The Tribunal held that allegations of profiteering were not substantiated after detailed verification of records and returns. It concluded that GST liabilities were duly discharged and the complaint was liable to be dropped.
The consultation paper suggests consolidating trading norms across stock and commodity derivatives exchanges to simplify regulations and reduce compliance burdens.
A long-absconding accused in a ₹58 lakh customs duty drawback fraud was finally arrested. The case highlights sustained investigation and identity-tracing efforts by the agency.
The High Court held that a bank cannot unilaterally reduce the interest rate agreed in a fixed deposit during its tenure. Depositors cannot be penalised for internal errors of the bank.
The Tribunal ruled that professional consultancy services rendered by a UAE resident are protected under Article 14 of the India–UAE DTAA. In absence of a fixed base or sufficient stay in India, exclusive taxing rights rest with the UAE.
The Supreme Court dismissed the Revenue’s appeal due to unexplained delay. This left intact the High Court ruling quashing reassessment based on a rejected share valuation.
The judgment reiterates that valuation must comply with statutory rules and cannot hinge on a single third-party transaction. Reassessment contrary to this principle was quashed.
The Tribunal ruled that non-filing of Form 10B is a curable defect and cannot justify denial of exemption during processing. Section 143(1) cannot be used to decide debatable exemption issues.
The proposal highlights inequities under individual taxation for single-earner families. Joint filing could align tax liability with household income capacity.
The new legislation restructures and simplifies income-tax provisions without altering tax rates. It aims to improve ease of compliance and legal clarity.
