'BSC Beacon' - Tax & Regulatory Insights! | December 2025

ITAT: ITAT: Quashes reassessment as void-ab-initio, being time-barred; Non-compliance of CBDT instructions doesn't invalidate notice u/s 143(2)

• In Favour of Assessee
• Citation Number : TS-83-ITAT-2026(CHANDI)

Sustains refund on exported education services; Grants 2-month extension to Revenue for refund processing

SEBI: Levies Rs. 50 lakh penalty on CA, spouse for insider-trading in Torrent Power scrip

HC: Partial refund post-amalgamation impermissible due to registration lapses and incomplete ITC transfer

• In Favour of Petitioner
• Citation Number : TS-29-HC(GUJ)-2026-GST

Recasting India’s Trade Compliance Architecture: RBI’s Unified Export–Import Regulations, 2026

CBDT notifies Sec.10(46) exemption for ‘Karnataka State Rural Livelihood Promotion Society’

CBDT notifies Sec.10(46)exemption for ‘Tamil Nadu e-Governance Agency’

EU releases FAQs on historic FTA with India

CBDT notifies Sec.10(46)exemption for ‘Dadra and Nagar Haveli Building and Other Construction Workers Welfare Board’

InCorp Advisory acquires Global tax services platform TMSL

EU and India conclude landmark Free Trade Agreement

Govt. proposes slew of amendments to Designs Act to cover virtual and digital designs

ITAT: Sets aside CIT(A) & penalty order on HC admitting the question of law in quantum appeal

• In Favour of Assessee
• Citation Number : TS-81-ITAT-2026(DEL)

ITAT: Disallowance of delayed PF deposit not debatable; SC Checkmate ruling applies retrospectively

• In Favour of Revenue
• Citation Number : TS-1764-ITAT-2025(DEL)

ITAT: Pre-amalgamation income of predecessor cannot be clubbed with successor’s income through single reassessment order

• In Favour of Assessee
• Citation Number : TS-80-ITAT-2026(Mum)

ITAT: Allows employees’ PF deduction despite one-day delay due to technical glitches; Distinguishes Checkmate judgment

• In Favour of Assessee
• Citation Number : TS-72-ITAT-2026(DEL)

HC: Sets aside ex-parte reassessment order sans effective service at Assessee’s updated address; Remits for denovo adjudication

• In Favour of Assessee
• Citation Number : TS-71-HC-2026(KAR)

ITAT: Sec. 80-IA deduction cannot be denied by notional set-off of absorbed pre-initial losses where Assessee chooses initial AY

• In Favour of Assessee
• Citation Number : TS-79-ITAT-2026(DEL)

ITAT: LTCG on JVA flats taxable in year of sale; Remits to AO for determining correct tax-liability

• In Favour of Assessee
• Citation Number : TS-78-ITAT-2026(PUN)