Whether charging abnormally high rate is an offence in India? Query: Can you let me know if it is an offence to charge interest at abnormally high rate say @10% per month? Is there any legal restriction? Reply: Its one of the common question which is often asked by many. Charging interest at abnormally high…

Bank Nomination Blues? Now You Can Say “We 4” Instead of “Me 1”! Until recently, bank nomination rules were like that one stubborn relative who refuses to adapt with the times. Only one nominee allowed for your savings or fixed deposit account – as if life only had one heir, and the rest of your family was…

Reassessment Notice Beyond “Surviving Period” Held Time-Barred: ITAT Chennai in Smt. L.N. Santhi’s Case   Introduction In a landmark ruling, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) in ITA No. 3013/CHNY/2024–Smt. Lakshmi Narasimhan Santhi vs. ACIT-has quashed a reassessment order under the new regime, holding it as time-barred. This decision hinges on the…

Relief Without the 20%: Karnataka HC’s Landmark Ruling on Stay of Demand Offers Practical Breather to Taxpayers Introduction In a significant ruling that resonates with common taxpayer grievances and the principle of natural justice, the Karnataka High Court in Instakart Services (P.) Ltd. v. PCIT (Central) [2025] 175 taxmann.com 998 has clarified that the requirement to…

Un-utilized Input Tax Credit (ITC) remaining after payment of all tax, interest, and penalties must be refunded to the taxpayer upon closure of business: Sikkim High Court In a significant ruling, the Hon’ble High Court of Sikkim has held that unutilized Input Tax Credit (ITC) remaining after payment of all tax, interest, and penalties must…