Excessive tax deductions trigger audits when claims are disproportionate to income, lack documentation, or mismatch AIS data. Taxpayers face scrutiny if claims are inflated.
A summary of the current Indian economy’s landscape, detailing its strengths, including a young workforce, strong service sector, and market growth, alongside weaknesses like low R&D funding, high import dependence on China, and persistent unemployment.
CBIC Circular 251/08/2025 clarifies GST treatment of post-sale discounts, confirming no ITC reversal on financial credit notes and defining when promotional services are taxable.
The Carriage of Goods by Sea Act, 2025 and Bill of Lading Act, 2025 mandate carrier due diligence, set liability limits, and clarify rights of consignees regarding Bills of Lading.
Section 74A of the CGST Act consolidates tax demand provisions from FY 2024-25, changing look-back periods and extending time for taxpayers to settle demands with reduced penalty.
Missing the ITR due date u/s 139(1) mandates the use of the new tax regime, as the option to choose the old regime or file Form 10−IEA is lost.
ITAT Delhi quashed Balaji Metal Tech’s assessment, ruling it void due to mechanical approval, wrong section use (143(3) instead of 153C), and failure to mention DIN in the order.
ITAT Mumbai quashes PCIT’s S. 263 revision against Colgate Palmolive, holding PCIT cannot disregard binding Coordinate Bench order based merely on Supreme Court appeal pendency.
ITAT Delhi quashes search assessments, ruling consolidated S. 153D approval for multiple assessees was mechanical, violating judicial mandate for independent application of mind.
SEBI has shifted AIF co-investments from the CPMS route to new Co-Investment Vehicle (CIV) Schemes under AIF Regulations, simplifying structure and reducing costs for accredited investors.
