News

A Lucknow CBI Court has sentenced a former Bank of Baroda branch manager to four years in prison and fined him Rs 30,000 in a bribery case involving a borrower.

CBI Court Sentences Ex-Bank of Baroda Manager to Four Years in Prison Over Bribery Allegations

Judgement

The ITAT Bangalore grants taxpayer another opportunity to reconcile bank deposits with business turnover.

ITAT Remands Rs 16.69 Crore Cash Deposit Addition to AO for Fresh Verification of Egg Sales

ITAT ruled that an inadvertent clerical error in selecting the 5% cash transaction option under Section 44AB cannot, by itself, render an income tax return invalid and remanded the matter to the AO for verification.

Income Tax Return Cannot Be Declared Invalid Over Clerical Error in Section 44AB Audit Option, Clarifies ITAT

The GSTAT allowed Technocraft Ventures Limited's appeal, setting aside the Rs. 3.43 crore tax and penalty demand, holding the proceedings time-barred.

GSTAT Deletes Rs 3.43 Crore Demand Against Technocraft Ventures After Tax Authorities Fail to Prove Fraud or Suppression

ITAT holds that the AO cannot make additions on unrelated issues when no addition is made on the grounds recorded for reopening the assessment.

AO Cannot Make Addition on Unrelated Issue When No Addition Is Made on Grounds Recorded for Reopening Assessment: ITAT

Notifications

The RBI has amended the FEMA Export and Import Regulations, 2026, introducing a definition of resident individuals and clarifying deemed submission of the EDF based on payment-related information furnished to authorised dealer banks.

RBI Introduces Second Amendment to FEMA Export and Import Regulations, Effective October 1, 2026

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