Income Tax Department has clarified that existing appeal forms (Form 35 and Form 36) will continue to apply for appeals relating to Assessment Year (AY) 2026-27 or earlier, even if filed after April 1, 2026. The transition is based on the Relevant Assessment Year (AY), not the date of filing April 9, 2026
Non-Banking Financial Companies (NBFCs) granting fresh loans to borrowers who have already defaulted on earlier loans – RBI Concern March 7, 2026
Jammu and Kashmir High Court ruled that pension is protected from attachment only until they are paid out; once the funds hit a pensioner’s bank account, they can be recovered for guarantor liabilities. This judgement came about in a case involving a retired forest department officer who acted as a guarantor for Rs 15 lakh home loan taken by two borrowers. When the borrowers defaulted on the home loan repayment, the bank deducted Rs 4.64 lakh from his pension account. He had retired in 2018 and got Rs 35,350 monthly pension in the Rajouri, J&K branch of the bank. On October 9, 2019, two persons Smt Kumari and Mr Kumar had taken a home loan from this bank for Rs 15 lakh and he stood as guarantor for this loan. The loan was secured via a registered mortgage of leasehold rights of the land and the house constructed on this land. March 11, 2026
SEBI is set to change how mutual funds value gold and silver. Starting April 1, 2026, mutual funds, including gold and silver exchange traded funds (ETFs) will rely on polled spot prices published by recognised Indian stock exchanges. This marks a shift from the current practice where these mutual funds base their valuations on the London Bullion Market Association (LBMA) morning price. March 5, 2026
Delhi High Court has ruled that individuals forced to stay in India can’t be automatically treated as residents under the Black Money Act. This landmark decision came in the case of Rajiv Saxena, who was extradited to India in connection with the AgustaWestland scam and was asked to disclose his foreign assets after staying over 181 days. March 5, 2026
The assessee (HUF) claimed exemption u/s 10(38) on long-term capital gains of ₹19.41 lakh arising from sale of shares of Radford Global Ltd. The AO, relying on investigation reports alleging penny stock manipulation, rejected the exemption and treated entire sale proceeds of ₹19.97 lakh as unexplained cash credit u/s 68. CIT(A) upheld the addition February 23, 2026
ITAT Mumbai in the matter of Dilip Bhanverlal Dangi (HUF) Vs ITO deleted Penny Stock Long Term Capital Gain Addition U/s 68 and Documentary Evidence Accepted; Suspicion Cannot Replace Proof February 23, 2026
J&K And Ladakh High Court has ruled that trade between J&K and PoK (Pakistan occupied Kashmir) is ‘Intra-State supply’ under GST Act, since PoK Is part of J&K Territory. Hence, CGST & SGST shall be applicable and not IGST December 2, 2025
