Rajasthan High Court set aside a customs demand notice, ruling that 14-year delay in adjudication was unreasonable and violated principles of natural justice, citing precedents on need for timely quasi-judicial proceedings.
The Income Tax Appellate Tribunal in Agra has deleted a tax addition against Ankur Rice Industries Pvt. Ltd., ruling that salary payable is a genuine business liability.
The Gujarat High Court ruled that Yusuf Pathan encroached on public land, stating that as a public figure, he has a greater responsibility to follow the law.
The GST Council has approved a new GST rate structure with two main slabs (5% and 18%) and new exemptions, effective September 22.
Directors and the company were fined for continued default in maintaining a registered office, highlighting the consequences of ignoring Section 12 requirements under the Companies Act, 2013.
SEBI has updated its Custodian Regulations, increasing the minimum net worth to Rs. 75 crore. The amendment also outlines new responsibilities for custodians and allows them to provide other financial services.
Govt allows manufacturers to use existing stock and packaging without re-labelling until 31 Mar 2026; revised GST prices to be communicated to retailers.
The ITAT Ahmedabad ruled that the amendment to Section 11(3)(c) by the Finance Act 2022, which reduced the accumulation period for trusts, is prospective. The court granted relief to Sarangpur Talia’s Pole Punch Trust, confirming its right to a six-year window for pre-amendment accumulations.
The ITAT Ahmedabad bench has set aside an order by the CIT(E) that denied 80G approval to a charitable trust, ruling that the matter requires fresh examination.
The ITAT Mumbai ruled in the case of Motilal Oswal Financial Services that while the AO had validly recorded satisfaction for invoking Rule 8D, the disallowance under Section 14A cannot exceed the actual exempt income, setting a crucial precedent for income tax assessments.
