Case Details: C-Dot Forum vs. CIT (Exemptions) Chandigarh [2026] 183 taxmann.com 89 (Amritsar-Trib.)

Judiciary and Counsel Details

• Udayan Das Gupta, Judicial Member & Manoj Kumar Aggarwal, Accountant Member
• Rishabh Marwaha, CA for the Appellant.
• Sunil Gautam, CIT. DR for the Respondent.

Facts of the Case

The assessee was a society that organised seminars, conferences, and events to upgrade members and the general public. It received substantial grants from various pharma companies. It applied for registration under section 12A.

During the proceedings, the Commissioner (Exemptions) observed that the charitable activity carried on by the assessee was negligible compared to the gross amount of collection received from various pharma companies. Thus, he denied the registration under section 12A. The matter reached before the Amritsar Tribunal.

ITAT Held

The Amritsar Tribunal held that out of the total grants of Rs. Forty lakhs (approx.) received from various pharma companies by the assessee society has resulted in only a meagre expenditure of Rs. 2.51 lakhs for sponsoring free medicines for type-1 diabetic children, which is just 6.2% of the total receipts.

The rest of the amount received from the pharma companies has been expended for organising various seminars, conference, events, for practicing doctors, including star category hospitality, at luxurious hotels, entertainment by professional singers, travelling expenses, professional fees to the President of the society and relatives and for all other reasons, other than for “charitable purpose” as defined under section 2(15). Furthermore, note that the “Uniform Code for Pharmaceutical Marketing Practices (UCPMP) 2024” also explicitly prohibits the offering of gifts and incentives to doctors or their family members.

In the instant case, the actual charitable activity conducted by the society was negligible (being only Rs. 2.51 lakhs against total grants received from pharma companies amounting to Rs. Forty lakhs). The society acted to facilitate networking between doctors and pharma companies, and its activities were non-charitable and outside the scope of section 2(15). Thus, the Commissioner (Exemptions) was justified in refusing the application for registration under section 12A.

List of Cases Reviewed

• Apex laboratories Pvt Ltd. v. DCIT [2022] 135 taxmann.com 286/286 Taxman 200/442 ITR 1 (SC) (para 12.2) Followed.

List of Cases Referred to

• CIT (Exemptions) v. Gangadeen Niranjan Lal Data Charitable Trust [2024] 159 taxmann.com 208/297 Taxman 294/463 ITR 695 (SC) (para 10)
• Heart Care Management v. DIT (Exemption) [2012] 22 taxmann.com 105/52 SOT 277 (Delhi) (para 10.3)
• Addl. CIT v. Rajindra Flour & Allied Industries (P.) Ltd. [1981] 6 Taxman 1/128 ITR 402 (Delhi) (para 10.5)
• CIT v. Jodhpur Chartered Accountants Society [2003] 127 Taxman 90/[2002] 258 ITR 548 (Rajasthan) (para 10.5)
• CIT (Exemption) v. Anesthesia Society [2019] 101 taxmann.com 227/260 Taxman 375 (Rajasthan) (para 10.5)
• Indo-American Society v. Asstt. DIT (Exemption) [2005] 96 ITD 61 (Mumbai) (para 10.5)
• Endocrine and Breast Surgery Foundation v. CIT Exemptions [2025] 179 taxmann.com 426 (Chandigarh – Trib.) (para 11.1)
• Apex laboratories Pvt ltd v. DCIT [2022] 135 taxmann.com 286/286 Taxman 200/442 ITR 1 (SC) (para 12.2).

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The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has issued a Technical Guide on the revised directions of the Comptroller and Auditor General (CAG) issued under Section 143(5) of the Companies Act, 2013.

The guide is intended to support auditors in effective and consistent compliance with the revised reporting directions applicable to specified entities.

1. Background – CAG Directions under Section 143(5)

Under Section 143(5) of the Companies Act, 2013:

• The Comptroller and Auditor General of India (CAG) may issue directions to auditors of government companies and certain other entities
• Auditors are required to conduct audits and report in accordance with such directions, in addition to the requirements under the Act and auditing standards

The revised directions necessitate clarity on scope, reporting format, and audit approach.

