IFSCA releases proposed Pension Fund Regulations 2025 for GIFT-IFSC, aiming to create a global forex pension hub for NRIs and PIOs. Regulations offer flexible contributions and health insurance integration.
DGFT Notification restricts Red Sanders export (log/roots from cultivation) to a Restricted Export Authorisation, effective immediately. Export is now subject to state-wise annual quotas, strict S151 sanction rules, and mandatory digital platform tracking for sustainable harvest.
GSTAT upheld DGAP’s findings that residual ITC benefit of ₹3.55 lakh was passed on by contractor to IOCL, closing anti-profiteering proceedings under Section 171.
GST registration is mandatory for businesses exceeding Rs.20/40 Lakhs turnover. Learn about compulsory registration for RCM, e-commerce, and inter-state suppliers, penalties for non-compliance, and ITC benefits.
The Karnataka High Court quashed the entire chain of faceless reassessment proceedings, including Section 148A, Section 147, and penalty orders. The ruling was based on the reason that the notices were issued by the jurisdictional AO outside the mandatory procedure of Section 151A (Faceless Assessment Scheme). The key takeaway is the non-compliance with the statutory mechanism for faceless proceedings invalidates the entire reassessment.
The Karnataka High Court ruled that reassessment under Section 153A is invalid when no incriminating material is found during a search. The Court held that conversion of a firm into a company, fulfilling Section 47(xiii) conditions, is not taxable as a transfer.
Despite a significant delay, the ITAT Pune condoned the delay in filing the appeal, citing a justice-oriented approach and the assessee’s later knowledge of the ₹25 Lakh leave encashment exemption notification. The case was sent back to the CIT(A) for fresh adjudication to apply the enhanced limit and related case law, highlighting the precedence of justice in appeal delays.
Rule 14A simplifies GST registration for low-risk B2B suppliers (tax liability ≤ ₹2.5 lakh/month). Get 3-day auto-approval via Aadhaar authentication; mandatory withdrawal using REG-32 if limit exceeded.
ITAT Chennai held that when sales are accepted and supported by records, entire purchases cannot be treated as bogus merely because suppliers were untraceable. Addition restricted to 12.5% as profit element.
ITAT Mumbai ruled that relief under the first proviso to Section 201(1) is available if Form 26A certifying the deductee’s tax payment is furnished. As the buyer obtained the certificate post-appeal, the case was remanded for verification.
