13 Essential Accounting, Tax and Corporate Secretarial Stories for CFOs
Today's print media monitoring reveals 13 essential stories shaping accounting, tax, and corporate secretarial. This press review delivers news on accounting, tax and corporate secretarial developments from Indian publications, offering media intelligence for finance leaders.
1. Punjab HC Strikes Down Section 147A Income Tax Amendment
A front-page report in Economic Times says the Punjab and Haryana High Court struck down Section 147A of the Income Tax Act as unconstitutional, revoking the government's justification for reopening old tax returns. The ruling affects over 2 lakh taxpayers and challenges the validity of retrospective amendments that allowed conventional reassessment notices to remain valid after the faceless system became mandatory in 2022.
Why it matters: The ruling affects over 2 lakh taxpayers and challenges the validity of retrospective amendments that allowed conventional reassessment notices to remain valid after the faceless system became mandatory in 2022.
Key detail: Section 147A, inserted through the Finance Act 2026, has been ruled ultra vires by the Punjab and Haryana High Court. The Supreme Court had earlier set aside HC rulings for fresh consideration, requesting decisions by September 30, 2026.
Source: Economic Times, Delhi
Next step: Watch for the government's response and potential appeal to the Supreme Court.
6. Delhi High Court Mandates Biometric Aadhaar for GST Registration
A front-page report in Tribune says the Delhi High Court has directed authorities across the country not to grant any fresh GST registration without biometric-based Aadhaar authentication. A Division Bench of Justices Anil Kshetarpal and Shail Jain passed the interim direction after finding that biometric authentication had not been implemented universally and was being carried out only in cases identified as risky, despite government assurances in Parliament. The court took note of thousands of fraudulent GST registrations secured through stolen or frozen PAN and Aadhaar details and tax evasion running into thousands of crores.
Why it matters: The directive halts fraudulent registrations and strengthens tax compliance across the nation, affecting how GST authorities process new applications.
Key detail: 1,654 fraudulent GST registrations and tax evasion of Rs 13,109 crore were detected in FY25. The Division Bench of Justices Anil Kshetarpal and Shail Jain found that biometric authentication had not been implemented universally.
Source: Tribune, Delhi
Next step: Authorities must implement biometric authentication universally in the next compliance cycle.
11. Coforge Chairman Om Prakash Bhatt Resigns
A front-page report in Mint says Coforge shares fell five percent following the sudden resignation of chairman Om Prakash Bhatt amid board evaluation discrepancies and non disclosure issues. Non executive independent director Vivek Sharma has been appointed interim chairman until January twenty twenty seven, while major shareholder Advent International had previously voted against his reappointment. Despite leadership changes, Coforge maintains its ambitious growth trajectory with a record executable order book of two point two three billion US dollars and strong first quarter results.
Why it matters: Leadership change at a major IT services firm signals board-level governance shifts that investors and corporate governance watchers are tracking closely.
Key detail: Coforge shares fell 5 percent following the resignation. Non-executive independent director Vivek Sharma has been appointed interim chairman until January 2027. The company maintains a record executable order book of $2.23 billion.
Source: Mint, Delhi
Next step: Monitor Coforge's Q3 performance under new interim leadership and the outcome of the board evaluation process.
22. EPFO Identifies Rs 66 Lakh in Unreconciled Contributions
A front-page report in Morning Standard says the Delhi High Court has directed authorities to make biometric-based Aadhaar authentication mandatory for GST registration across India. The interim order was passed on September 8 on a petition filed by Neha, who claimed fraudulent GST registrations were obtained using stolen or frozen PAN and Aadhaar details of unsuspecting citizens to swindle money.
Why it matters: Unreconciled EPF funds across 607 challans dating before 2012 raise concerns about labour welfare disbursement and financial compliance.
Key detail: 66 lakh rupees remain trapped in a dummy account due to mismatched or incomplete payment details. Employers and stakeholders are urged to contact the Karnal regional office immediately.
Source: Tribune, Delhi
Next step: Employers must submit challan details and proof of payment to complete the reconciliation process.
