AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
A new comprehensive guide detailing the taxation and compliance requirements for Virtual Digital Assets (VDAs) under the Income Tax Act, 2025, has been released for practitioners and stakeholders.
The Delhi High Court has upheld the Income Tax Department's addition of unexplained income related to four 24-carat gold bars found in a locker, which could not be justified by the explanation of customary family jewellery.
The Delhi High Court ruled that claiming customary family jewellery does not account for the presence of unexplained gold bars, affirming the Income Tax addition.
The Madras High Court has dismissed a writ petition, ruling that ITC benefits under Section 16(6) cannot be claimed if they are time-barred under Section 16(4) on the cancellation date.
The Telangana High Court has permitted a taxpayer to file a delayed appeal against GST assessments, allowing for a statutory pre-deposit and condonation of delay under Section 74 due to the illness of the taxpayer's Chartered Accountant.
The RBI has announced the due date for FLA returns as July 31, 2026, and outlined procedures for the FLAIR platform. There is a late fee of ₹7,500 for late submissions.
The RBI has issued guidelines regarding the Foreign Liabilities and Assets (FLA) return filing, detailing the due date of 31 July 2026 and associated procedures.
The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Third Amendment) Rules, 2026, concerning ITR-BN for Block Assessments in search and seizure cases effective from April 1, 2026.
The CBDT has notified the Income-tax (Third Amendment) Rules, 2026, concerning block assessments under the new Income Tax Act for search and seizure cases, effective from April 1, 2026.
The Madras High Court clarified that merely reflecting unutilised GST Input Tax Credit (ITC) in GSTR-2A/2B does not lead to tax imposition unless such credit is actually used.
A comprehensive guide detailing the taxation and compliance aspects of VDAs under the Income Tax Act, 2025. The document serves as an essential resource for legal practitioners dealing with virtual digital assets.
CESTAT Mumbai affirmed the classification of quicklime with less than 98% CaO under CTH 2522 10 00, allowing for the set aside of differential duties and penalties.
CESTAT Kolkata ruled that quicklime is classifiable under CTH 2522, leading to the set aside of duty demands and an order for refund with interest.