The Tribunal ruled that denial of Section 54F relief without proper verification was premature. The Assessing Officer must re-examine ownership and payment evidence before deciding the claim.
Authorities held that failure to display a complete registered office address violated Section 12(3)(a) of the Companies Act. The case reinforces that even procedural lapses can attract the maximum statutory penalty if left unrectified.
The Tribunal held that a loan repaid through banking channels cannot be treated as unexplained when identity and creditworthiness are shown. Allegations based on untested statements were rejected.
This summary captures major notifications and court rulings issued during the week. The key takeaway is heightened regulatory clarity across taxation, markets, and foreign exchange.
The ruling held that food and beverage services used in providing taxable event management services qualify for ITC. It confirmed that such supplies form part of a composite supply, bringing them within the exception to the ITC blockage.
The dispute centered on whether commission recipients actually rendered services. The tribunal ruled that in absence of summons, rejection of books, or contrary evidence, the expense could not be disallowed.
The authority ruled that a CKD e-rickshaw qualifies as a finished vehicle if it includes the motor and at least three other essential components. In such cases, the concessional 5% GST rate applies.
Interest received under Section 28 of the Land Acquisition Act was held outside the scope of Section 10(37). The Tribunal clarified that only compensation qualifies for exemption, not interest.
Used machinery imports offer major cost savings but face strict regulatory checks. The key takeaway is that legal classification, certification, and valuation planning are essential to avoid delays.
The new framework treats oilfield equipment leases as regulated financial instruments. The key takeaway is that energy assets can now be owned and financed through GIFT IFSC.
