Income Tax

The Registrar of Companies (ROC) in Cuttack has imposed fines on the authorised signatory and the Company Secretary of Maharaja Polyfab Limited, an Odisha-based company that manufactures woven polypropylene packaging products. This action was taken because they submitted incorrect information in the company’s annual report for the fiscal year 2024-25. The decision was made based…

No Form 10B? ITAT Delhi Clarifies: Charitable Trust Cannot Be Taxed on Gross Receipts Alone     Non-Filing of Form 10B May Deny Exemption Under Sections 11 & 12, But It Does Not Permit Taxation of Gross Receipts Without Allowing Expenditure Charitable trusts and institutions often believe that failure to comply with procedural requirements such…

Introduction The Company Compliance Calendar August 2026 provides a complete overview of important corporate compliances that companies should monitor during the month under the Companies Act, 2013. In this blog, you will find the key ongoing and event-based compliance requirements, including Board Meeting Requirements, maintenance of statutory registers and books of accounts, filing of ROC…

The Gujarat High Court has turned down a request from M/s Mahalaxmi Industries, which was challenging a tax demand of Rs. 1.46 Crore. This tax was claimed based on fraudulent invoices for Goods and Services Tax (GST) credits. The court pointed out that the lawyer representing Mahalaxmi Industries had misled them by hiding important information…

Online Rummy Loss Cannot Be Taxed as Gross Winnings: Hyderabad ITAT Deletes ₹3.54 Crore Addition   Assessing Officer Cannot Ignore Buy-In Amount and Tax Gross Payout Under Section 115BB The rapid growth of online gaming has opened a new frontier in income tax litigation. Questions surrounding the taxation of online rummy, poker, fantasy sports and…

The Karnataka High Court held in its ruling dated June 25 that a company does not incur GST liability when it returns machinery to the seller for testing, provided that no fresh consideration is involved The Court observed that such movement of goods does not constitute a taxable supply under the GST law and, therefore,…

Introduction Section 144 of the Income Tax Act 2025 continues the deduction available to eligible Special Economic Zone units under Section 10AA of the Income-tax Act, 1961. It applies where an SEZ entrepreneur would have remained eligible for the deduction under Section 10AA had the earlier Act not been repealed. The deduction amount and the…

Over the past year, GST registration suspensions have increased by nearly 25%, primarily due to procedural and compliance-related lapses. According to Ahmedabad-based tax experts, many genuine businesses have faced suspension not due to tax evasion but because of filing errors, documentation issues, and other procedural non-compliances. Nowadays, procedural lapses such as non-filing of returns, non-updating…

CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI     The Central Board of Direct Taxes has issued a key order to bring offshore financial data into the regular tax compliance system. Key Order Details – Order No.: http://F.No. 225/73/2025-ITA-II – Date: July 8, 2026 – Issued…

The Karnataka High Court has provided temporary relief in a legal case that questions whether it’s fair to issue general tax notices for several time periods at once. The case also discusses whether businesses can claim tax credits for construction work that is used to earn rental income. Justice B. M. Shyam Prasad has suspended…