A slight increase in post-GST ITC was held to amount to profiteering when not passed on. The tribunal directed refund of the quantified benefit with interest to eligible buyers.
The trade authority has opened a fresh competitive bidding round for gold imports under India–UAE CEPA for FY 2025-26. The move enables utilisation of the remaining quota through an e-auction process with revised eligibility norms.
The Court held that a final GST adjudication order passed within three months of the show cause notice violates Section 73 of the CGST Act. Orders issued without granting the statutory minimum response period were declared unsustainable.
CESTAT held that local transportation of goods, even with incidental loading, cannot be taxed as cargo handling when contracts are divisible. The service tax demand and penalty were therefore set aside.
The ruling clarifies that capital reduction involving foreign shareholders is treated as a transfer. FEMA compliance and tax implications must therefore be carefully followed.
ITAT held that share capital additions cannot rest on an inspector’s report not shared with the assessee. Matter remanded for fresh examination in line with natural justice.
ITAT held that Section 68 cannot be invoked where donors are identified with names, PAN, ITRs, and confirmations. Such donations cannot be treated as unexplained cash credits or anonymous income.
Explains how non-obstante clauses give priority to special tax provisions over general rules. Clarifies that the override applies only to the extent of actual conflict.
Section 194T introduces a flat 10% TDS on partner remuneration and interest, sharply reducing monthly liquidity for small firms. The key takeaway is that blocked refunds and borrowing costs may outweigh any compliance benefit.
The Tribunal ruled that additions based only on presumptions and low income of subscribers are invalid. Proper documentary evidence outweighs non-appearance under summons.
