Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT ruled that rectification under Section 154 of the Income Tax Act cannot be applied where factual examination is required for determining taxability of cash deposits. This decision emphasizes the importance of evidence in tax assessments.
The article discusses the high increase in gold import duty as a response to economic pressures and its potential impact on smuggling and the jewelry sector.
The Calcutta High Court has restored GST registration subject to the condition of filing pending returns and payment of dues, underscoring the importance of compliance for business operations.
The ITAT ruled that ad-hoc disallowances of expenses are not sustainable unless documentary defects are identified in the claims. The ₹25.48 lakh addition was deleted due to lack of evidence.
The ITAT has clarified that the revisionary powers under Section 264 of the Income Tax Act cannot be used to increase the tax addition against an assessee, maintaining the benevolent nature of these proceedings.
The ICAI has implemented a new mandatory checklist for Section 44AB(e) during UDIN generation to prevent misuse and ensure compliance with tax audit limits.
ICAI has provided clarifications on filing GSTR-3B, addressing challenges related to ITC reversals and RCM disclosure that can affect compliance and credit eligibility.
A GST credit note is a crucial document issued by a seller to amend the taxable value or tax charged in an original invoice. Understanding its rules and implications is essential for businesses engaged in GST compliance.
CBIC has extended the validity of customs circulars affecting relief measures until June 30, 2026, due to maritime disruptions.
CESTAT ruled that Bluetooth earphones are classified under heading 8518 as audio devices, not data transmission machines.
The article discusses judicial perspectives that denying ITC based solely on upstream NGTP allegations imposes an unfair burden on genuine buyers. The legality of such practices is contested in courts.
The ITAT Mumbai ruled that stamp duty valuation must be considered on the date of allotment in property transactions, clarifying the application of Section 56(2)(x). This decision aims to fortify transaction transparency.