Delhi Excise Policy Case: PMLA Appellate Tribunal Upholds ₹24.25 Cr Attachment Of Properties Of Gautam Malhotra, Companies

The PMLA Appellate Tribunal (Appellate Tribunal under SAFEMA) has upheld the attachment of properties linked to Diamond Liquors Pvt. Ltd., Gautam Malhotra, and Gautam Wines Pvt. Ltd., rejecting their challenge to the attachment of Rs. 24.25 crore in a case arising from allegations of kickbacks and cartelization under the Delhi Excise Policy 2021 to 22. A coram led by Chairman Justice Munishwar Nath Bhandari, along with Member G. C. Mishra, found that the funds were not incidental but were used...

Centre Appoints Justice Sudhir Kumar Jain as DRAT Delhi Chairperson

The Central Government has approved the appointment of Justice Sudhir Kumar Jain, a Member of the National Consumer Disputes Redressal Commission and former Delhi High Court judge, as Chairperson of the Debts Recovery Appellate Tribunal (DRAT), Delhi. The competent authority has cleared his appointment for a tenure of five years from the date of assumption of charge, or until he attains the age of 70 years, or until further orders, whichever is earlier. According to a communication issued by...

Union Budget 2026-27: Centre Notifies Finance Act, 2026

The Central Government has notified the Finance Act, 2026, giving statutory effect to the budget proposals for the financial year 2026-27 after receiving presidential assent on March 30, 2026. The Act, published in the Gazette of India, states, "An Act to give effect to the financial proposals of the Central Government for the financial year 2026-27.” Most provisions of the legislation will come into force from April 1, 2026, including those relating to income-tax rates and amendments to...

RBI Imposes ₹31.80 Lakh Penalty On Airtel Payments Bank For Non-Compliance With Disclosure Norms

The Reserve Bank of India on Monday imposed a monetary penalty of Rs 31.80 lakh on Airtel Payments Bank Limited for non-compliance with certain provisions of the directions issued by RBI on “Disclosure in Financial Statements”.The action follows the Statutory Inspection for Supervisory Evaluation conducted with reference to the bank's financial position as on March 31, 2025. Based on the supervisory findings, RBI found non-compliance with its directions and issued a show cause notice to the...

Centre Proposes Penalty Instead Of 1 Year Jail For Allottees Violating RERA Appellate Tribunal Orders

The Jan Vishwas (Amendment of Provisions) Bill, 2026, has been introduced in the Lok Sabha as part of a broader legislative push to decriminalise offences and rationalise penalties across a range of laws. One of the changes relates to the Real Estate (Regulation and Development) Act, 2016. Section 68 of the Act currently allows for imprisonment of up to one year where an allottee (homebuyer) fails to comply with orders of the Real Estate Appellate Tribunal. It also provides for a continuing...

RBI Imposes ₹2.17 Crore Penalty On Three Public Sector Banks For Regulatory Lapses

The Reserve Bank of India recently imposed monetary penalties aggregating to Rs 2.17 crore on three public sector banks, Bank of India, Central Bank of India, and Union Bank of India, after finding non-compliance with various regulatory directions. According to press releases issued on Friday, the penalties were imposed following Statutory Inspection for Supervisory Evaluation conducted with reference to the financial position of the banks as of March 31, 2025, which revealed deficiencies...

ITAT Mumbai Deletes ₹48.97 Lakh Tax Addition Against Zee Entertainment For Failing To Record Reasons

The Income Tax Appellate Tribunal (ITAT) at Mumbai has recently given relief to Zee Entertainment Enterprises Ltd by deleting a Rs 48.97 lakh tax addition under Section 14A of the Income Tax Act, 1961, which deals with expenses linked to earning tax-free income. The Tribunal held that tax officers cannot recalculate such expenses without first clearly explaining why they disagree with the company's own calculation. A coram comprising Judicial Member Anikesh Banerjee and Accountant Member Arun...

Finance Bill 2026: 12% Surcharge on Buybacks Applies Only to Additional Tax on Promoters'; Income Tax Dept. Clarifies

The Income Tax Department has clarified that the proposed 12% surcharge in the Finance Bill, 2026 will apply only to the additional income-tax payable by promoters on capital gains arising from buybacks, and not on the entire gains. In a clarification issued on March 26, 2026, the Department explained that the amendment relates to taxation of capital gains earned by promoters when companies buy back their own shares under section 68 of the Companies Act, 2013, which governs share...

PMLA Appellate Tribunal Sets Aside ED Attachment Of Mortgaged Properties In Samprash Foods Case

The PMLA Appellate Tribunal (Appellate Tribunal Under SAFEMA) on Wednesday set aside the Enforcement Directorate's attachment of properties mortgaged to IDBI Bank and Union Bank of India in a money laundering case linked to Samprash Foods Ltd., accepting the banks' contention that the action did not meet the requirements of Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.Member V. Anandarajan held that the ED had not shown, on record, that the attached properties were...

SEBI-Registered Brokers' Trading Apps To Show 'Verified' Label On Google Play Store To Curb Fraud

SEBI Chairman Tuhin Kanta Pandey on Wednesday unveiled a 'verified' label for stock trading apps of SEBI-registered brokers on the Google Play Store, a step aimed at helping investors distinguish genuine platforms from fraudulent ones. The decision comes against the backdrop of a growing number of fake trading applications that have been targeting retail investors. In several cases, scammers have impersonated legitimate apps and misled users into believing their money was being invested through...

CCI Nods For Merger Of Coursera Unit With Udemy; Coursera To Acquire Sole Control

The Competition Commission of India (CCI) on Wednesday approved the proposed merger of Chess Merger Sub, a wholly owned subsidiary of US-based education technology company Coursera Inc., with online learning platform Udemy Inc., a transaction that will result in Coursera acquiring sole control over Udemy. The proposed combination involves the merger of Udemy Inc. with Chess Merger Sub, a newly incorporated wholly owned subsidiary of Coursera Inc., with Udemy surviving as a wholly owned...

Centre Designates 22 GSTAT Judicial Members As Vice Presidents For State Benches

The Ministry of Finance has designated Judicial Members of the Goods and Services Tax Appellate Tribunal (GSTAT) as Vice Presidents for State GSTAT Benches across India, in exercise of powers under the Central Goods and Services Tax Act, 2017.The Office Order No. 01/2026, dated 23 March 2026 states: “The President of India… is pleased to designate the following Judicial Members of GSTAT as Vice Presidents of their respective state benches.”Under the order, Vice Presidents have been appointed for...