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Search assessments based on mechanical approval u/s. 153D were invalid in law https://taxguru.in/income-tax/search-assessments-based-mechanical-approval-u-s-153d-invalid-law.html Assessments framed under Section 153A based on mechanical approval under Section 153D were invalid in law as Additional Commissioner of Income Tax (Addl. CIT) had accorded omnibus and perfunctory approval to multiple draft assessment orders without application of mind, thereby vitiating the assessments. The post Search assessments based on mechanical approval u/s. 153D were invalid in law (https://taxguru.in/income-tax/search-assessments-based-mechanical-approval-u-s-153d-invalid-law.html) appeared first on TaxGuru (https://taxguru.in/).

Replacement of liquidator accepted as approved by majority Stakeholders Consultation Committee https://taxguru.in/company-law/replacement-liquidator-accepted-approved-majority-stakeholders-consultation-committee.html NCLT Kochi held that application under Regulation 31A(11) of the IBBI (Liquidation Process) Regulations, 2016 valid as Stakeholders’ Consultation Committee [SCC] with majority vote has resolved to replace the present liquidator. The post Replacement of liquidator accepted as approved by majority Stakeholders Consultation Committee (https://taxguru.in/company-law/replacement-liquidator-accepted-approved-majority-stakeholders-consultation-committee.html) appeared first on TaxGuru (https://taxguru.in/).

IFSCA Consults on Amendments to Capital Market Intermediaries Rules https://taxguru.in/finance/ifsca-consults-amendments-capital-market-intermediaries-rules.html IFSCA seeks public comments on amending its Capital Market Intermediaries Regulations, 2025. Key proposals include relaxing PO/CO eligibility (adding STEM/Fintech, reducing experience), allowing a common PO for multiple roles (including Custodians/Distributors), clarifying liquid net worth, and lowering the custodian net worth requirement to USD 1 million. The post IFSCA Consults on Amendments to Capital Market Intermediaries Rules (https://taxguru.in/finance/ifsca-consults-amendments-capital-market-intermediaries-rules.html) appeared first on TaxGuru (https://taxguru.in/).

ICAI Submits Pre-Budget Suggestions for Union Budget 2026-27 https://taxguru.in/income-tax/icai-submits-pre-budget-suggestions-union-budget-2026-27.html ICAI proposes tax reforms for Union Budget 2026-27 to enhance ease of doing business and sustainability. Suggestions cover reducing compliance burden (E-Ledger system, removing TCS on scrap), mitigating litigation (decriminalization), and rationalizing tax provisions. The post ICAI Submits Pre-Budget Suggestions for Union Budget 2026-27 (https://taxguru.in/income-tax/icai-submits-pre-budget-suggestions-union-budget-2026-27.html) appeared first on TaxGuru (https://taxguru.in/).

GST: Surprise Search & Seizure of Devices & CCTV Footage Valid If Backed by ‘Reason to Believe’ https://taxguru.in/goods-and-service-tax/gst-surprise-search-seizure-devices-cctv-footage-valid-backed-reason-believe.html Delhi HC validates GST searches under Section 67 if 'reason to believe' is documented, but mandates strict privacy safeguards for electronic data and CCTV. The post GST: Surprise Search & Seizure of Devices & CCTV Footage Valid If Backed by ‘Reason to Believe’ (https://taxguru.in/goods-and-service-tax/gst-surprise-search-seizure-devices-cctv-footage-valid-backed-reason-believe.html) appeared first on TaxGuru (https://taxguru.in/).

GST 2-Year Limitation Not Applicable to Mistaken Tax Refund: AP HC https://taxguru.in/goods-and-service-tax/gst-2-year-limitation-applicable-mistaken-tax-refund-ap-hc.html Andhra Pradesh High Court rules GST's two-year limitation under Section 54 does not apply to refunds for tax mistakenly paid on exempt services, citing Article 265. The post GST 2-Year Limitation Not Applicable to Mistaken Tax Refund: AP HC (https://taxguru.in/goods-and-service-tax/gst-2-year-limitation-applicable-mistaken-tax-refund-ap-hc.html) appeared first on TaxGuru (https://taxguru.in/).

Simplified GST Registration for Low Turnover Taxpayers https://taxguru.in/goods-and-service-tax/simplified-gst-registration-turnover-taxpayers.html CBIC's Fourth Amendment Rules, 2025 introduce Rules 9A and 14A, mandating 3-day electronic GST registration and an optional scheme for small taxpayers with low B2B output tax liability. The post Simplified GST Registration for Low Turnover Taxpayers (https://taxguru.in/goods-and-service-tax/simplified-gst-registration-turnover-taxpayers.html) appeared first on TaxGuru (https://taxguru.in/).

