Sec. 147A of the Income-tax Act: Clarification, Validation or Substantive Change?

CCI: Rs. 50 lakh penalty on Manipal entities for gun-jumping in Aakash Educational Services transaction

IBBI: CoC to recommend Liquidator's name by 66% vote

IBBI: Amends CIRP Regulations to introduce provisions governing dissolution and CIRP restoration

The Bankers’ Pause and NCLAT’s Reprieve on Contempt

ITAT: McAfee software sales cannot be royalty if copyright not transferred; AO to assess correct income, remits matter

• In Favour of Assessee
• Citation Number : TS-831-ITAT-2026(Mum)

HC: Wrong CGST designation stamp below officer’s signature would not invalidate jurisdiction under Cess Act/Rules

• In Favour of Respondent
• Citation Number : TS-413-HC(ALL)-2026-GST

ITAT: AO cannot travel beyond Tribunal directions while passing order giving effect; Deletes addition

• In Favour of Assessee
• Citation Number : TS-830-ITAT-2026(CHNY)

SC: Restores arbitral award for two consortium members, denies relief to non-appealing member under CIRP

CBDT releases guidelines for compulsory selection of returns for complete scrutiny for FY 2026-27

Smt. Rachna Gupta (Member-Judicial) appointed as Officiating President, CESTAT

ITAT: Only embedded profit from bogus purchases can be added where genuineness of purchases are proved

• In Favour of Assessee
• Citation Number : TS-829-ITAT-2026(Mum)

ITAT: Bad debt write-off allowable u/s 36(1)(vii) & subsequent recovery doesn't preclude deduction

• In Favour of Assessee
• Citation Number : TS-828-ITAT-2026(DEL)

ITAT: Deletes Sec. 69A addition, validates demonetization-period cash as genuine business advances despite VAT non-compliance

• In Favour of Assessee
• Citation Number : TS-824-ITAT-2026(DEL)

ITAT: Deletes penalty u/s 43 of BMA on foreign assets disclosed in Sec. 153C return sans addition

• In Favour of Assessee
• Citation Number : TS-810-ITAT-2026(Ahd)

ITAT: Denies Sec. 80P deduction for invalid belated ITR filed after completion of assessment

• In Favour of Revenue
• Citation Number : TS-808-ITAT-2026(Bang)

HC: Upholds Sec. 69 addition on unexplained investment lacking transfer or ownership documents

• In Favour of Revenue
• Citation Number : TS-822-HC-2026(MAD)

ITAT: Unexplained cash addition solely on third party statement, unsustainable; Sec. 132(4A) presumption inapplicable sans corroboration, cross-examination

• In Favour of Assessee
• Citation Number : TS-819-ITAT-2026(DEL)

PMLA Round-Up - May, 2026

IBBI: Amends Personal Guarantors Insolvency Resolution Process Regulations; Mandates assets disclosure