RBI Bank Holidays June 2026: Complete State-Wise Calendar The Reserve Bank of India (RBI) has officially designated the state-wise bank holiday schedule for June 2026. Under the rules of the Negotiable Instruments Act, banks in India will observe regional closures for major cultural celebrations, including Muharram, Raja Sankranti, and Sant Guru Kabir Jayanti, alongside standard… Read More »
Supreme Court Disposes of Revenue’s SLPs Directing Compliance with Mandatory NFAC Reassessment Notice Jurisdictions Issue Whether a reassessment notice issued under Section 148 of the Income-tax Act, 1961 by a jurisdictional Assessing Officer instead of the National Faceless Assessment Centre (NFAC) is bad in law for want of jurisdiction, in light of the central board… Read More »
Are banks open or closed on May 30, 2026 ! Saturday bank holiday No, banks in India are OPEN today, May 30, 2026. Because May 2026 contains five Saturdays, today is the fifth Saturday of the month. According to the Reserve Bank of India (RBI) guidelines, commercial and public sector banks only observe mandatory holidays… Read More »
Department’s SLP Dismissed as High Court Justifiably Upheld Restricting Bogus Purchase Additions to 6 Per Cent Issue Whether the High Court was legally justified in dismissing the revenue’s tax appeal and finding no substantial question of law arose, where the Tribunal restricted an addition for non-genuine accommodation purchase bills to 6% instead of sustaining the… Read More »
Fable Reboot Officially Delayed to 2027: Xbox Steps Out of GTA 6’s Way Xbox has officially announced that the highly anticipated Fable reboot has been delayed to February 2027. Originally scheduled for a high-profile “Fall 2026” simultaneous launch across Xbox Series X/S, PC, and PlayStation 5, the open-world Action-RPG from UK-based developer Playground Games (Forza… Read More »
Assessment Order and Additions Annulled for Lack of Jurisdictional Approvals and Cogent Evidence Issue Whether the regular assessment order passed under Section 143(3), and the subsequent additions made under sections 69A and 69C for alleged clandestine cash sales derived from uncorroborated third-party documents, are legally sustainable when framed without mandatory jurisdictional approvals, statutory satisfaction notes,… Read More »
A major campaign in the UK demanding the government restore state-funded free TV licences for all pensioners has officially crossed the 10,000-signature milestone, triggering a mandatory response from Downing Street. The petition, launched on the official UK Parliament petitions portal by creator Michael Thompson, has struck a major chord with the British public as millions… Read More »
Omission of Transparent, Fully Tax-Paid Silverdale Fund Investment in Schedule FA Does Not Warrant Black Money Penalty Issue Whether a penalty of ₹10 lakhs per assessment year under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is sustainable when an resident assessee fully discloses multiple foreign… Read More »
Concessional Sugar Sales Matter Remanded to CIT(A) for Fresh Adjudication on Customary Cooperative Industry Practices Issue Whether the differential amount between the levy price of sugar and the concessional price at which it was sold by a co-operative factory to its members and non-members constitutes an unallowable appropriation of profit to be added to business… Read More »
Adjudication of Corporate Tax Claims for a Public Sector Bank in Assessment Year 2010-11 Issue The primary issue involves determining the allowability of various business deductions, depreciation claims, exemptions, and bad debt provisions claimed by a public sector banking corporation under the Income-tax Act, 1961 (and corresponding sections of the Income-tax Act, 2025) for Assessment… Read More »