AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has clarified that revisionary powers under Section 264 of the Income Tax Act cannot enhance tax liabilities or worsen the assessee’s position during revisionary proceedings.
The ITAT Delhi ruled that penny stock loss cannot be deemed bogus based merely on an Investigation Wing report, absent independent verification of the transactions. This ruling underscores the necessity for thorough investigation in tax assessments.
The government modified concessional customs rates under the India-UAE CEPA, effective May 13, 2026.
CBIC has implemented system-based identification and fast-track clearance for hazardous import cargo starting July 1, 2026.
CESTAT Hyderabad ruled that foreign markings on seized gold alone cannot substantiate smuggling allegations without further evidence.
CESTAT Ahmedabad ruled that a partner of a penalized firm cannot face separate penalties for the same violation under customs law.
The CBIC has revised customs tariff values for gold, silver, and edible oils, effective from May 16, 2026.
CESTAT ruled that mandarin juice concentrate is classified as 'juice of any other single citrus fruit,' upheld duty demand while quashing penalties.
The Bombay High Court held that tax deposits made during ongoing GST raids do not automatically qualify as voluntary. Authorities are afforded opportunities for remedial action if refunds are warranted.
The ITAT upheld the disallowance of loan processing fees for loans not securing property for generating rental income, reiterating limitations on Section 24(b) deductions. This ruling clarifies acceptable expenses under the section.
The CESTAT ruled to reduce the penalty for fraudulently obtaining EODC to fulfill export obligations, applying the principle of proportional liability.
The CESTAT Ahmedabad ruled that imposing a separate penalty on a partner after penalizing the partnership firm is not permissible in Customs law due to lack of specific statutory provision.
The CBIC has revised customs tariff values for gold, silver, and edible oils effective May 16, 2026. Importers need to adjust to these changes for proper compliance in customs valuation.