Threshold For Filing Annual Return For FY 2023-24

Supreme Court holds that, by virtue of omission of rule 96(10) of the Central Goods and Services Tax Rules, 2017 (CGST Rules) (which restricted assessees availing benefit of certain duty exemption schemes on import of goods, from undertaking export on payment of IGST and claiming refund thereof), all pending proceedings shall stand concluded; observes that the rule resulted in unnecessary complications and its omission must not result in such complications being kept alive, insofar as the pending proceedings were concerned.

The Supreme Court has established critical procedural requirements for arrests under the CGST Act, mandating that orders under Section 69 must be communicated to the accused before arrest to protect their right to seek anticipatory bail. This landmark ruling addresses the balance between investigative powers and fundamental rights to liberty, while also clarifying limitations on interim relief when pre-arrest bail petitions are dismissed as non-maintainable.

Hon’ble Mumbai Tribunal holds that where the sale consideration for unquoted shares exceeds the Rule 11UA FMV, the AO cannot substitute the actual consideration with a higher value derived from asubsequent independent strategic transaction.

In Aerocom Cushions Private Limited v. Assistant Commissioner (Anti-Evasion), CGST & CX, Nagpur-1, the Nagpur Bench of the Bombay High Court quashed a Show Cause Notice demanding Goods and Services Tax (“GST”) on the assignment of leasehold rights in an industrial plot allotted by the Maharashtra Industrial Development Corporation (“MIDC”). The Court held that such an assignment constitutes a transfer of benefits arising out of immovable property and does not amount to a “supply of service” under the Central Goods and Services Tax Act, 2017 (“CGST Act”).

India’s Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) were designed as tax-efficient ways to invest in income-producing assets through a regulated, transparent structure. That promise remains, but three successive legislative reforms between 2023 and 2026 have changed the tax structure for these business trusts and their investors.

India’s abolition of angel tax has removed one significant tax risk from startup fundraising. But valuation, Companies Act, FEMA and legacy tax compliance obligations continue to matter.

Alternative investment funds (“AIFs”) are privately pooled investment vehicles which raise funds and invest in accordance with a defined investment policy for the benefit of the investors. AIFs established and operating within India (except in the Gujarat International Finance Tec-City (“GIFT City”)) are regulated by the Securities and Exchange Board of India (“SEBI”) under the SEBI (Alternative Investment Funds) Regulations, 2012, as amended (“AIF Regulations”), which allow AIFs to be structured as a trust, a limited liability partnership (“LLP”), a company, or a body corporate.

Receiving an income tax notice can be unsettling, especially when it demands additional tax, disallows a claimed deduction, or alleges a discrepancy in your filed return. Many taxpayers assume that once a notice is issued, they have no choice but to comply.

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) in T. Srikanth v. DCIT [ITA No. 3792/Chny/2025] has unequivocally held that the deeming fiction created u/s 50C of the Income-tax Act, 1961 (‘the Act’), which substitutes stamp duty value as the "full value of consideration" for computing capital gains u/s 48, cannot be imported into section 54F to reduce the quantum of exemption available to a taxpayer who has reinvested the entire actual sale consideration in a new residential house.

The issue of taxability of corporate guarantees issued by a holding company to a financial institution for the benefit of its subsidiary company emerged as one of the most contentious issues in the Goods and Services Tax (GST) regime pursuant to the introduction of the levy in 2023. The controversy centers on a fundamental question: when a holding company furnishes a corporate guarantee, without charging any fee from its subsidiary company, to a bank to enable its subsidiary to secure credit facilities, does such activity constitute a taxable “supply of services” under the Central Goods and Services Tax Act, 2017 (CGST Act)?

Our Partner, Probir Roy Chowdhury, alongside Kaushik Anand, Partner at A91 Partners, engages in an enlightening conversation.

Our partner, Shalini Sati Prasad, was recently invited by Lion Amirr Virani to contribute her insights in a episode of The Emerging Lawyer series on The Koffee Conversation Show.

In a decision on the scope of writ jurisdiction in the context of arbitration proceedings, the Supreme Court of India (“Supreme Court”), in M/s Tarini Prasad Mohanty vs. M/s Sunflag Iron and Steel Company Limited,1 has held that the exercise of writ jurisdiction under Articles 2262 and 2273 of the Constitution of India (“Constitution”) to set aside an order passed under Section 164 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) was not justified, particularly where the arbitrator was seized of the arbitration proceedings.

The Notification clarifies that ECBs and OFCBs may be raised in any foreign currency; however, the swap facility will only be available in USD. This swap facility will be open until January 15, 2027, for eligible ECBs drawn down and OFCBs raised, up to December 31, 2026.

In Parvinder Singh v. Directorate of Enforcement, the Supreme Court held that the first proviso to Section 223(1) BNSS applies to PMLA proceedings and that CrPC Sections 200–205 governing complaints apply to such cases.

On May 25, 2026, the Indian Computer Emergency Response Team (“CERT-In”) issued the ‘Blueprint for Reducing Exposure and Defending against AI-Assisted Vulnerabilities Exploitation in Digital Infrastructure’ (“Blueprint“).

On May 21, 2026, the Securities and Exchange Board of India (“SEBI”) issued a consultation paper proposing changes to the existing price discovery framework applicable to Initial Public Offering (“IPO”) and re-listed scrips during the pre-open call auction session on the date of IPO listing or re-listing.

By a notification dated May 18, 2026, the Ministry of Power brought into force, from June 1, 2026, the Jan Vishwas Act amendments under Schedule Serial No. 58. Consequently, certain provisions of the Electricity Act, 2003 stand amended.

The Appellant filed a petition before the Ld. Central Electricity Regulatory Commission ("CERC"), pursuant to the Letter5 issued by the Ministry of Power, Government of India clarifying that the Appellant is a deemed distribution licensee under the third proviso to Section 14 of the Electricity Act

Though earlier decisions of the Supreme Court had held that the referral court should leave it to the arbitral tribunal to decide whether the non-signatory is indeed a party to the arbitration agreement, the Supreme Court in this judgment held that the referral court is not a “monotonous automation” and it may not leave the matter for the arbitral tribunal when it prima facie finds that the non-signatory is not a veritable party.