12. GST Exemption Plea for Ride-Hailing Platforms
A front-page report in Economic Times says the app-based mobility industry has urged the government to exempt ride-hailing platforms from the five percent goods and services tax, arguing the levy unfairly burdens platforms that do not collect fares directly. The Internet and Mobile Association of India submitted a representation to the Goods and Services Tax Council stating that drivers collect fares while apps simply connect passengers, yet platforms must account for the tax under Section 9(5) of the CGST Act. The association highlighted conflicting rulings by state tax authorities, creating prolonged uncertainty for the sector.
Why it matters: The app-based mobility sector argues the 5 percent GST unfairly burdens platforms that merely connect passengers, creating prolonged uncertainty for the industry.
Key detail: The Internet and Mobile Association of India submitted a representation to the GST Council stating that drivers collect fares while apps simply connect passengers, yet platforms must account for the tax under Section 9(5) of the CGST Act.
Source: Economic Times, Delhi
Next step: The GST Council will consider the representation amid conflicting state-level tax authority rulings.
18. HECTOR REALTY CIRP Invites Creditor Claims
A front-page report in Hindustan Times says the National Company Law Appellate Tribunal has restored the Corporate Insolvency Resolution Process for HECTOR REALTY VENTURES PRIVATE LIMITED, inviting creditor claims with a deadline of 25 September 2026. The Resolution Professional, Mister Jagdish Kumar, will process the claims from financial and other creditors. In a separate notice, Haryana State Technical Education Society in Panchkula has invited sealed quotations from Chartered Accountant firms for maintaining its accounts.
Why it matters: The restoration of insolvency proceedings signals renewed creditor engagement and has implications for the real estate and insolvency resolution ecosystem.
Key detail: The National Company Law Appellate Tribunal restored the Corporate Insolvency Resolution Process. Creditor claims deadline is 25 September 2026. Resolution Professional Jagdish Kumar will process the claims.
Source: Hindustan Times, Delhi
Next step: Creditors should prepare and submit claims before the September 25 deadline.
17. GST Inspector Arrested for Sexual Harassment in Chennai
A front-page report in New Indian Express says a twenty-eight-year-old GST inspector has been arrested after a female colleague alleged he sexually harassed her at their Chennai workplace. The complainant approached the Thirumangalam all-women police station following several days of alleged obscene comments and inappropriate conduct. Authorities have registered a case under the Bharatiya Nyaya Sanhita, Tamil Nadu Prohibition of Women Harassment Act, and the Information Technology Act, leading to his detention.
Why it matters: The arrest highlights workplace integrity concerns within tax administration and underscores the need for robust internal accountability mechanisms.
Key detail: A 28-year-old GST inspector was arrested after a female colleague alleged sexual harassment. The case was registered under the Bharatiya Nyaya Sanhita, Tamil Nadu Prohibition of Women Harassment Act, and the Information Technology Act.
Source: New Indian Express, Chennai
Next step: Authorities must ensure safe workplaces for all government officials and expedite the judicial process.
14. States Skirt Borrowing Limits Using SPVs
A front-page report in Mint says cash-strapped Indian states including Kerala and Maharashtra are increasingly turning to state-owned corporations and special purpose vehicles to raise off-budget debt, bypassing constitutional borrowing limits under Article 293. Audits by the Comptroller and Auditor General warn that this practice masks the true level of public leverage, while ratings firm Crisil notes heavy borrowing continues from entities like the Kerala Infrastructure Investment Fund Board. The Supreme Court has referred a dispute over whether these liabilities should count towards official borrowing ceilings to a five-judge constitution bench, raising concerns over fiscal transparency and debt sustainability across the country.
Why it matters: Off-budget debt through special purpose vehicles masks the true level of public leverage, raising concerns over fiscal transparency and debt sustainability.
Key detail: Cash-strapped states including Kerala and Maharashtra are increasingly turning to SPVs. The Supreme Court has referred the dispute over whether these liabilities should count towards official borrowing ceilings to a five-judge constitution bench.
Source: Mint, Delhi
Next step: Fiscal transparency reforms are needed to address debt sustainability concerns across the country.
15. I-T Duo Held in Extortion Racket in Mumbai
A front-page report in Free Press Journal says the Delhi High Court has ordered all Goods and Services Tax authorities across the nation to mandate biometric Aadhaar authentication alongside PAN verification before issuing new registrations. Justices Anil Kshetarpal and Shail Jain passed this directive on 8 September to halt rampant identity fraud, with arguments resuming on 22 September.
