Knowledge is new oil.

INDIRECT TAXES.

1. Powers to summon, arrest and prosecute are ancillary and incidental to power to levy and collect GST; thus, sections 69 and 70 of GST Acts are not ultra vires Constitution, as GST Acts, in pith and substance, pertain to Article 246A of Constitution: Supreme Court held on 27.02.2025. Here is judgement.
2. Common consolidated Show Cause Notice and Assessment order of GST for multiple years are impermissible: Karnataka High Court. Gopi Chand v. Deputy Commissioner of Commercial Taxes (Audit)-1.5* writ petition no. 35993 OF 2024 (T-RES) JANUARY ?22, 2025.
3. SC allows anticipatory bail in GST, Customs cases The court clarified that amendments to the Customs Act and GST Act reflect a legislative intent to ensure a balanced approach in tax enforcement.

DIRECT TAXES.

1. Info. received from investigation wing constitutes tangible material to initiate reassessment under Income Tax: ITAT Mumbai M P Ferrous and Non Ferrous India (P.) Ltd. v. Dy. Commissioner of Income-tax Circle-7(2)(2), Mumbai IT Appeal no.1248 and 1249 (Mum.) of 2023 [Assessment Year 2009-10 and 2010-11] AUGUST ?17, 2023.
2. Lok Sabha panel to record evidence of ICAI, EY representatives on Income Tax Bill. The Select Committee of the Lok Sabha under the chairmanship of BJP Vice President Baijayant Panda will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.

RBI ANNOUNCEMENTS.

The Department of Regulation (DoR) of RBI has compiled its regulatory instructions in an easily accessible handbook titled ‘Regulations at a Glance’ to provide a broad overview of the regulatory landscape across multiple dimensions of activities and entities. This handbook provides tabular summary of all major regulations issued by DoR and it has been organised in six chapters. Here is handbook.