The Centre has released all provisional GST compensation for FY 2017-22, with Arunachal Pradesh and Manipur awaiting AG-certified final figures. Timely payment ensures states receive full compensation once reconciliation is completed
The applicant requested withdrawal of an advance ruling on Red Seaweed Calcium classification before issuance, and CAAR approved the withdrawal under Regulation 20.
New Legal Metrology amendments require all pan masala packs, including small 10-gram packs, to show Retail Sale Price, ensuring transparency and consumer protection.
The ITAT held that a penalty under section 271(1)(c) cannot survive once the underlying quantum addition is deleted by a binding ITAT order. The Revenue’s appeal was dismissed as no stay or direction from the High Court could revive the deleted quantum.
ITAT rules that reliance on remand report from a different year is invalid, restoring matter to Assessing Officer for AY 2012-13.
The Court held that Section 270A cannot be invoked when assessed income matches the returned income, and an excessive FTC claim alone does not constitute under-reporting. Key takeaway: Penalty requires statutory pre-conditions to be satisfied, not mere disagreement on a claim.
ITAT Hyderabad held that notices issued under Sections 148 and 148A by a Jurisdictional Assessing Officer were invalid, stressing only FAOs can issue such notices under the faceless assessment scheme.
Discover common mistakes in GSTR-9 and GSTR-9C filings and learn strategies to prevent scrutiny, penalties, and disputes with thorough reconciliations and documentation.
The RBI grants SRO status to FIDC, enabling NBFCs to be supervised through a co-regulatory framework, improving compliance, transparency, and sectoral stability.
The MCA now mandates e-Adjudication for corporate penalties, streamlining notices, filings, and orders. This reform accelerates compliance, enhances transparency, and reduces litigation delays.
