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SEBI defers timeline for implementation of Phase III of Nomination SEBI had issued a circular on “Revise and Revamp Nomination Facilities in the Indian Securities Market” on January 10, 2025. Pursuant to the representations received from various stakeholders, SEBI had decided to implement the circular in three (3) …
RBI revises directions on opening & Maintenance of Cash Credit accounts, Current Accounts and Overdraft Accounts by all Banks Reserve Bank of India had, on October 1 2025, issued seven draft Directions on Transaction Accounts seeking feedback from stakeholders. The draft directions were aimed primarily at rationalising the …
Resolution Professional can’t claim income tax refund for a period prior to approval of the resolution plan In a recent judgment, Orissa High Court has held that A Resolution Professional can’t claim income tax refund for a period prior to when he stepped in and managed affairs of …
An Appeal should not be thrown away on the ground of limitation as delay can always be compensated in terms of money. In a recent judgment, Hon’ble Kerala High Court has held that the law with regard to condonation of delay is no longer res integra as the …
NFRA invites applications from CAs/CMA and other professionals for position of Young Professional on contract basis The National Financial Reporting Authority (NFRA) invites applications from dynamic and motivated Chartered Accountants (CAs)/ Cost Accountants (CMA)/ MBA holders/ IT professionals for the position of Young Professional purely on contract basis, …
Govt has notified the Manipur Goods and Services Tax (Second Amendment) Act, 2025 The Bill was introduced in Lok Sabha on 1st December, 2025. It received the assent of the President on the 10th December, 2025. Save as otherwise provided in the amendment Act, sections 2 to 5, …
No addition can be made only on basis of Whatsapp Chats between director and employee of the company as apart from the Whatsapp Chat there was no evidence on record. In a recent judgment, ITAT Kolkata has deleted addition made only on the basis of Whatsapp Chats between …
Wrong penalty section mentioned in Assessment order can be rectified being mistake apparent on record when there is no debate in imposing penalty under rectified section. In a recent judgment, ITAT Ahmedabad has held that when section 271AAB was wrongly mentioned in Assessment order instead of Section 271AAC, …
Even if a receipt is classified as Business Income u/s 28, it does not automatically qualify for the special deduction u/s 36(1)(viii) unless it is derived from the specific activity of long-term finance. In a recent judgment, Hon’ble Supreme Court has held that under section 36(1)(viii) of the …
Just because log book was not maintained does not mean that vehicles were used for personal purposes by the Trustee – ITAT In a recent judgment, ITAT Pune has holding that just because log book was not maintained does not mean that Vehicles were used for personal purposes …