No Proof of Source: Tribunal Upholds Attachment of Cash-Paid Property https://taxguru.in/rbi/proof-source-tribunal-upholds-attachment-cash-paid-property.html The Tribunal confirmed the attachment of properties linked to a large Ponzi scheme, finding the alleged unregistered sale agreement with a massive cash component highly suspicious and likely ante-dated. The ruling emphasized that the genuineness of such transactions is highly questionable in PMLA cases. The post No Proof of Source: Tribunal Upholds Attachment of Cash-Paid Property (https://taxguru.in/rbi/proof-source-tribunal-upholds-attachment-cash-paid-property.html) appeared first on TaxGuru (https://taxguru.in/).

Rule 14A: The “Simplified” GST Registration That Isn’t So Simple? https://taxguru.in/goods-and-service-tax/rule-14a-simplified-gst-registration-isnt-simple.html New CGST Rule 14A offers fast B2B registration for small taxpayers but is structurally flawed. The threshold based on tax liability, strict withdrawal conditions, officer discretion, and lack of system alerts create high compliance risks for micro-enterprises. The post Rule 14A: The “Simplified” GST Registration That Isn’t So Simple? (https://taxguru.in/goods-and-service-tax/rule-14a-simplified-gst-registration-isnt-simple.html) appeared first on TaxGuru (https://taxguru.in/).

PMLA Adjudication Quashed for ED’s Failure to Supply FIR Documents    https://taxguru.in/rbi/pmla-adjudication-quashed-eds-failure-supply-fir-documentsaa.html The Tribunal set aside the freezing of bank accounts and seizure of assets under PMLA, ruling that the Enforcement Directorate's failure to provide the fundamental FIR documents violated statutory procedure. The key takeaway is that FIRs are essential Relied Upon Documents for PMLA proceedings and their non-supply vitiates the entire adjudication order. The post PMLA Adjudication Quashed for ED’s Failure to Supply FIR Documents    (https://taxguru.in/rbi/pmla-adjudication-quashed-eds-failure-supply-fir-documentsaa.html) appeared first on TaxGuru (https://taxguru.in/).

Agricultural Income Claim Rejected: Benami Attachment Upheld on Cash Deposits https://taxguru.in/rbi/agricultural-income-claim-rejected-benami-attachment-cash-deposits.html The Appellate Tribunal upheld the attachment of two plots of land, ruling the cash-paid transactions were benami because the appellant failed to prove the source of consideration. The ruling confirmed that the funds were provided by an unidentified person, satisfying the test under PBPTA Section 2(9)(D). The post Agricultural Income Claim Rejected: Benami Attachment Upheld on Cash Deposits (https://taxguru.in/rbi/agricultural-income-claim-rejected-benami-attachment-cash-deposits.html) appeared first on TaxGuru (https://taxguru.in/).

Inherited Property Not Immune from PMLA – ₹149 Crore Land Attachment Upheld https://taxguru.in/rbi/inherited-property-immune-pmla-rs-149-crore-land-attachment-upheld.html The legal issue was whether property acquired before the predicate offense date can be attached as a value-equivalent under PMLA. The Tribunal confirmed the attachment, ruling that pre-offence property can be attached to secure the vanished proceeds of crime. Key Takeaway: PMLA's definition of proceeds of crime includes equivalent value property, overriding the acquisition timeline when actual proceeds are untraceable. The post Inherited Property Not Immune from PMLA – ₹149 Crore Land Attachment Upheld (https://taxguru.in/rbi/inherited-property-immune-pmla-rs-149-crore-land-attachment-upheld.html) appeared first on TaxGuru (https://taxguru.in/).

Fake Gold Sale Invoice Rejected: Benami Status Reinstated on Cash Transfer https://taxguru.in/rbi/fake-gold-sale-invoice-rejected-benami-status-reinstated-cash-transfer.html The Appellate Tribunal set aside the Adjudicating Authority's revocation and confirmed the benami attachment on a ₹9.5 lakh transaction that occurred during demonetisation. The transaction was found to be an accommodation entry where cash was deposited into an account and immediately transferred to a firm against commission. The post Fake Gold Sale Invoice Rejected: Benami Status Reinstated on Cash Transfer (https://taxguru.in/rbi/fake-gold-sale-invoice-rejected-benami-status-reinstated-cash-transfer.html) appeared first on TaxGuru (https://taxguru.in/).

