AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
Business and professional taxpayers are encouraged to analyze the tax deductions available under old and new tax regimes for AY 2026-27 to ensure compliance and optimization.
Senior citizens are advised to evaluate the old versus new tax regimes for Assessment Year 2026-27, focusing on applicable slabs, deductions, and filing rules.
The ITAT ruled that an addition against the Employees Gratuity Fund was unsustainable as gratuity payments exceeded the accrued interest income. This underscores the importance of accurate financial representation in tax assessments.
The ITAT has ruled that cancellation compensation paid to facilitate a higher-priced share sale is allowable as a long-term capital gains deduction. This decision highlights the interpretive flexibility in capital gains taxation.
In a recent ruling, the ITAT stated that arbitrary disallowance of 10% for purchases was invalid due to lack of evidence indicating defects in the books of accounts. This ruling emphasizes the necessity of substantiation in tax assessments.
The ITAT ruled that allegations of share transfer agreements being colorable devices were unfounded in the absence of evidence showing tax evasion. This decision reinforces the standard of proof required in tax disputes.
The ITAT ruled that the proviso to Section 251(1)(a) cannot be invoked in cases where the assessee has made submissions during assessment proceedings. This clarification redefines the criteria under which assessments can be classified as ex parte.
The RBI has issued the Second Amendment Directions for Commercial Banks concerning their investment portfolios, focusing on operational improvement and compliance.
The RBI has released amendments to enhance operational standards regarding the investment portfolios of Small Finance Banks, reinforcing regulatory compliance.
The RBI has released new amendment directions for Payments Banks aimed at enhancing the classification and valuation of their investment portfolios amidst operational challenges.
The RBI has issued amendments for Local Area Banks regarding the operation and classification of their investment portfolios, focusing on enhancing operational efficiency.
The RBI has introduced new amendment directions affecting the investment portfolio of Urban Co-operative Banks, focusing on enhancing compliance and operational efficiency.
The Reserve Bank of India has released Amendment Directions impacting the classification and valuation of investment portfolios for Rural Co-operative Banks, responding to operational needs.