Pension Account Attached for Income Tax Dues: Madras HC Allows Withdrawal Citing S.11 of TN Pension Act [Read Order]

The High Court of Madras, allowed monthly withdrawal of ₹48,000 from a pension account attached for tax recovery, citing protection under Section 11 of the Tamil Nadu Pension Act, 1871. S.Devarajan.…

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CBDT notifies NABARD Bonds as Zero Coupon Bonds Worth ₹19,500 Crore u/s 2(48) of Income Tax Act [Read Notification]

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 56/2025 dated 12th June 2025, formally recognizing certain bonds issued by the National Bank…

Continue ReadingCBDT notifies NABARD Bonds as Zero Coupon Bonds Worth ₹19,500 Crore u/s 2(48) of Income Tax Act [Read Notification]

Once AAR Ruling is Upheld by Courts, Dept Cannot Reopen Classification Dispute via Review Petition: Madras HC [Read Order]

In a recent decision, the Madras High Court dismissed review petitions filed by the Commissioner of Customs, ruling that once an Advance Ruling (AAR) has been upheld by courts, the classification dispute…

Continue ReadingOnce AAR Ruling is Upheld by Courts, Dept Cannot Reopen Classification Dispute via Review Petition: Madras HC [Read Order]

RBI Eases KYC Rules for Low-Risk Customers: Extended Deadline, BC Support, and Mandatory Advance Notices [Read Notification]

The Reserve Bank of India (RBI), through a notification dated June 13, 2025, issued amendments to the Know Your Customer (KYC) Directions, 2016, introducing extended deadlines, business correspondent support, and mandatory customer notifications to…

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Delay in Assessment Not Assessee’s Fault: Madras HC Allows Samathana Scheme Benefit for Commercial Tax Arrears [Read Order]

The High Court of Madras,allowed the benefit of the New Samathana Scheme 2023 to the assessee for commercial tax arrears relating to the assessment years 2015-16 to 2017-18, noting that the delay…

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Shipping Bills’ Forgery: Madras HC Says Informant Cannot Appeal Before Tribunal Without Being a Party to Proceedings [Read Order]

The Madras High Court dismissed a writ petition challenging the dismissal of his appeal before the Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ). It ruled that a person who…

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ITAT Favors Micromax in ₹16 Cr FD Interest and Section 14A Dispute; Quashes Revision Order [Read Order]

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) granted relief to Micromax Informatics Ltd. by quashing a revision order concerning Rs. 16 crore fixed deposit (FD)…

Continue ReadingITAT Favors Micromax in ₹16 Cr FD Interest and Section 14A Dispute; Quashes Revision Order [Read Order]