2. Objective of the Technical Guide

The Technical Guide aims to:

• Clearly explain the revised CAG directions and their implications
• Assist auditors in understanding the reporting expectations under each direction
• Promote uniformity and quality in audit reporting across CAG-mandated audits

3. Key Features of the Guide

3.1 Explanation of Reporting Requirements

• Detailed explanation of each reporting area prescribed by the CAG
• Clarification of the nature, scope, and depth of audit procedures expected

3.2 Practical and Illustrative Examples

• Illustrative examples provided for each reporting requirement
• Guidance on how auditors may structure observations and conclusions
• Practical insights into addressing commonly encountered audit issues

4. Collaborative Development with CAG

The guide has been developed in close consultation with officials of the CAG, ensuring that:

• The guidance is aligned with the intent and expectations of the CAG
• Interpretational ambiguities are minimised
• Auditors receive authoritative and practical direction

5. Applicability and Professional Relevance

The Technical Guide serves as an essential reference for:

• Auditors of government companies
• Auditors conducting CAG-mandated audits
• Chartered Accountants involved in public sector and statutory audits

6. Key Takeaway

The AASB’s Technical Guide strengthens audit quality and consistency by translating the revised CAG directions into clear, actionable guidance supported by illustrations. It is a critical tool for auditors engaged in audits under Section 143(5), helping ensure robust compliance and reliable reporting in the public sector audit framework.

Click Here To Read The Full Story

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CA Avinash Kumar Rao – [2026] 183 taxmann.com 231 (Article)

For more than six decades, salaried taxpayers have operated under the Income-tax Rules, 1962. Many of those provisions were framed when salary structures were simpler, urban costs were lower, and employee benefits were limited in scope.

Over time, while lifestyles and employment models evolved, several limits and valuation norms remained static. The Draft Income-tax Rules, 2026 represent the first serious attempt to realign personal taxation with present-day realities.

From an individual’s perspective, these changes directly affect take-home pay, monthly tax deductions, and long-term financial planning. A clear understanding is therefore essential.

In this article, based on my preliminary reading I have highlighted the most important individual-centric changes in a comparative and practical manner.

Key Topics Covered in This Article

1. Motor Car Perquisite (Company Vehicle)
2. Interest-Free or Concessional Loans to Employees
3. Meal and Refreshment Benefits
4. Gifts and Festival Vouchers
5. Children Education and Hostel Allowances
6. House Rent Allowance (HRA) and Expansion of Metro Cities
7. Transport Allowance for Employees in Transport Systems
8. Closing Reflections

1. Motor Car Perquisite

Rule Reference

• Old: Rule 3(2), 1962 Rules
• New: Rule 15(3), Draft Rules, 2026

Background

Company-provided vehicles have long been a common component of executive compensation in India, especially in managerial and senior positions. Recognising that such vehicles are often used for both official and personal purposes, the Income-tax Rules have traditionally classified motor car perquisites based on usage pattern, cost bearing, and chauffeur facility. However, these values remained static for decades.

Recognising the mixed nature of such usage—partly official and partly personal—the Income-tax Rules have traditionally classified motor car benefits based on:

• The purpose of use (official, personal, or mixed),
• The person bearing running and maintenance expenses, and
• The availability of a chauffeur.

The Draft Income-tax Rules, 2026 retain the same structural classification but substantially revise the valuation figures to reflect present-day economic realities.

This change has important implications for salary structuring and take-home pay and warrants early review by both employers and employees.

