EaseValueGST on Business Transfer to LLP 2026 | WBAAR Ruling Guide
This is a CURRENT update from September 2026. West Bengal Authority for Advance Ruling (WBAAR) has clarified that transferring a proprietorship business to an LLP is treated as supply of services under GST, with nil-rate exemption available only if it qualifies as a going concern.
CGST Delhi South Arrests Partner for Rs 15.78 Cr ITC Fraud 2026
In a recent enforcement action, CGST Delhi South Commissionerate has arrested a firm partner for fraudulent availment, utilisation and passing on of Input Tax Credit (ITC) exceeding Rs. 15.78 crore. This serious case highlights the consequences of GST non-compliance and improper ITC claims.
Form 98 Filing Procedure CBDT Rule 160 2026 Update
CBDT Notification No. 3 of 2026 has released detailed procedures for Form 98 filing, registration, correction, deletion, security and archival under Rule 160 of Income Tax Act 2025. This is a critical update for all taxpayers and tax professionals managing securities and guarantees.
Tax Audit Deadline Extension to 31 Oct 2026 | Income Tax 2025
A major push is underway to extend the Tax Audit and Forms 10B/10BB deadline to 31 October 2026 for AY 2026-27. This recent development could provide much-needed relief to businesses and chartered accountants managing multiple compliance obligations.
GST Advance Ruling Faculty Services 2026 | West Bengal AAR
West Bengal Authority for Advance Ruling (AAR) has rejected an advance ruling application filed by IIEST Shibpur because the questions concerned faculty services rather than the applicant's own GST liability. This September 2026 ruling clarifies important boundaries on advance ruling admissibility.
Section 271D Penalty Quashed 2026 | ITAT Nagpur Ruling | No AO Satisfaction
In a significant September 2026 ruling, ITAT Nagpur has quashed a ₹5.05 lakh penalty under Section 271D of the Income Tax Act 2025 because the Assessing Officer failed to provide proper satisfaction before initiating penalty proceedings. This judgment provides crucial relief to taxpayers facing similar situations.
T-Bill Auction 2026: Income Tax on Treasury Bills Interest
The recent T-Bill auction (91-day, 182-day, 364-day) concluded in September 2026 with successful bids across all maturities. Individual and corporate investors must understand the Income Tax implications on T-Bill interest income under the current IT Act 2025.
Treasury Bills Investment Tax Guide 2026 — Income Tax Impact
The RBI conducted Treasury Bills auction on September 16, 2026, with strong competitive bidding across all three tenures. For investors and financial institutions, understanding the tax treatment of T-Bill investments is critical for AY 2026-27 compliance.
Section 143(1) Intimation Void After Scrutiny 2026 | ITAT Ruling
In a landmark September 2026 ruling, ITAT Bangalore has held that a later Section 143(1) intimation becomes void and unenforceable once Section 143(2) scrutiny assessment proceedings have already commenced. This is a significant win for taxpayers facing duplicate or conflicting notices.
Spelling Errors Cannot Reject Sale Invoice | ITAT Ruling 2026
In a recent ITAT Chandigarh ruling (September 2026), the tribunal held that minor spelling errors in invoices and missing PAN/email details cannot be used to disallow a genuine sale transaction. This landmark decision protects taxpayers from excessive scrutiny based on suspicion rather than concrete evidence.
RBI VRRR Auction Sep 2026 - Impact on Taxpayers & Cash Flow
The RBI has announced a Variable Rate Reverse Repo (VRRR) auction for September 16, 2026, injecting ₹2,50,000 crore into the banking system. This liquidity measure affects interest income, investment returns, and tax planning for individuals and businesses in Assessment Year 2026-27.
RBI Local Area Banks CRR SLR Amendment 2026 - Key Changes
The Reserve Bank of India has issued the Second Amendment Directions for Local Area Banks effective September 2026, introducing stricter Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements for scheduled banks. This update impacts how Local Area Banks maintain reserves and face penal provisions.
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