stock bank statements alone cannot justify tax additions where books are sound and valuation differences are reconciled.
    Penalty recovery stay: delayed TDS deduction and remittance may not attract Section 271C, pending appellate determination.
    Interest on delayed statutory payments is deductible only where the underlying liability qualifies as business expenditure.
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      Law of Competition

      The Competition Commission of India (Commitment) Amendment...

      Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period expires.

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      Law of CompetitionAugust 20, 2026Notifications
      The Competition Commission of India (Commitment) Amendment Regulations, 2026 extend the period for submitting commitment applications and the period for submitting preliminary observations. They also extend the overall period for concluding commitment proceedings, excluding time taken by an applicant or other party to provide information, clarifications or responses. If proceedings are not concluded within the adjusted period, the underlying inquiry resumes. Defective commitment applications must be returned for correction and refiled within the prescribed period; the original fee is adjusted on refiling, while failure to cure defects renders the application invalid. The amendments also update cross-references to the CCI (General) Regulations, 2024 and take effect upon Official Gazette publication.

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      ActsIncome Tax