Sl. No.	Nature of Use & Cost Bearing	Engine Capacity	Old Rules (1962)	Draft Rules (2026)	Practical Impact
1	Used exclusively for official purposes (with log book & employer certificate)	Any	Nil (Not taxable)	Nil (Not taxable)	No change. Documentation remains critical.
2	Used exclusively for personal purposes (employer bears all expenses)	Any	Actual cost + depreciation + driver – recovery	Same as old	No change. Full cost remains taxable.
3	Used partly for official & partly for personal purposes (employer bears fuel & maintenance)	= 1.6L	Rs. 1,800 pm + Rs. 900 (driver)	Rs. 5,000 pm + Rs. 3,000 (driver)	3x increase. Significant TDS impact.
4	Used partly for official & partly for personal purposes (employer bears fuel & maintenance)	> 1.6L	Rs. 2,400 pm + Rs. 900 (driver)	Rs. 7,000 pm + Rs. 3,000 (driver)	Steep increase for larger cars.
5	Used partly for official & partly for personal purposes (employee bears fuel & maintenance)	= 1.6L	Rs. 600 pm + Rs. 900 (driver)	Rs. 2,000 pm + Rs. 3,000 (driver)	More than 3x increase.
6	Used partly for official & partly for personal purposes (employee bears fuel & maintenance)	> 1.6L	Rs. 900 pm + Rs. 900 (driver)	Rs. 3,000 pm + Rs. 3,000 (driver)	Substantial increase.
7	Employer reimburses expenses for employee-owned car (mixed use)	Any	Actual reimbursement – standard deduction	Actual reimbursement – revised deduction	Minor tightening. Requires stricter documentation.
8	Employer reimburses expenses for employee-owned car (official use only)	Any	Nil (with records)	Nil (with records)	No change. Log book essential.
9	Chauffeur provided (additional perquisite)	Any	Rs. 900 pm	Rs. 3,000 pm	More than 3x increase.

Professional View

The revised valuation reflects a conscious effort to align taxation with the actual economic benefit derived from employer-provided vehicles. By updating long-stagnant figures, the draft rules enhance transparency and improve equity in salary taxation.

While the increase is significant, it brings greater realism to compensation structures and encourages more efficient benefit planning. With timely review and appropriate restructuring, both employers and employees can adapt smoothly to the new framework.

Overall, this reform strengthens the credibility and consistency of perquisite taxation in the long term.

Click Here To Read The Full Article

The post [Opinion] Draft Income Tax Rules, 2026 | Impact on Salary and Take-Home Pay appeared first on Taxmann Blog.

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Case Details: Regional Manager vs. Presiding Officer - [2026] 182 taxmann.com 81 (HC-Rajasthan)

Judiciary and Counsel Details

• B. Raghu Kiran & S.V. Kasi Visweswara Rao, Member

Facts of the Case

In the instant case, the Respondent-workman was engaged on a purely casual and daily wages basis for the total period of 260 days in a period of around 2 years and that too, in four different branches of the petitioner-bank. His work was also irregular, and he had worked in different branches at different intervals.

The Respondent was terminated. Then, the Respondent raised an industrial dispute, and the Tribunal held that the termination violated section 25F of the Industrial Disputes Act, 1947, and directed the reinstatement of the workman.

The High Court observed that since the respondent had been working under different branches, their total working days could not be taken into consideration for determining continuous service.

Further, the High Court observed that, since the respondent never received any payment for Sundays and other holidays in the preceding calendar year, he could not claim that such Sundays and holidays should also be counted for taking into consideration his total working days.

High Court Held

The High Court held that since the respondent could not prove continuous working for more than 240 days in a calendar year, the provisions of Section 25F of the Industrial Disputes Act, 1947, had been wrongly applied. Therefore, the award passed by the Industrial Tribunal was to be quashed.

The post Casual Workman Not Entitled to Section 25F Protection Without 240 Days’ Service | HC appeared first on Taxmann Blog.

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Master Circular No. HO/49/14/14(2)2026-CFD-POD2/I/4518/2026, Dated: 09.02.2026

The Securities and Exchange Board of India (SEBI) has issued an updated Master Circular under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations).

The Master Circular consolidates all applicable circulars and operational instructions issued under the ICDR framework and incorporates amendments up to 31 December 2025.

1. Objective of the Master Circular

The updated Master Circular is intended to:

• Provide a single, consolidated reference document
• Enhance regulatory clarity and ease of compliance
• Ensure uniform interpretation of operational requirements across market participants

By bringing dispersed instructions together, SEBI aims to simplify compliance and reduce interpretational ambiguity.

