This update captures sweeping reforms across direct tax, GST, excise, customs, and export policy. The key takeaway is a decisive policy push on tobacco taxation, trade facilitation, and compliance digitisation.
The Assessing Officer treated full bank deposits as unexplained income under section 69A. The Tribunal ruled that agricultural turnover cannot be taxed entirely and allowed only an estimated 10% addition.
Gattula Lakshmi Madhavi Vs ACIT (ITAT Visakhapatnam) Central Circle Cannot Assume Reassessment Powers — Section 148 Notice Issued Outside Faceless Regime Held Void The Visakhapatnam Bench of the ITAT quashed the reassessment framed under Section 147 and consequential penalties under Sections 270A and 271AAC in the case of Gattula Lakshmi Madhavi v. ACIT, holding that […]
The framework clarifies that drugs recalled after export cannot enter the Indian market and must either be re-exported or destroyed after regulatory testing.
The issue centered on employees’ PF contributions and statutory due dates post-Checkmate ruling. The ITAT held that detailed verification was still required, warranting remand.
The FAQs mandate separate natural persons for key compliance roles and bar delegation to parent entities. This strengthens accountability within IFSC-based regulated entities.
The issue was whether a notice dated 31-03-2021 but digitally signed on 01-04-2021 was valid. The ITAT held the notice was issued under the new regime without following section 148A, rendering reassessment void.
The AO added ₹1 crore based on alleged cash receipts from third-party material. The Tribunal held the reopening itself was invalid, so the addition could not survive.
The central bank has released draft Directions revising dividend and profit remittance rules. The key takeaway is a proposed new methodology for calculating eligible dividend payouts.
The issue was whether property attachment under PMLA survives after discharge of some accused. The Tribunal held that as long as the scheduled offence continues against a principal accused, attachment of properties cannot be lifted.
