AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
Premature redemption is permitted for SGB 2019-20 Series V on October 15, 2026, after completion of five years. Redemption price based on simple average of weekly gold prices.
ITAT issued significant rulings on transfer pricing, assessment validity, and appeal procedures during the week beginning 5 October 2026, reinforcing procedural safeguards and jurisdictional limits.
Gross GST revenue rose 14.7% year-on-year to ₹2.035 lakh crore in September 2026, with net revenue up 18.1%, indicating strong compliance and economic activity.
Several state governments, including Assam, Bihar, and Rajasthan, will auction securities worth ₹22,200 crore via re-issuance of existing stock, primarily through price-based auctions.
This article outlines the powers of GST officers to visit business premises, including the scope of audits, inspections, and the legal basis for their authority under Rule 25. It emphasizes the procedural aspects of compliance for businesses.
The ITAT Delhi has struck down the addition made under Section 69A concerning cash found in a locker as insufficiently substantiated. The ruling highlights the necessity for credible material to support tax additions.
The ITAT Panaji has determined that an 8% profit margin is applicable to unaccounted bullion sales, thereby rejecting Section 115BBE. The ruling validates normal commercial practices over stringent penal provisions.
The Patna High Court has remanded a matter involving the cancellation of GST registration following the death of the sole proprietor. This ruling emphasizes the rights of legal heirs in tax proceedings.
The Delhi High Court allowed a taxpayer to file a belated revised return after discovering that the same income of Rs. 7.58 crore was taxed in both AY 2016-17 and AY 2018-19. This ruling highlights the importance of accurate tax assessments and the provisions for revising returns.
The ITAT ruled that the matter concerning the default in filing certain loan-related documents must be returned to the AO, as no sufficient cause was established for the default.
The Madras High Court has allowed condonation of a one-day delay in filing Form 10B, asserting that Section 119(2)(b) does not impose a strict time limit and that genuine hardship exists. This ruling could ease compliance issues for taxpayers experiencing difficulties.
The Himachal Pradesh High Court has accepted a 31-day delay in an appeal citing sufficient cause and diligent pursuit, emphasizing the flexibility of judicial procedures.
The ITAT Lucknow has removed the Section 68 addition concerning trade creditors, reiterating that genuine purchases and accounting books cannot be disregarded without sufficient evidence.