Weekly Digest of Notifications & Circulars – Week Ending 24th May 2026
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI) (Click the Link for Notification/ Circular as issued) […]
Misc, Weekly Digest
May 2026
Income Tax, Judiciary
Income Tax, SC Judgement Dated 12/05/2026 – Income from AOP held Non-Taxable in hands of Members as it was Share of Profit
Case of Sanand Properties Pvt Ltd vs Jt Commissioner of Income Tax, SC Judgement Dated 12th May 2026. The apex court held that contractual right
Income Tax, Judiciary
Income Tax, SC Judgement Dated 12/05/2026 – No TCS on Illegal Mining Compounding Fees
Case of DCIT Vs Collector Mining Kanker, SC Judgement Dated 12th May 2026. The apex court upheld that tax collection at source (TCS) under
Income Tax, Judiciary
Income Tax, SC Judgement Dated 07/05/2026 – Interest on Borrowed Funds allowed even for Investment through Group Concerns
Case of LK Trust vs CIT, SC Judgement Dated 7th May 2026. The apex court held that interest paid on borrowed capital is
Income Tax, Judiciary
Income Tax, SC judgement Dated 10/12/2026 – Allows deduction of Grants as they were part of Statutory Business Activity
Case of National Cooperative Development Corporation Vs CIT, SC Judgement Dated 10th December 2025. The apex court ruled that grants and subsidies disbursed
Income Tax, Judiciary
Income Tax, HC Delhi Judgement Dated 21/04/2026 – Assessment Upheld as Material Seized in Search can be used Even if Search Is Later Challenged
Case of Hari Bhoomi Communications Pvt Ltd vs ACIT, HC Delhi Judgement Dated 21st April 2026. HC heldthat reassessment proceedings initiated against third
GST, GSTN Advisory
GST, GSTN Advisory Dated 21/05/2026 – Enhancements in the e-Way Bill (EWB) Portal
The major change is the mandatory capture of “Ship-To GSTIN” in Bill-To/Ship-To transactions during EWB generation. In cases where the
GST, GSTN Advisory
GST, GSTN Advisory Dated 118/05/2026 – Filing of Annexure B for Refund Applications involving Accumulated ITC using the Offline Utility in GST Portal
A standardized Annexure-B Offline Utility has been introduced in Excel format for refund applications involving accumulated Input Tax Credit (ITC)
GST, Judiciary
GST, SC Judgement Dated 15/05/2026 – VAT Levy on Natural Gas as State claimed Sale Occurred in UP
Case of State of Uttar Pradesh vs Reliance Industries Limited, SC Judgement Dated 15th May 2026. The apex court ruled that the supply
GST, Judiciary
GST, HC Delhi Judgement Dated 04/05/2026 – Refund cannot be withheld merely on the basis of a departmental Decision or Intention to File an Appeal
Case of Truth Fashion vs SK Singh Spl Commissioner, HC Delhi Judgement Dated 5th May 2026. HC held that mere intention or decision