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Weekly Digest of Income Tax Appellate Tribunal Rulings Published by Taxscan

Taxscan has released its weekly digest covering Income Tax Appellate Tribunal rulings reported between 1 November 2026 and 7 November 2026. This summary provides tax professionals with key judicial updates from appellate authorities during the specified seven-day period. Readers can access the compiled case details through the portal.

Effective 1 November 2026 to 7 November 2026

For professionals: Review the full text of the reported ITAT cases published on the Taxscan portal between 1 November 2026 and 7 November 2026 to understand specific legal arguments and applicability to client portfolios. · Maintain a record of these weekly rulings to aid in preparing robust submissions and advisory notes for direct tax matters.

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Insolvency Regulator Suspends Professional For Drawing Unauthorized Monthly Fee

The Insolvency and Bankruptcy Board of India has suspended a resolution professional for one year after the practitioner withdrew a monthly fee of 5 lakh rupees without committee approval. The regulator found the action violated Regulation 34B(2) and professional conduct standards. Additionally, the practitioner must refund the excess amount.

Effective Not specified in the update

For professionals: Practitioners must ensure all fee claims and withdrawals secure prior committee endorsement before execution. Practitioners should audit their active assignments to verify compliance with fee regulations and professional standards. The Insolvency and Bankruptcy Board of India suspended a resolution professional for one year for unauthorized withdrawal of a monthly fee amounting to 5 lakh rupees without prior approval from the Committee of Creditors.

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Standard Chartered Bank names Aditya Deshpande as the new India Head of Private Banking

Standard Chartered Bank has appointed Aditya Deshpande as the Managing Director and India Head for its Private Banking division. He brings extensive industry experience to steer the wealth management and banking operations for high-net-worth clients in the country. This leadership addition strengthens the institution's strategic focus on the growing affluent segment.

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For professionals: Aditya Deshpande has been appointed as the new Managing Director and India Head for Private Banking at Standard Chartered Bank. · Finance professionals and advisors monitoring banking sector trends should take note of this transition when evaluating institutional partners for client wealth management.

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Understanding Theta Network infrastructure, decentralized cloud functions, and the current Indian tax framework for digital assets

An analysis of the Theta Network details its core tokens, decentralized EdgeCloud computing, governance systems, staking mechanisms, and custody considerations. The overview also examines how India's current tax rules and Tax Deducted at Source apply to Virtual Digital Assets. Investors must navigate these technological frameworks alongside strict domestic tax compliance obligations.

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For professionals: The analysis covers the structural mechanics of the Theta Network focusing on its dual token system involving THETA and TFUEL, decentralized computing via EdgeCloud, and the operational aspects of network governance and staking. · Custody risks associated with holding digital assets in decentralized environments are highlighted alongside the technical functions of the network. · The report outlines the existing regulatory and taxation environment governing Virtual Digital Assets in India, including specific compliance requirements related to Tax Deducted at Source.

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Indian equities maintain a bullish near-term outlook following a robust market rally, analysts note

Following a sharp seven-session rally, technical analysts indicate that Indian equities maintain a positive near-term market outlook. Key support and resistance levels are currently guiding upcoming price movements across major indices. However, experts caution that elevated market momentum and recent gains could trigger profit-taking activities among investors.

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For professionals: Monitor designated support and resistance levels to guide short-term risk exposure and manage client portfolios effectively · Advise market participants and traders to watch for signs of exhaustion in market momentum and maintain disciplined stop-loss strategies

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Karnataka AAR rules crude cashew nut shell liquid falls under HSN 13021920 with 5 percent tax

The Karnataka Authority for Advance Ruling determined that crude cashew nut shell liquid is properly classifiable under HSN 13021920. Consequently, the product attracts a Goods and Services Tax rate of 5 percent. Businesses dealing in this industrial liquid must apply the correct classification to ensure regulatory compliance.

Effective Not specified in the update

For professionals: The Karnataka Authority for Advance Ruling determined that crude cashew nut shell liquid falls under HSN code 13021920. · Tax professionals must advise clients dealing in cashew nut derivatives to update their billing systems and align with the 5 percent GST tax rate. · Practitioners should note that misclassification risks tax shortfalls, interest penalties, and prolonged litigation.

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Karnataka AAR exempts Yeshasvini Healthcare Scheme membership fees up to ₹1,000 from Goods and Services Tax

The Karnataka Authority for Advance Ruling held that membership fees up to ₹1,000 collected under the Yeshasvini Healthcare Scheme are exempt from Goods and Services Tax. This decision provides clear tax relief for affordable healthcare access programs operating within the state. Scheme administrators and participants can now operate without the burden of indirect taxation on qualifying fees.

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For professionals: Evaluate whether eligible fee structures under welfare-oriented healthcare schemes qualify for non-taxable status. · Review collections under the Yeshasvini Healthcare Scheme to ensure compliance with the Karnataka AAR ruling.

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Karnataka AAR rules that an issue already decided under Section 73 bars an advance ruling application

The Karnataka Authority for Advance Ruling dismissed an application on the grounds that the matter had already been decided under Section 73 of the relevant tax statute. The authority cannot entertain advance ruling requests on questions that are already subject to prior departmental adjudication proceedings. Taxpayers must carefully evaluate their ongoing litigation status before seeking clarifications.

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For professionals: Advise clients that applications for an advance ruling are legally barred if the exact issue has already been decided under Section 73 of the governing tax statute. · Conduct a thorough audit of past notices, demand orders, and finalized assessments before filing applications to ensure matters have not already undergone departmental adjudication. · Direct clients toward regular appellate channels rather than the advance ruling mechanism when tax authorities have already issued notices or finalized assessments.

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Karnataka AAR rules that interest earned on margin trading facilities is exempt from Goods and Services Tax

The Karnataka Authority for Advance Ruling determined that interest charges collected on margin trading facilities are exempt from Goods and Services Tax. This classification provides clarity for financial intermediaries and brokers offering leveraged trading options to investors. Financial service providers must appropriately segregate interest components to claim the applicable exemption.

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Karnataka AAR rules rooftop solar installations qualify as plant and machinery, allowing input tax credit

The Karnataka Authority for Advance Ruling held that a rooftop solar plant qualifies as plant and machinery under tax regulations. As a result, businesses are legally permitted to claim Input Tax Credit on the procurement and installation of such systems. Companies can thus offset the tax paid on green energy investments against their output liabilities.

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Nifty rebounds strongly after US midterm outcomes, aiming at twenty-five thousand resistance zone

Indian equity markets recovered strongly after favorable US midterm election results helped the Nifty index reclaim crucial moving averages. The index now faces a significant resistance zone between 25,000 and 25,200, with broader sector indices displaying mixed momentum.

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Karnataka authority permits input tax credit on joint development agreement services while declining invoice questions

The Karnataka Authority for Advance Ruling has permitted the claim of Goods and Services Tax input tax credit on joint development agreement development services. However, the authority declined to answer a separate query regarding invoicing procedures.

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