CBDT issues Income-tax (18th Amendment) Rules, 2025, substituting Form ITR-7. New form effective from April 1, 2025, under section 139 of Income-tax Act.
Mumbai ITAT rules income addition for bogus purchases limited to 5% estimated profit, citing Bombay High Court precedent. Assessee gets partial relief.
ITAT Mumbai partly allows Manish P. Lathia’ s appeal, reducing bogus purchase addition to 5% based on industry precedents. AO directed for verification.
IRDAI circular on corporate agency rules for amalgamated RRBs. Covers COR surrender, agreement harmonisation, SP transfer, and commission eligibility post-merger.
Writ application challenges unlawful GST recovery despite timely return filing. Court questions tax authorities’ actions and appellate order.
Instruction 09/2025-Customs allows 162 trucks with perishable agricultural goods from Afghanistan to enter India via ICP Attari.
SEBI proposes changes to listing norms for high-value debt entities, including new reporting formats and detailed requirements for disclosing related party transactions. Comments due May 30, 2025.
India’s GST Appellate Tribunal (Procedure) Rules, 2025, effective April 24, introduce digital filing and a framework for resolving pending GST appeals, aiming for efficient dispute resolution.
AAAR Tamil Nadu rules value of silver supplied free by recipient must be added to taxable value of batteries manufactured by High Energy Batteries for GST
Tamil Nadu AAR rules housekeeping, cleaning services to IIITDM Kancheepuram are not GST exempt, clarifies ‘Governmental Authority’ definition.
