Madras High Court directs customs department to reconsider suspension order suspending license of Container Freight Station [CFS] due to unblemished track record of the petitioner. Accordingly, writ disposed of.
The responsibility for recovering unpaid tax lies properly and primarily with the tax authorities, who must proceed against the defaulting seller, rather than against the innocent purchasing dealer who has fulfilled all obligations imposed by the Act.
The NSE has introduced a system to automate the disclosure of credit and ESG ratings for listed entities, effective August 2, 2025, in line with SEBI regulations.
ITAT Delhi held that only the estimation profit element has to form subject matter of addition in case of bogus accommodation entries. Accordingly, CIT(A) order directing @2.5% on total bogus accommodation entry upheld.
The Patna High Court ruled that the two-year limitation period for claiming a tax refund, particularly for payments made under the wrong head, starts from the date of tax payment under the correct head, aligning with Section 77 and relevant circulars.
Taxpayers can challenge income tax reassessment notices on jurisdictional grounds, including improper notice formats, non-compliance with case selection criteria, and untimely or unauthorized NAFAC actions.
Understanding the difference between ‘listed company’ (Companies Act) and ‘listed entity’ (SEBI LODR) is crucial for compliance, especially for firms listing only NCDs/NCRPS, impacting governance and disclosure requirements.
CBDT Circular 10/2025 allows reprocessing of income tax returns erroneously marked “Invalid” by CPC, extending the Section 143(1) intimation deadline to March 31, 2026, but refunds require active PAN-Aadhaar linkage.
SEBI’s consultation paper proposes amendments to IPO regulations, including revised anchor investor rules, new reservations for insurance and pension funds, and flexible retail quotas for large IPOs.
CESTAT Mumbai held that demand of anti-dumping duty in terms of notification no. 15/2014-CUS(ABD) cannot be sustained since no evidences established that the goods were either manufactured or supplied from China or were routed through Taiwan after being supplied from China.
