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    October 29, 2026   Case Laws IBC
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October 29, 2026   Case Laws IBC
Waiver of agreed tribunal composition binds parties who participate without timely objection and pursue counterclaims in arbitration proceedings.
October 29, 2026   Case Laws IBC
Fraudulent prospectus claims during insolvency must benefit creditors collectively, requiring recovery through the insolvency framework rather than individual litigation.
October 29, 2026   Case Laws IBC
Commercial wisdom permits a fresh Form G after plan failure; later claim assignments do not invalidate voting.
October 29, 2026   Case Laws IBC
Liquidation estate receivables allow recovery of unpaid business-purchase consideration from the purchaser and controlling directors who controlled the business.
October 29, 2026   Case Laws Money Laundering
Arrest under anti-money-laundering law requires fresh incriminating material after cooperative summons examination; otherwise arrest power cannot be used.
October 29, 2026   Case Laws Money Laundering
Supply of relied-upon PMLA documents requires fair-trial safeguards, while blanket Investigating Officer attendance needs specific procedural justification.
October 29, 2026   Case Laws Money Laundering
PMLA arrest safeguards require justification where examination is abandoned, making arrest vulnerable to judicial review.
October 29, 2026   Case Laws Money Laundering
Unsubstantiated advertising receipts can constitute proceeds of crime, allowing attachment of equivalent property when direct proceeds are unavailable.
October 29, 2026   Case Laws Service Tax
VCES declarations require material falsity, while later investigations cannot restart service-tax limitation or justify extended recovery.
October 29, 2026   Case Laws Indian Laws
Settlement-cheque presumptions survive unsupported security and alteration defences, while individual circumstances may reduce substantive imprisonment.
October 28, 2026   Notifications GST
Commencement of Finance Act amendments brings specified statutory changes into force from the appointed date
October 28, 2026   Notifications SEZ
SEZ land de-notification reduces the textile zone's notified area while permitting supporting infrastructure subject to land-use compliance.
October 28, 2026   Circulars SEBI
Separate business unit compliance for non-SEBI-regulated debenture trustee activities receives an extended implementation timeline amid regulatory review.
October 28, 2026   Circulars GST
GST registration processing requires prescribed documents, restricted officer queries, and time-bound approval, with simplified electronic registration for eligible small suppliers.
October 28, 2026   Circulars GST
Omission of the GST export-refund restriction applies retrospectively to pending proceedings absent an express saving provision.
October 28, 2026   Circulars GST
Export payment realisation through repatriable INR accounts, compliant set-offs, and net retention meets GST export conditions.
October 28, 2026   Circulars GST
Input tax credit on dealer-agency demo vehicles is available, aligning their treatment with traditional vehicle dealerships.
October 28, 2026   Circulars GST
Banking-sector ITC apportionment under section 17(4) requires a uniform credit election across all eligible registrations
October 28, 2026   Circulars GST
Input Service Distributor credit rules assign eligibility, reversals and refund treatment to recipients while excluding transfer invoices from turnover.
October 28, 2026   Circulars GST
CGST appellate pre-deposit rules clarify disputed tax calculation, refund entitlement, interest dates, and remand-related adjustment requirements.

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Home › Highlights › Income Tax › 2026 › October, 2026 › This
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Income Tax

Penalty under section 271(1)(c) is not leviable on an alleged...

Concealment penalty on estimated bogus-purchase additions is unsustainable where the disallowance rests solely on an ad hoc basis.

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Income Tax October 29, 2026 Case Laws AT
Penalty under section 271(1)(c) is not leviable on an alleged bogus-purchase addition that survives only as an ad hoc or estimated disallowance. The disallowance was restricted in appeal to an estimated percentage of the purchases. Following the coordinate-bench approach on estimated additions, the penalty was deleted and the assessee's appeal was allowed. An estimated disallowance for alleged bogus purchases, by itself, did not sustain the imposed penalty.
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