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.

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.

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.

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.

NCLAT upholds IBC’s supremacy over tax laws, ruling that government tax dues do not qualify as secured debt in insolvency proceedings.

A Supreme Court ruling reignites the debate on literal vs. purposive statutory interpretation, shaping the future of insolvency law.

RBI introduces a revised framework for penalties & compounding under the PSS Act, ensuring fair enforcement & compliance clarity.

Delhi HC quashes reassessment of a non-resident entity, affirming that tax authorities must rely on specific, relevant, and timely evidence.

The Bombay High Court rules that creditor settlements alone do not justify a liquidation stay under Section 466 of the Companies Act.