News

The Finance Minister, Nirmala Sitharaman, in the Union Budget 2026, proposed a major change to make GIFT City more competitive.

Budget 2026: Govt Proposes to Extend Deduction Period for Units in IFSC

Judgement

ITAT Delhi holds that inadequate enquiry is not lack of enquiry; plausible AO view cannot be substituted under Section 263

PCIT’s Section 263 revision quashed where AO had made due enquiries on alleged bogus purchases

Refund delay traced to non-service and non-uploading of orders; taxpayer not to suffer for departmental lapses

Delhi HC awards 6% interest on VAT refund delayed by over 15 years

Uploading notice only under “Additional Notices” tab held insufficient; matter remanded for fresh adjudication with hearing

Delhi HC sets aside GST order passed without proper service of show cause notice

Now there will be no prosecution under the Black Money Act if the value of a non-disclosed foreign asset is up to Rs 20 lakh.

Black Money Act Amended to Relax Conditions for Prosecution of Non-Disclosure of Foreign Assets

The government has proposed replacing certain income-tax penalties with mandatory fees to simplify compliance, reduce disputes, and provide certainty for technical delays.

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Budget 2026: Govt Proposes to Extend Deduction Period for Units in IFSC

PCIT’s Section 263 revision quashed where AO had made due enquiries on alleged bogus purchases

Delhi HC awards 6% interest on VAT refund delayed by over 15 years

Delhi HC sets aside GST order passed without proper service of show cause notice

Black Money Act Amended to Relax Conditions for Prosecution of Non-Disclosure of Foreign Assets

Govt. Proposes to Shift Certain Penalties into Mandatory Fees Under Income Tax Law from AY 2026-27