Eight GST Circulars That Every Taxpayer Should Know: CBIC Clarifies Registration, Appeals, ITC and Export Refunds     CBIC Circulars dated 26 October 2026 bring major clarity on GST registration, adjudication, appeals, pre-deposit, ISD, banking-sector ITC, demo vehicles and export refunds The Central Board of Indirect Taxes and Customs (CBIC) has issued a significant series…

Section 148A Notice Without Information Is Invalid: Bombay HC Quashes Reassessment in Grasim Industries Case     Bare Disclosure of Transaction Amount Is Not Enough; Proportionate Rights Issue at Below FMV Does Not Automatically Trigger Section 56(2)(x) Reassessment proceedings cannot be initiated merely by issuing a notice containing a transaction amount and supplying the actual…

Income-tax Act, 2025: Your Old Tax Losses Won’t Disappear-but There’s a Catch!     The Income-tax Act, 1961 has been replaced. But what happens to tax losses accumulated under the old law? Can a business loss incurred under the Income-tax Act, 1961 still be carried forward and set off after the Income-tax Act, 2025 comes…

Income Tax Department Likely to Send Notices Over Undisclosed Foreign Property     Foreign Property Disclosures Under Scanner as Tax Department Receives Information from Overseas Jurisdictions Owning a house, apartment, land or other immovable property outside India may be perfectly legal. But failing to disclose the foreign asset, explain its source of investment and report…

ITAT E-Filing Mandatory from 1 October 2026: Appeals Not Filed on Portal Will Not Be Registered   ITAT e-filing has now become mandatory from 1 October 2026. Taxpayers, Chartered Accountants, tax professionals and the Income Tax Department will have to present appeals before the Income Tax Appellate Tribunal through the prescribed ITAT e-filing portal. An…