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...

GSTAT Kolkata Bench Starts Functioning

The Kolkata Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) has commenced functioning, with all appeals from designated jurisdictions now required to be filed before it.The Tribunal clarified that it will exercise jurisdiction over West Bengal, Sikkim and Andaman and Nicobar Islands in Public Notice No. 01/2026 dated 23.03.2026, issued by the GSTAT Kolkata Bench. The office of the Kolkata Bench is located at 2/5, Judges Court Road, Alipore, Kolkata–700027 (Old Door Sanchar...

Corporate Laws (Amendment) Bill 2026: Govt Proposes Decriminalising Minor Comapanies Act Defaults, CSR Changes

The Corporate Laws (Amendment) Bill, 2026, was introduced in the Lok Sabha on Monday, proposing changes to the Companies Act, 2013, and the Limited Liability Partnership Act, 2008, that would remove criminal liability for several procedural violations, revise penalty provisions, and give wider statutory powers to regulators. One of the central proposals in the bill is to move a number of compliance-related offenses out of the criminal framework. At present, certain technical defaults can lead...

RBI Imposes ₹31.80 Lakh Penalty On HSBC For Violating Rules On Inoperative Accounts, Unclaimed Deposits

The Reserve Bank of India (RBI) has recently imposed a monetary penalty of Rs 31.80 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for failing to comply with its directions on inoperative accounts and unclaimed deposits, the central bank said in a press release issued on March 20, 2026. The action stems from an order dated March 18, 2026, passed in exercise of powers under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The action follows...

Finance Minister Nirmala Sitharaman Launches PRARAMBH 2026, Unveils Income Tax Website 2.0

Union Finance Minister Nirmala Sitharaman on Friday (March 20) launched the Income Tax Department's nationwide outreach campaign 'PRARAMBH 2026' in New Delhi and also inaugurated the revamped Income Tax Website 2.0 as part of efforts to prepare taxpayers for the new Income Tax Act, which will come into force from April 1, 2026. The upgraded e-filing portal has been designed to provide improved usability, simpler navigation, and more efficient service delivery to taxpayers as part of the...