Month: January 2026
Merely because the authority conducting auction expects higher bid than the highest bidder is no reason to discard the highest bid. In a recent judgment, Hon’ble Supreme Court has held that merely because the authority conducting the auction expected a higher bid than what the highest bidder had …
Provisions of the Limitation Act, 1963 not apply to quasi-judicial bodies or tribunals, unless they are specifically empowered in that regard – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that provisions of the Limitation Act, 1963 apply only to suits, applications or appeals made …
RBI notifies the Foreign Exchange Management (Guarantees) Regulations, 2026 RBI has notified the Foreign Exchange Management (Guarantees) Regulations, 2026. The Notification No. F. No. FEMA 8(R)/2026-RB dated 6th January 2026 has been issued in exercise of the powers conferred by sub-section (2) of Section 6 and subsection (2) …
RBI specifies ‘Related Party’ with respect to bank RBI has issued RBI Credit Risk Management Directions, 2025 defining ‘Related Party’ with respect to a bank to mean a related person, a reciprocally related person, or any of the specified entities Banks, in the course of financial intermediation, are …
Advisory on Filing Opt-In Declaration for Specified Premises, 2025 Dear Taxpayers, The relevant declarations issued vide Notification No. 05/2025 – Central Tax (Rate), dated 16th January 2025, are now made available electronically on the GST Portal. These declarations may be opted for and filed by persons who are …
FAQs for HSNS Cess Act, 2025 and HSNS Cess Rules, 2026 Q1. Who is required to get registered under the HSNS Cess Rules? Ans. Every taxable person as per section 3 of the Health Security se National Security Cess Act, 2025 (hereinafter referred to as ‘the Act’) must …
Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on merits after hearing the parties In a recent judgment, ITAT Mumbai has condoned the delay in filing appeal observing that Hon’ble Supreme Court had held that refusing to …
When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be considered as income In a recent judgment, ITAT Ahmedabad accepted the contention that if the prior period expenses are not admissible as deduction, following the same principle the …
Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent judgment, Hon’ble Supreme Court has quashed order of the Calcutta High Court dismissing the application of Income Tax Department for condonation of delay of 972 days in filing …
Addition can not be made relying on the valuation report of property when the stamp duty valuation is also available on record – ITAT In a recent judgment, ITAT Agra has held that addition can not be made for inadequate sale consideration of property sold merely relying on …
