[Opinion] Is Filing Form 10-IE Mandatory Under Section 139(1)?
Amit Sharma – [2025] 174 taxmann.com 283 (Article) Recently, the government has become strict with timely compliance and in order to promote the same, we have observed that the deductions/lower rate benefits are generally linked to timely filing of return and relevant forms. And with this spirit, when in the year 2020 the government introduced […]
ED’s Plea to Enhance FEMA Penalty Rejected by Appellate Tribunal
Case Details: Union of India v. Access Diamonds (P.) Ltd. – [2025] 174 taxmann.com 182 (SAFEMA-New Delhi) Judiciary and Counsel Details G.C. Mishra & Rajesh Malhotra, Member Pranav Mishra, Adv. for the Appellant. Apoorv Singhal, Adv. for the Respondent. Facts of the Case In the instant case, the Respondent Company had exported diamonds but failed to […]
Penalty for Misreporting of Income Under Section 270A
Under Section 270A of the Income Tax Act, 1961, penalties are imposed for under-reporting and misreporting of income. Introduced by the Finance Act, 2016, and effective from Assessment Year 2017–18, this section aims to enhance tax compliance and deter tax evasion. Table of Contents Introduction Fact Book Check out Taxmann’s Law Relating to Under-reporting & […]
Section 148A of Income-tax Act – Inquiry Before Reassessment
Section 148A of the Income-tax Act, 1961 (inserted by the Finance Act, 2021) lays down the preliminary procedure that the Assessing Officer (AO) must follow before issuing a notice under Section 148 for reassessment of income that is believed to have escaped assessment. Table of Contents Introduction The Provision The Provision in Brief Charge of […]
GST Not Applicable on Solatium in Land Acquisition | HC
Case Details: Smt. Asha R vs. Assistant Commissioner of Commercial Taxes – [2025] 173 taxmann.com 863 (Karnataka) Judiciary and Counsel Details S.R. Krishna Kumar, J. V. Raghuraman, Senior Counsel, C. R. Raghavendra, Bhanu Kumar, Raghavendra C. R., Bhanumurthy J.S., Cherian Punnoose, Anil Kumar B., Kum. Krishika Vaishnav, A. Mahesh Chowdhary & Kumari. Krishika Vaishnav, Advs. for the Petitioner. K. Hema Kumar, AGA for the Respondent. […]
CBIC Sets Up Grievance Mechanism for GST Registration Issues
GST Instruction No. 04/2025, Dated 03-05-2025 The Central Board of Indirect Taxes and Customs (CBIC) has issued a formal instruction to implement a structured grievance redressal mechanism aimed at resolving issues arising during the processing of Goods and Services Tax (GST) registration applications. This initiative is a proactive measure to enhance transparency, accountability, and timely […]
NBFCs in India – Types | Regulations | RBI Framework
Non-Banking Financial Companies (NBFCs) are financial institutions that provide banking-like services such as loans, credit facilities, and investments, but do not hold a banking license. They are registered under the Companies Act and regulated primarily by the Reserve Bank of India (RBI) under the RBI Act, 1934. Table of Contents Objectives Introduction Non-Banking Financial Companies […]
SEBI Mandates SCORES for Trustees of ‘Special Purpose Distinct Entities’ Under LODR
Notification F. No. SEBI/LAD-NRO/GN/2025/244, Dated 29.04.2025 The Securities and Exchange Board of India (SEBI) has notified amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI (LODR) Regulations], specifically targeting the grievance redressal mechanism and disclosure framework for securitised debt instruments. 1. Grievance Redressal Mechanism – Regulation 13 SEBI has amended Regulation 13 […]
Ind AS 2 Work-in-Progress NRV and Ind AS 23 Borrowing Costs
As per Ind AS 2, Inventories, Net Realisable Value (NRV) is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. It also states that NRV estimates should be based on the most reliable evidence available at the time the […]
Payment to Clear Title Valid as Cost of Acquisition Under Section 48 | HC
Case Details: Smt. A. Rita vs. Commissioner of Income Tax – [2025] 173 taxmann.com 921 (Madras) Judiciary and Counsel Details Dr Anita Sumanth & G. Arul Murugan, JJ. A.S. Sriraman for the Appellant. S. Rajesh, Jr. Standing Counsel & J. Narayanasamy, Sr. Standing Counsel for the Respondent. Facts of the Case The assessee purchased a property under […]