Excise amendment notified effective 1 Feb 2026, enforcing revised duty rates and classifications for tobacco and nicotine products.
The assessee failed to file returns for two years preceding the capital increase. The Tribunal held that unexplained capital accretion must be taxed under section 68.
ITAT Surat struck down a 50% turnover-based income estimation, applying Section 44AD to compute actual presumptive profit at 8%. Key takeaway: AO cannot inflate income without legal basis.
New GST rules mandate valuation of specified goods on declared retail sale price, simplifying assessment while tightening compliance from February 2026.
The notification mandates GST valuation based on declared retail sale price for specified pan masala and tobacco products from February 2026.
The notification replaces cess rates with “Nil” across extensive Schedule entries. The key takeaway is the effective withdrawal of Compensation Cess on the listed goods starting 1 February 2026.
The Government has imposed provisional anti-dumping duty on metallurgical coke imports after finding dumping and material injury to domestic producers, with duties varying by country of origin.
The Tribunal held that a bare endorsement like fit case does not amount to valid sanction. Absence of independent application of mind invalidates the entire reassessment.
Concerns were raised that the definition could narrow protected areas and enable unregulated mining. The Court ordered an independent expert review before any enforcement.
A fresh notification substitutes tariff value tables for key imports including palm oil and precious metals. The move standardises valuation benchmarks effective January 2026.
