MeitY amended IT Rules, 2021, strengthening Rule 3(1)(d) to mandate senior-level authorization, reasoned content removal intimation, and monthly review for intermediaries.
SEBI consults on amending LODR regulations to align the transfer of unclaimed non-convertible securities interest/redemption amounts to IEPF/IPEF with the Companies Act. The proposal ensures a single transfer after 7 years from debenture maturity, facilitating Ease of Doing Business.
ITAT Delhi held that sales made to Jyoti Products were genuine, supported by ledgers and invoices. The 25% disallowance by the AO under Section 37 was deleted, as Section 37 applies only to business expenditure, not sales transactions.
Karnataka HC rules 10 crore collected during a GST search was non-voluntary and illegal. HC ordered department to refund amount with 6% annual interest to taxpayer.
IBBI removes ‘sale as a going concern’ from the IBC liquidation framework. The change aims to end prolonged insolvency, boost creditor recovery, and enforce clear, efficient closure.
The Tamil Nadu Authority for Advance Ruling (AAR) re-examined the classification of Tapioca Flour (Thippi) sought by V.S. Trading Company. The AAR ruled that the product is a residue of starch manufacture (HSN 2303 1000) and is taxable at 5%, rejecting the applicants claim for Nil rate under HSN 1106.
AAR ruled that men’s pyjama sets consisting of a woven cotton shirt and pant fall under HSN 620721. For packs of 2 sets costing less than Rs.1,000 per piece, GST applies at 5% (CGST 2.5% + SGST 2.5%) as per Notification No.01/2017.
The West Bengal Authority for Advance Ruling (AAR) clarifies that Cotton Seed De-oiled Cake (HSN 2306) is fully exempt from GST effective from September 22, 2017, irrespective of its end-use as animal or aquatic feed. The ruling resolves supplier inconsistency and nullifies questions regarding Input Tax Credit (ITC).
The West Bengal Authority for Advance Ruling (AAR) held that construction services for a Service Apartment project must be classified as Commercial Apartment under GST, attracting the 12% rate, due to land-use restrictions and the nature of the apartments, despite the RERA registering it as a Residential Project.
Notification implements the India-Qatar Double Taxation Avoidance Agreement (DTAA) and Protocol, effective from the next fiscal year, outlining rules for income tax, business profits, dividends, and interest to prevent fiscal evasion.
