The ITAT ruled that limitation begins when seized material is handed over to the assessing officer of the non-searched person. The key takeaway is that procedural safeguards apply even in search-related cases.
India’s tax laws are adapting to platforms, creators, and cross-border digital services. This piece explains how income-tax provisions, equalisation levy, and GST rules attempt to capture digital value and where complexity still hampers certainty and ease of compliance.
The Tribunal found that lower authorities failed to follow binding coordinate bench decisions on comparability. The case was sent back for re-determination in accordance with law.
After months of tense negotiations, tariffs on Indian goods were cut to 18%. The decision underscores the value of diplomacy over coercion in resolving trade disputes.
The ITAT ruled that accumulated building funds carried forward from previous years are not taxable in the year under scrutiny. The decision reinforces that taxation must align strictly with the year of receipt.
Cyclone disruptions may be excluded if insurance is bought after an event becomes “known.” Purchasing early improves claim eligibility for cancellations and delays.
The CBI has registered a bribery case against three Customs officials accused of taking illegal gratification to release seized goods. The probe also examines missing stock from government godowns.
SEBI has proposed extending standing instruction facilities for SWP and STP to mutual fund units held in demat form. The move aims to improve investor convenience and reduce repetitive transaction-level instructions.
The tribunal held that cash deposits during demonetisation cannot be treated as unexplained income when supported by audited books and stock records. Mere suspicion or surrounding circumstances cannot override accepted accounts.
SEBI’s informal guidance confirms that corporate governance compliance reports must reach the full Board. Delegation to committees alone does not meet statutory disclosure requirements.