2. Scope and Coverage

The Master Circular consolidates operational instructions relating to, inter alia:

2.1 Public and Rights Issues

• Procedures and operational requirements for public issues and rights issues
• Issue processes, documentation, and compliance obligations

2.2 Disclosures and Offer Documentation

• Disclosure requirements in offer documents
• Ongoing and event-based disclosures to protect investor interests

2.3 ASBA Framework

• Operational guidelines under the Application Supported by Blocked Amount (ASBA) mechanism
• Roles and responsibilities of intermediaries in the ASBA process

2.4 Timelines and Issue Processes

• Prescribed timelines for various stages of capital issuance
• Process flows and coordination among issuers, intermediaries, and stock exchanges

2.5 Investor Protection Measures

• Safeguards to ensure transparency and fairness
• Mechanisms to strengthen investor confidence in the capital-raising process

3. Rescission of Earlier Circulars

SEBI has clarified that:

• Earlier circulars covered under the scope of the updated Master Circular stand rescinded to that extent
• The rescission is limited only to matters subsumed within the updated framework

This ensures regulatory continuity while avoiding duplication and overlap.

4. Regulatory Significance

The updated Master Circular:

• Acts as a comprehensive operational guide under the ICDR Regulations
• Supports consistent implementation of capital issuance norms
• Strengthens investor protection through harmonised procedures

5. Key Takeaway

SEBI’s updated ICDR Master Circular streamlines the regulatory framework by consolidating all operational instructions relating to capital issuance and disclosures into a single document, thereby improving clarity, compliance efficiency, and investor protection.

Click Here To Read The Full Circular

The post SEBI Updates ICDR Master Circular for Capital Issues appeared first on Taxmann Blog.

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Liquidation accounting applies at one of the most critical phases in an entity’s lifecycle, where financial reporting outcomes have a direct and material impact on creditors, investors, and other stakeholders. In such circumstances, conventional going-concern assumptions no longer apply, necessitating a distinct accounting approach.

Recognising this need, the Research Committee of the Institute of Chartered Accountants of India (ICAI) has issued a comprehensive report providing practical guidance on accounting in non-going concern situations.

1. Scope and Objective of the Report

The report is designed to:

• Assist professionals in understanding liquidation and non-going concern accounting
• Bridge gaps in practice where explicit standards may not provide detailed operational guidance
• Support consistent and transparent financial reporting during insolvency and liquidation proceedings

2. Integration of Global Practices and Indian Framework

The guidance integrates:

• Global best practices in liquidation accounting
• Relevant Ind AS considerations, including measurement and presentation issues
• The Indian insolvency and liquidation framework, ensuring alignment with domestic legal and regulatory requirements

This integrated approach helps practitioners apply accounting principles in a manner that is both technically sound and contextually appropriate.

3. Practical Illustrations and Transition Guidance

To aid implementation, the report includes:

• Illustrative examples covering key accounting treatments in non-going concern scenarios
• Transition guidance to assist entities moving from a going-concern basis to a liquidation basis of accounting
• Clarification of common judgement areas faced during insolvency proceedings

4. Compliance Checklist and Professional Utility

The report also provides a compliance checklist, enabling professionals to:

• Systematically verify adherence to applicable accounting requirements
• Ensure completeness and consistency in liquidation financial statements
• Reduce the risk of omissions or misapplication of principles

5. Relevance for Insolvency and Liquidation Professionals

The guidance serves as a valuable reference for:

• Insolvency Professionals and Liquidators
• Chartered Accountants involved in insolvency assignments
• Auditors, advisors, and other stakeholders engaged in non-going concern reporting

6. Key Takeaway

The ICAI Research Committee’s report strengthens the accounting framework for liquidation and insolvency scenarios by combining conceptual clarity with practical application. It enhances transparency, comparability, and reliability of financial reporting at a stage where stakeholder reliance on financial information is at its highest.

Click Here To Read The Full Story

The post ICAI Releases Report on Liquidation Accounting Standards appeared first on Taxmann Blog.

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The Government of India has implemented the consolidated Labour Codes with effect from 21 November 2025, replacing 29 existing labour laws.
This reform has wide-ranging implications for employee-related costs, statutory liabilities, and financial reporting across entities.

1. ICAI AASB Issues Guidance for Auditors

In response to the implementation of the Labour Codes, the Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has issued guidance to assist auditors in addressing the accounting and audit implications arising from the new legal framework.

The guidance aims to promote consistent application, robust audit procedures, and adequate disclosures.

