India shifts tobacco GST to RSP-based valuation from Feb 2026, raising tax outflows, tightening liquidity, and reshaping supply chain finance.
GST Network has issued an advisory introducing significant system enhancements in GSTR-3B beginning with the January 2026 tax period, primarily impacting interest computation, tax liability reporting, and input tax credit utilization.
The Tribunal confirmed deletion of additions where the AO made no effort to verify consignees, transporters, or stock movement. Proper documentation and bank-received sale proceeds proved transaction genuineness.
ITAT Ahmedabad held that addition made on the basis of third-party WhatsApp chat without any incriminating material is unsustainable in law. Accordingly, order of CIT(A) upheld and appeal of revenue is dismissed.
The Tribunal examined whether lease rent and allied charges from an IT Park were business income or property income. It held that systematic commercial operation with integrated services warrants business income treatment.
The issue was whether section 68 could be invoked for alleged on-money payments absent direct evidence. The Tribunal ruled that in the absence of corroborative material, the addition must be deleted.
The issue was whether the full value of alleged bogus purchases could be added to income. The Tribunal upheld that only the profit element embedded in such purchases is taxable, not the entire purchase value.
The High Court held that firing at accused persons during encounters without following mandatory procedures is impermissible. Non-compliance with FIR registration and independent investigation norms was strongly criticised.
The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order rejecting condonation was set aside to prevent disproportionate hardship.
The government has granted time-bound approval under section 35(1)(ii) enabling eligible donations to scientific research to qualify for tax benefits. The key takeaway is that deductions are available only with strict compliance on reporting and certification.
