ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything as there was gross non-application of mind by the Assessing Officer. Accordingly, reopening of assessment u/s. 147 is quashed.
Bombay High Court held that notice issued under section 148 of the Income Tax Act beyond the time period specified under section 149(1) of the Income Tax Act is non-complaint and invalid. Accordingly, order passed thereon is liable to be quashed.
Mumbai ITAT reviews dispute over tax deductibility of claim payout provision for a credit guarantee trust under the Mudra Yojana scheme.
Mumbai ITAT dismisses revenue appeals, ruling tax additions in completed assessments require incriminating material found during the assessee’s search.
High Court quashes GST recovery within days of appeal dismissal, citing violation of recovery procedures and circular on pre-deposit for tribunal appeals.
Notification No. 49/2025 updates Income Tax Rules with extended ITR-U filing time to 48 months. Additional tax rates apply for delayed filings under new amendments effective 19th May 2025.
IFSCA’s new 2025 regulations for Capital Market Intermediaries in GIFT IFSC, detailing changes in categories, officer requirements, net worth, and compliance audits.
India’s Ministry of Commerce amends Schedule-II (Export Policy), ITC (HS) 2022, to align with the Finance Act, 2025. This notification details immediate changes to export codes and notes.
Import policy for gold, silver, and platinum revised under Chapter 71 of ITC (HS) codes in line with Finance Act 2025. New rules apply immediately.
IBBI revises CIRP form submission rules for insolvency professionals, with timelines, electronic filing, penalties, and compliance actions effective June 2025.