2. Impact of Revised Wage Definition and Expanded Coverage

The Labour Codes introduce:

• A revised definition of ‘wages’, and
• Expanded employee coverage under various labour and social security laws

These changes are expected to increase employee benefit obligations, particularly in respect of:

• Gratuity, and
• Leave-related liabilities

3. Accounting Treatment under Ind AS and AS

The guidance clarifies that:

• Incremental employee benefit obligations arising from the Labour Codes are to be recognised as past service cost
• Recognition should be in accordance with:

1. 1. Ind AS 19 – Employee Benefits, and
   2. AS 15 – Employee Benefits, as applicable

This has a direct impact on:

• Profit or loss
• Actuarial valuations
• Measurement of defined benefit obligations

4. Audit Implications under SA 250

From an audit perspective, compliance with the Labour Codes falls within the scope of SA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements.

Key audit implications include:

• Heightened audit risk in areas such as:

1. 1. Payroll processing
   2. Statutory dues and compliances
   3. Actuarial assumptions and estimates

• Increased risk of non-compliance or misstatement, particularly during the transition phase

5. Focus Areas for Auditors

The guidance emphasises the need for:

• Focused audit procedures around employee benefit computations
• Evaluation of management’s assumptions and actuarial valuations
• Verification of statutory compliance with the Labour Codes
• Ensuring robust disclosures relating to:

1. 1. Changes in employee benefit obligations
   2. Nature and financial impact of the Labour Codes

6. Key Takeaway

The implementation of the consolidated Labour Codes represents a significant structural shift in India’s labour law framework with substantial accounting and audit implications. The AASB’s guidance supports auditors in navigating increased complexity, ensuring appropriate recognition of employee benefit costs, strengthened compliance under SA 250, and transparent financial reporting.

Click Here To Read The Full Story

The post ICAI AASB Issues Guidance on Labour Codes Impact appeared first on Taxmann Blog.

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Editorial Team – [2026] 183 Taxmann.com 267 (Article)

Global IDT Insights provides a weekly snippet of tax news specifically related to Indirect Taxes from around the globe.

1. China Issues Announcement on Adjustment and Cancellation of Export VAT Rebates for Photovoltaic and Battery Products

China has issued a joint announcement through the Ministry of Finance and the State Taxation Administration addressing changes to export tax rebates related to value-added tax on specified products. The announcement sets out revisions to the export VAT rebate treatment for photovoltaic products and battery products, including partial reductions and complete withdrawal over a phased timeline.

The announcement defines the scope of the changes by identifying the affected product categories and specifying the revised rebate rates and effective dates. It focuses exclusively on the adjustment and elimination of export VAT rebates as part of China’s export tax policy framework.

Key aspects of this announcement include:

(a) Cancellation of Export VAT Rebates for Photovoltaic Products – Export tax rebates relating to value-added tax on photovoltaic products will be fully cancelled. This change applies to exports made on or after 01-04-2026. From this date, no export VAT rebate will be available for photovoltaic products covered by the announcement.

(b) Phased Reduction and Elimination of Export VAT Rebates for Battery Products – The export VAT rebate rate applicable to battery products will be reduced from 9% to 6% with effect from 01-04-2026. Following this interim reduction, the export VAT rebate for battery products will be completely eliminated. The full withdrawal of the rebate will take effect from 01-01-2027.

(c) Policy Objective and Industry Impact Noted in the Announcement – The announcement records that the adjustment measures have been welcomed by domestic industry stakeholders. According to the China Photovoltaic Industry Association, the changes are intended to support more rational pricing in overseas markets and to reduce the risk of trade frictions. The measures are also described as helping mitigate risks associated with rapid export price declines and potential trade disputes.

Source – Official Announcement

Click Here To Read The Full Article

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Case Details: South Indian Oil Corporation vs. Assistant Commissioner Central Tax - [2026] 182 taxmann.com 864 (Karnataka)

Judiciary and Counsel Details

• S.R. Krishna Kumar, J.
• Venkatanarayana G.M., Adv. for the Appellant.
• Akash B. Shetty, Adv. for the Respondent.