Why it matters: Fake raids by income tax officials undermine public trust in tax enforcement and highlight vulnerabilities in the system.
Key detail: Two Income Tax officials were arrested for an alleged fake raid in Mumbai seeking a crore rupee settlement. Police are searching for another official suspected of masterminding multiple fake raids, with 10 accused now in custody.
Source: Free Press Journal, Mumbai
Next step: An internal probe is needed to identify and prevent such abuse of power.
19. ARCIL's Five Revenue Streams Detailed
A front-page report in Business Line says ARCIL earns revenue through five streams, including management and recovery fees, securitisation receipt redemptions, unrealised gains or losses from mark-to-market, write-off recoveries, and interest income. In FY26, management fees accounted for 37.2 percent of revenue, while SR redemptions, mark-to-market adjustments, write-off recoveries, and interest income contributed 25.4 percent, 25.9 percent, 8.8 percent, and 2.7 percent respectively.
Why it matters: Understanding ARCIL's diversified income model provides insight into India's asset management and financial services sector.
Key detail: Management fees accounted for 37.2 percent of revenue in FY26, while securitisation receipt redemptions contributed 25.4 percent, mark-to-market adjustments 25.9 percent, write-off recoveries 8.8 percent, and interest income 2.7 percent.
Source: Business Line, Delhi
Next step: Investors should monitor fee structure changes in the securitisation and mark-to-market segments.
21. India GDP Growth Sparks Statistical Debate
A front-page report in Statesman says an upcoming sovereign rating upgrade has ignited domestic debate over India’s reported 7.8 per cent real gross domestic product growth following a statistical base revision. The author counters claims of statistical illusion by demonstrating that consistent methodology yields growth between 7 and 8 per cent, defending the updated national accounting standards as more accurate and transparent. While acknowledging sector-specific weaknesses in agriculture and mining, the piece concludes that sustaining private investment remains the critical factor for long-term economic stability.
Why it matters: The sovereign rating upgrade debate hinges on the credibility of India's GDP figures and the methodology used in national accounting.
Key detail: India's reported 7.8 percent real GDP growth follows a statistical base revision. Consistent methodology yields growth between 7 and 8 percent, defending the updated national accounting standards as more accurate and transparent.
Source: Statesman, Delhi
Next step: Sustaining private investment remains the critical factor for long-term economic stability.
24. Jaipur CA Escapes Abduction Bid
A front-page report in First India says that a chartered accountant allegedly abducted by two unidentified men escaped after his luxury car crashed into a roadside ditch on Delhi Road on Thursday. Police identified the victim as Rajiv Gupta, who was returning from a morning walk at Central Park when the men entered his car and drove away. The victim managed to open the door of the moving car and struggle to escape, causing the accused to panic and flee, while police recovered the car and found a toy pistol and knife inside.
Why it matters: The incident raises security concerns for professionals in high-value financial services and highlights the need for enhanced personal safety protocols.
Key detail: Chartered accountant Rajiv Gupta escaped after his luxury car crashed into a roadside ditch on Delhi Road. Police recovered the car with a toy pistol and knife inside.
Source: First India, Jaipur
Next step: Enhanced security protocols are recommended for CA professionals in Rajasthan.
25. Assistant Commissioner Arrested for 2.75 Lakh Bribe in Chennai
A front-page report in New Indian Express says that assistant commissioner Jamuna was arrested in Chennai on Wednesday for accepting a bribe of 2.75 lakh rupees from contractor R Sivakumar in Tambaram. The DVAC registered a case and caught Jamuna while accepting the bribe.
Why it matters: Corruption within tax administration undermines the integrity of the entire system and erodes public confidence.
Key detail: Assistant Commissioner Jamuna was arrested in Chennai for accepting a bribe of 2.75 lakh rupees from contractor R Sivakumar in Tambaram. The DVAC registered a case and caught Jamuna while accepting the bribe.
Source: New Indian Express, Chennai
Next step: The DVAC investigation must be expedited to restore public confidence in tax administration.
Which of these stories will reshape your compliance strategy in the quarter ahead? Press Monitor continues to track Indian publications for the latest developments in accounting, tax, and corporate secretarial.