Calcutta High Court held that GST Circular issued by Central Board of Indirect Taxes & Customs [CBIC] are binding on all the departmental officers but at the same time circular should not be treated as shield to ward off legal scrutiny and shelve legal action in cases involving undisclosed transaction, and/or dubious invoices and bills.
Madras High Court held that reassessment under section 147 of the Income Tax Act after expiry of four years is sustainable in law since assessee has failed to set out truly and fully all the material facts.
The Institute proposed new guidelines allowing members in practice to advertise, aiming to enhance competitiveness with global firms while maintaining ethical safeguards.
CESTAT Delhi held that since DGFT [Directorate General of Foreign Trade] has issued EODC [Export obligation Discharge Certificate] under EPCG [Export Promotion Capital Goods] hence customs authority cannot initiate proceeding demanding duty/ imposing penalty.
The amended regulations remove rigid lock-ins and expand withdrawal options, giving NPS subscribers greater control over their retirement savings.
The Tribunal held that approval by an incompetent authority under Section 151(ii) invalidates a reassessment issued after three years. The notice and consequential order were declared void for lack of jurisdiction.
This explainer breaks down how Section 80G deductions work and who can claim them. It highlights deduction categories, qualifying limits, and mandatory verification with donee filings.
While gross collections rose modestly, higher corporate tax inflows boosted net direct tax collections. The figures underline the continued strength of corporate tax contributions to overall revenue.
ITAT ruled that deductions under section 80P cannot be disallowed at the CPC stage for returns filed after the due date prior to Finance Act 2021. The matter was remanded for proper verification by the AO.
A six-month special scheme allows employers to enrol left-out employees and regularise EPF non-compliance with minimal penalties.