Facts of the Case

The petitioner was engaged in the procurement of edible oils falling under HSN Code 15 on payment of GST at the rate of 5 per cent, which were purchased in bulk and thereafter packed into retail containers of varying quantities and supplied as output under the same HSN Code 15 at the same rate. Due to a higher rate of tax suffered on certain inputs used in the packing process, accumulated and unutilised input tax credit (ITC) arose, and the petitioner filed refund applications claiming a refund of the accumulated credit on account of the inverted duty structure. The officer rejected the refund claiming inverted duty structure was not available where input and output tax rates were the same. The matter was accordingly placed before the High Court.

High Court Held

The High Court held that accumulation of credit arose due to the rate structure and not due to change in rates at different points of time. The restriction denying refund of accumulated credit in cases where the rate of tax on input and output supplies was the same stood deleted by way of substitution through Circular No. 173/05/2022-GST, dated 06-07-2022. The Court further held that the Department of Revenue was not justified in rejecting the petitioner’s refund claims. It was accordingly held that the petitioner was eligible to claim refund of accumulated ITC on account of inverted duty structure even where the tax rate on input and output supplies was the same, and the refund claim deserved to be allowed under Section 54 of the CGST Act and the Karnataka GST Act.

List of Cases Referred to

• Indian Oil Corporation Ltd. v. Asstt. Commissioner of Central Tax [2025] 174 taxmann.com 1 (Karnataka) (para 2).

The post Inverted Duty Refund Allowed Even When Input and Output GST Rates Are Same | HC appeared first on Taxmann Blog.

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Case Details: Adhi Ganesh Mandir Charitable Trust vs. Income-tax Department [2026] 182 taxmann.com 796 (Mumbai-Trib.)

Judiciary and Counsel Details

• Amit Shukla, Judicial Member & Arun Khodpia, Accountant Member
• Bhupendra Shah for the Appellant.
• Ujjawal Kumar, Sr. DR for the Respondent.

Facts of the Case

The assessee-trust filed its return, claiming exemption under Section 11. Assessing Officer (AO) denied exemption on the ground that the assessee did not hold a valid registration under section 12A/12AB for the relevant assessment year. Accordingly, he brought to tax the assessee’s entire receipts without allowing any deduction for expenditure.

On appeal, CIT(A) affirmed the action of AO. Aggrieved-assessee filed the instant appeal before the Tribunal.

ITAT Held

The Tribunal held that the assessee did not hold a valid registration under section 12A/12AB for the relevant assessment year. The claim of exemption under section 11 could not have been allowed for the said year. To this limited extent, the action of AO in denying exemption under section 11 does not call for any interference and stands on a firm statutory footing. However, the controversy does not rest merely on the denial of exemption under section 11, but extends to the manner in which the assessee’s income was computed thereafter.

Even where an assessee-trust is not entitled to exemption under section 11 for a particular assessment year, the computation of income has to be made in accordance with ordinary principles of commercial accounting, subject, of course, to the provisions of the Act. The denial of exemption does not confer an unfettered right upon the Revenue to assess gross receipts as income. The AO is duty-bound to examine the expenditure incurred wholly and exclusively for the purposes of earning such receipts and to determine the real income chargeable to tax. Any computation that proceeds to tax receipts without undertaking this exercise is fundamentally flawed.

In the instant case, the AO brought the entire receipts to tax without examining or verifying the expenditure reflected in the assessee’s income and expenditure account. Such an approach is clearly unsustainable in law. The denial of exemption under section 11 does not automatically authorise the revenue to tax a trust’s gross receipts. The computation must necessarily be confined to the net income, arrived at after allowing legitimate expenditure incurred in furtherance of the objects of the trust, unless such expenditure is specifically disallowable under the Act.

Accordingly, the matter was restored to the AO with a limited direction to recompute the income of the assessee after duly examining and verifying the expenditure claimed in the income and expenditure account and thereafter bringing only the net income, if any, to tax in accordance with the law.

List of Cases Referred to

• Godavari Shikshan Prasarak Mandal (Sindhi) v. Union of India [W.P. No.16464 of 2025, dated 9-12-2025] (para 8).

The post AO Must Tax Only Net Income Even If Section 11 Exemption Is Denied | ITAT appeared first on Taxmann Blog.

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