News & Updates Latest Tax newsLegal Use Of Debit And Credit Notes In GST Transactions July 10, 2025This article deals with what credit and debit notes are. It also examines the legal use and procedural requirements of credit and debit notes under GST Anusree‘HCs Should Refrain from Entertaining Article 226 Petitions Where SARFAESI Remedy Exists’: Patna HC in Indian Bank Case [Read Order] July 10, 2025HC held that the petitioner has an effective alternative remedy of appeal, and the writ petition was not maintainable AnusreeTelangana HC Upholds DRAT's Cancellation of Auction: Petitioner’s Writ Fails Amid SARFAESI Rule Violations [Read Order] July 10, 2025The Court held that there were several breaches that invalidated the entire sale, and equitable claims by Classic Chemicals, like property improvements, could not override the legal violations AnusreeSibling Success! CA from Manipur’s Mao Taphou becomes Second from Family to Clear ICAI Exam July 10, 2025A. Kaiyikho Kayina Mao has cleared the CA exam at 30 years old, becoming the second CA in his family. AnusreeNCLAT Upholds Fraud Finding Against Former Director: Orders ₹3.18 Cr Contribution for Sham Transactions [Read Order] July 10, 2025Sham Transactions: NCLAT Orders Former Director to Contribute ₹3.18 Cr to Debtor’s Estate AnusreeLoan Dispute Settled via OTS: Allahabad HC quashes Charge Sheet Against Accused Who Had Business Dealings with Borrower [Read Order] July 10, 2025Allahabad HC quashed a criminal case after OTS settlement, observing that the accused only had business dealings with the borrower AnusreeRetrospective Amendment Inapplicable: ITAT Allows ₹2.32 Lakh Deduction for Trust’s Accumulated Fund Utilisation [Read Order] July 10, 2025The Tribunal ruled that a retrospective amendment to Section 11(3) of the Income Tax Act, 1961, cannot curtail the additional one-year period originally available for utilizing accumulated funds. AnusreeITAT Upholds Co-op Society’s Tax Exemption, Cites ‘Operational Funds’ to Reject Revenue’s Appeal on Interest Income [Read Order] July 10, 2025The Tribunal highlighted that the co-operative society’s deposits were not surplus but were operational funds, maintained to ensure liquidity for repayment obligations and day-to-day business needs. AnusreeNon-Compliance with Fresh Registration Requirement Following J&K Reorganisation: ITAT Rejects S. 12A Registration [Read Order] July 10, 2025The Tribunal found that the assessee had not furnished the necessary re-registration certificate and remanded the matters for fresh adjudication AnusreeReal Estate Firm Backs Down: ITAT Formally Dismisses Uncontested Tax Appeal [Read Order] July 10, 2025No observations were made on the merits of the case, and the decision was procedural, prompted solely by the assessee’s own decision to back down from contesting Anusree
