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Supreme Court Clarifies TOLA’s Transitional Limits in Reassessment Proceedings under the Income-tax Act: Balancing the Old & New Regimes
The Supreme Court's ruling resolves the interplay between TOLA, FA21, and the IT Act, clarifying reassessment timelines and procedures.
Oct 15, 20246 min read
Income Tax Appellate Tribunal Restricts the Retrospective Effect of CBDT Circular 5/2024
The ITAT ruled that the CBDT Circular is prospective, rejecting Revenue’s bid for retrospective application in cases predating its issuance
Oct 15, 20243 min read
Supreme Court Decodes ITC Restrictions: Interprets Sections 17(5)(c) & 17(5)(d) of the CGST Act & Upholds its Constitutional Validity
The Supreme Court upholds CGST Act limits on ITC claims for construction, balancing tax neutrality with legislative intent in fiscal policy.
Oct 14, 20246 min read
Supreme Court Grants Bail in PMLA Case Due to Absence of Scheduled Offence
The Supreme Court granted bail in a PMLA case, citing the absence of a scheduled offence at the time of filing the complaint or chargesheet.
Oct 14, 20242 min read
Delhi High Court: PCIT Must Apply Judicial Mind in Reopening Assessments
The Delhi High Court emphasised that PCIT must independently apply their mind while approving reassessments, rejecting mechanical approvals.
Oct 14, 20243 min read
Delhi High Court Shields Employees from Employer Non-Compliance: Reaffirms Bar on Revenue Recovering TDS from Deductees
Delhi HC rules that employers cannot hold employees liable for TDS non-deposit, citing s. 205 of the Income-tax Act, 1961.
Oct 12, 20243 min read
RBI Proposes Revised Framework for Banks' Business Forms and Investment Prudential Norms
RBI proposes updated norms for banks, aiming to safeguard core operations from risk-heavy activities while enhancing investment flexibility.
Oct 12, 20245 min read
New Guidelines on Compounding of Contraventions under FEMA
Revised 2024 FEMA guidelines simplify the process for compounding contraventions, streamlining compliance and reducing legal risks.
Oct 10, 20245 min read
Corporate Governance in Startups: Building Sustainable Growth
Explore how effective corporate governance frameworks can drive sustainable growth, investor confidence, and risk mitigation for startups.
Oct 9, 202410 min read
GST: Allahabad High Court Quashes SCN Due to Lack of Allegations of Fraud, Misstatement, or Suppression
The Allahabad High Court quashed an SCN under section 74 of the CGST Act, citing a lack of fraud, misstatement, or suppression allegations.
Oct 8, 20243 min read
Startup Essentials: Legal and Contractual Strategies for Managing Employees and Consultants
Explore key legal strategies for hiring and managing staff and consultants in startups, ensuring compliance and clarity in all agreements.
Oct 7, 202412 min read
Tribunal Upholds Strict Penalties for Non-Compliance in AML Reporting, Emphasizing Zero Tolerance for Delayed or Missed CTRs Under PMLA
The Tribunal upheld stringent penalties for a bank's failure to report cash transactions under PMLA, reinforcing strict AML compliance.
Oct 3, 20245 min read