Section 454 Penalty Under Companies Act, 2013 for Violation of Section 117(2) https://taxguru.in/company-law/section-454-penalty-companies-act-2013-violation-section-1172.html ROC Ahmedabad penalized a company and its directors under Section 117(2) of the Companies Act 2013 for a 215-day delay in filing the Board Resolution for the Internal Auditor's appointment (Form MGT-14). A total penalty of Rs.1,26,000 was imposed. The post Section 454 Penalty Under Companies Act, 2013 for Violation of Section 117(2) (https://taxguru.in/company-law/section-454-penalty-companies-act-2013-violation-section-1172.html) appeared first on TaxGuru (https://taxguru.in/).

Can the CIT(A) Consider an Altogether New Source of Income? https://taxguru.in/income-tax/cita-altogether-source-income.html Section 251 grants CIT(A) co-terminus powers with the AO to confirm, reduce, or enhance assessment. However, Supreme Court rulings restrict the CIT(A)'s power to enhance by introducing a new source of income not considered by the AO in the original assessment. The post Can the CIT(A) Consider an Altogether New Source of Income? (https://taxguru.in/income-tax/cita-altogether-source-income.html) appeared first on TaxGuru (https://taxguru.in/).

NDPS Act: Property Freezing Upheld as Spouse Fails to Prove Lawful Assets https://taxguru.in/rbi/ndps-act-property-freezing-upheld-spouse-fails-prove-lawful-assets.html The Appellate Tribunal confirmed the attachment of multiple properties linked to an NDPS convict, rejecting the spouse's claims of legitimate acquisition. The ruling emphasized that unverified cash gifts and loans, and mere ITR filings, are insufficient to rebut the statutory presumption under Section 68J of the NDPS Act. The post NDPS Act: Property Freezing Upheld as Spouse Fails to Prove Lawful Assets (https://taxguru.in/rbi/ndps-act-property-freezing-upheld-spouse-fails-prove-lawful-assets.html) appeared first on TaxGuru (https://taxguru.in/).

Tribunal Upholds Jor Bagh Property Attachment of Karti Chidambaram under PMLA https://taxguru.in/rbi/tribunal-upholds-jor-bagh-property-attachment-karti-chidambaram-pmla.html The Tribunal found the ED’s delayed prosecution complaint timely in view of the pandemic-related exclusion of limitation. It confirmed the attachment of Karti Chidambaram’s Jor Bagh property and bank accounts, rejecting claims of lapse under Section 8(3)(a). The post Tribunal Upholds Jor Bagh Property Attachment of Karti Chidambaram under PMLA (https://taxguru.in/rbi/tribunal-upholds-jor-bagh-property-attachment-karti-chidambaram-pmla.html) appeared first on TaxGuru (https://taxguru.in/).

Property Sold After Failed Rental Attempts Treated as Capital Asset, Not Business Income: ITAT Bangalore https://taxguru.in/income-tax/property-sold-failed-rental-attempts-treated-capital-asset-business-income-itat-bangalore.html ITAT ruled that the sale of a commercial property after six years due to prolonged vacancy and financial pressure is a capital transaction, not an adventure in trade. The income must be assessed as Long-Term Capital Gains. The post Property Sold After Failed Rental Attempts Treated as Capital Asset, Not Business Income: ITAT Bangalore (https://taxguru.in/income-tax/property-sold-failed-rental-attempts-treated-capital-asset-business-income-itat-bangalore.html) appeared first on TaxGuru (https://taxguru.in/).

Tribunal Upholds ₹96 Crore PMLA Attachment Linked to Illegal Granite Mining into 511 Properties https://taxguru.in/rbi/tribunal-upholds-rs-96-crore-pmla-attachment-linked-illegal-granite-mining-511-properties.html The Appellate Tribunal confirmed the attachment of 511 properties valued at Rs.96.05 crore, ruling they were proceeds from illegal granite mining. The judgment reaffirmed that money-laundering is a continuing offense, validating the attachment even for assets acquired before the PMLA came into force. The post Tribunal Upholds ₹96 Crore PMLA Attachment Linked to Illegal Granite Mining into 511 Properties (https://taxguru.in/rbi/tribunal-upholds-rs-96-crore-pmla-attachment-linked-illegal-granite-mining-511-properties.html) appeared first on TaxGuru (https://taxguru.in/).

Seized Cash Can’t Be Held Beyond 180 Days under PMLA Without Due Process https://taxguru.in/rbi/seized-cash-cant-held-180-days-pmla-due-process.html Finding procedural lapses in document disclosure, the Tribunal invalidated the ED’s order retaining ₹5.75 lakh seized from Gurudev Jewellers. It reaffirmed that all relied-upon documents must be provided to affected parties to ensure fair adjudication. The post Seized Cash Can’t Be Held Beyond 180 Days under PMLA Without Due Process (https://taxguru.in/rbi/seized-cash-cant-held-180-days-pmla-due-process.html) appeared first on TaxGuru (https://taxguru.in/).