EaseValueRBI Penalty on Progfin 2026 | KYC Compliance | Tax Impact
The Reserve Bank of India has imposed a monetary penalty of ₹2.70 lakh on Progfin Private Limited for failure to comply with KYC directions as of August 2026. This development highlights critical compliance obligations for financial entities and raises important tax deductibility questions for businesses.
RBI Penalty ₹8.10 Lakh on Shri Ram Finance 2026 - KYC Compliance
The Reserve Bank of India has imposed a monetary penalty of ₹8.10 lakh on Shri Ram Finance Corporation Private Limited for non-compliance with KYC directions and governance guidelines. This recent enforcement action highlights critical compliance gaps that financial institutions must address immediately.
GST Refund Interest 2026: Fresh Certification Not Required - HC Ruling
In a significant ruling, Telangana High Court has clarified that businesses claiming interest on delayed GST refunds need not submit fresh Rule 89(2)(m) certifications for interest portions. This is a major relief for taxpayers with pending refund claims.
Bogus Purchases Cannot Be Added After Profit Estimation 2026
In a significant August 2026 ruling, ITAT Agra clarified that once assessment books are rejected and income is estimated by the Assessing Officer, separate additions for bogus purchases, sundry creditors, stock and cash deposits cannot be made. This is a crucial protection for taxpayers facing aggressive assessments.
RBI Board Director Re-appointment 2026 - Tax Implications for Indian Directors
The Central Government has re-appointed Shri Anand Gopal Mahindra as part-time, Non-official Director on the RBI Board for four years from August 2026. This brings important tax compliance considerations for high-profile directors and senior corporate professionals in India.
RBI Board Director Appointment 2026: Tax Implications for Non-Official Directors
The Central Government has appointed Shri Somanath Sreedhara Panicker as a part-time, Non-official Director on the RBI Central Board effective August 20, 2026. This appointment carries specific tax compliance obligations under the Income Tax Act 2025 that all non-official board members must understand.
Karnataka HC GST Liability Ruling 2026: Employer Reimbursement Rules
In a significant August 2026 ruling, Karnataka High Court clarified that GST liability must strictly follow statutory provisions, and employers bear responsibility for incremental tax reimbursement. This judgment impacts how businesses handle employee reimbursements and GST compliance.
Bangalore ITAT Agricultural Income 2026 — ₹14.07L Deposits Case
In a significant ruling dated August 2026, Bangalore ITAT has remanded a ₹14.07 lakh addition case of a disabled agriculturist, directing fresh verification after considering disability certificate, RTCs and APMC bills. This recent judgment impacts how income tax authorities treat agricultural income substantiation for disabled farmers.
Section 87A Rebate Cannot Be Denied on Debatable STCG – ITAT 2026
In a landmark August 2026 ruling, ITAT Jaipur has held that the Central Processing Cell (CPC) cannot make adjustments under Section 143(1) when Section 87A rebate eligibility on Short-Term Capital Gains (STCG) is debatable. This is a major win for taxpayers facing arbitrary rebate denials.
RBI Reverse Repo Auction Aug 2026 - Tax Impact for Investors
The RBI conducted its second overnight Variable Rate Reverse Repo auction on August 20, 2026, with a cut-off rate of 5.24%. This update is crucial for investors and financial institutions managing short-term liquidity and interest income taxation.
CBIC Mining Data Sharing GST Risks 2026 - RCM Defence
CBIC has issued Instruction 01/2026-GST creating automatic data linkage between mining production records and GST returns. This recent update exposes critical turnover and RCM mismatches for mining businesses, requiring immediate scientific reconciliation and internal controls.
Ind AS Book Entries Cannot Create Taxable Income: ITAT Deletes ₹130.92 Cr
In a landmark August 2026 ruling, ITAT Mumbai has clarified that Ind AS (Indian Accounting Standards) book entries alone cannot create taxable income under the Income Tax Act 2025. The tribunal deleted ₹130.92 crore in additions and approved multiple Ind AS Convergence Differences Schedule (ICDS) adjustments for AY 2019-20.
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