Insights & Resources

NCLT reaffirms that the IBC cannot override PMLA enforcement; RPs must approach the PMLA authority to unfreeze attached assets.

Special Bench of ITAT rules in favour of Mashreq Bank, allowing full PE expense deductions under pre-2008 India–UAE tax treaty.

The Delhi High Court clarifies reassessment timelines, approvals, and JAO powers under the faceless regime post Finance Act, 2021.

SC rules that statutory amendments apply prospectively and cannot extinguish vested tax exemptions granted under unamended law.

The Supreme Court reinforces strict bail conditions under PMLA, setting a crucial precedent in Union of India v. Kanhaiya Prasad.

In a landmark ruling, the Madras High Court quashed the provisional attachment of bank accounts in Kesar Jewellers v. ADG, holding that such drastic powers under Section 83 of the CGST Act require demonstrable necessity and tangible material. The judgment reaffirms that procedural fairness and reasoned decision-making cannot be overridden by technical formalities or digital platform constraints.

In a significant ruling, the Kerala High Court held that writ petitions challenging show cause notices under Section 74 of the CGST Act are not maintainable. The Court clarified that piecemeal adjudication of tax disputes is impermissible under the GST framework and upheld the requirement for a composite final order, reinforcing the boundaries of judicial interference at the pre-adjudication stage.

In a significant ruling, the ITAT Mumbai held that a non-beneficial joint holder of a foreign asset is not liable under the Black Money Act for non-disclosure, provided the omission was based on a bona fide belief and the asset was fully disclosed by the beneficial owner. This judgment reinforces judicial discretion in imposing penalties under Section 43 and underscores the importance of intent in tax compliance.

Karnataka HC holds that GST recoveries made under coercion during probe cannot qualify as self-ascertained payments under Section 74(5).

ITAT rules that TCS credit on a minor’s income, clubbed under Section 64(1A), must be granted to the parent, even before 01.01.2025.

Kerala HC holds GST officers cannot seize cash unless it’s stock-in-trade, reaffirming constitutional limits on tax enforcement powers.

Madras HC quashes Section 153C assessments, holding absence of separate satisfaction note renders the proceedings void ab initio.

SC upholds HC’s ruling that s. 153C reassessments must be backed by specific incriminating material for each assessment year.

CBIC orders GST officers to drop appeals over Section 73 interest and penalty if tax is paid, clarifying relief under Section 128A.

The Bombay High Court, in Shoaib Richie Sequeira v. State of Maharashtra, directed the formation of a CBI-led Special Investigation Team to probe a massive cross-border financial fraud. Despite compelling evidence, both the EOW and CBI had failed to act, citing SEBI's jurisdiction. The Court reaffirmed its constitutional authority to ensure fair and impartial investigations when agencies fail to fulfil their statutory responsibilities.

RBI launches .bank.in for banks and plans .fin.in for NBFCs, enhancing cybersecurity and safeguarding users from financial fraud.

Karnataka HC rules on PMLA’s procedural safeguards, questioning the legality of search, seizure, and repeated summons by ED.

The IBBI’s 2025 amendments to the CIRP Regulations mark a pivotal reform in insolvency law—enabling early possession for homebuyers, formalising facilitator roles for large creditor classes, and mandating greater transparency in real estate projects. These changes aim to strengthen stakeholder representation, streamline the process, and build trust in insolvency proceedings.

SEBI enforces stricter regulations on market associations, barring unauthorised investment advisory and misleading return claims.

Bombay HC quashes criminal charges in Rakesh Jain case, ruling that contractual disputes cannot be disguised as money laundering.