The pact expands goods and services trade across a US$24 trillion market. It is expected to accelerate exports, support jobs, and attract fresh investment.
The Supreme Court has taken up the controversy over delayed employees’ PF/ESI deposits, while the High Court upheld disallowance except where delay was due to a national holiday.
The Assessing Officer disallowed interest expenditure in an ex parte order under section 144. The Tribunal ruled that once evidence shows a clear link between interest paid and interest earned, the deduction must be allowed.
The application was rejected only on limitation without examining merits. The Tribunal ruled that bona fide delay must be condoned and eligibility under section 80G(5) examined afresh.
ITAT Delhi held that Final Assessment Order passed u/s 143(3) r.w.s. 144C(13) passed beyond time limit prescribed under section 153 of the Income Tax Act is barred by limitation. Accordingly, Final Assessment Order is liable to be quashed.
The Revenue relied on ITS data to allege unexplained cash deposits. The Tribunal ruled that where cash books and stock registers are maintained without defects, such additions are unsustainable.
The ITAT held that when reassessment is annulled for jurisdictional defects under the faceless regime, the connected concealment penalty cannot stand.
The government has approved an institution for scientific research under section 35(1)(ii), enabling donors to claim tax deductions. The key takeaway is that the approval is time-bound and subject to strict reporting and certification requirements.
Customs has replaced valuation tables while maintaining current tariff benchmarks. The move ensures consistency in import valuation practices.
The regulator has opened a three-month window allowing funds to extend expired or expiring PPMs. Eligible schemes can secure a six-month extension by meeting conditions and paying 50% of the filing fee.
