Navasree A.M

1 week ago | taxscan.in | Navasree A.M

National Financial Reporting Authority ( NFRA ) debarred and imposed fines on 103 CAs from 2022 to 2025. It has debarred 85 Chartered Accountants until 2025 ranging from 6 months to 10 years. It is based on the seriousness of the audit defaults. The NFRA was conferred wide-ranging powers to regulate financial reporting and audit quality, promote transparency, and preserve the integrity of India’s financial reporting system.

1 week ago | taxscan.in | Navasree A.M

The International Financial Services Centres Authority ( IFSCA ) has notified the IFSCA (KYC Registration Agency) Regulations, 2025. It is established to govern the registration, functioning, and compliance requirements of entities operating as Key Registration Agencies (KRAs) within International Financial Services Centres ( IFSCs ) in India.

1 week ago | taxscan.in | Navasree A.M

The Central Board of Direct Taxes ( CBDT ) issued an order regarding the posting and transfer orders of senior officers of the Income Tax Department. The shuffle includes officers of the rank of Principal Chief Commissioners. The officers have been put on new duties and responsibilities at different places in view of the administrative requirements. The office order, issued on April 15, 2025, lists the names of the transferred officers along with the details of their new postings.

1 week ago | taxscan.in | Navasree A.M

In a recent ruling, the Allahabad High Court refused to grant bail to an accused in the GST (Goods and Services Tax) fraud. The court noted the apex court ruling that the confession of a co-accused can be taken into account while deciding bail applications in economic offences.

1 week ago | taxscan.in | Navasree A.M

In a recent ruling, The Income Tax Appellate Tribunal ( ITAT ) of Mumbai ruled that income tax is not applicable under Section 56(2)(x) of the Income Tax Act, 1961, where a new flat is received in exchange for an old one as part of a redevelopment project. The bench deleted additions made by the authorities. The assessee, Anil Dattaram Pitale had originally purchased a flat—Flat No. C-5/28 in Mahavir Nagar Tristar Co-operative Housing Society—during the financial year 1997–98.