Kerala High Court held that importer mis-declared semi-dried dates imported by them as fresh dates hence IGST exemption wrongly claimed. Further, importer approached to amend bill of entry only after initiation of proceedings under section 28, accordingly, amendment is not permissible.
The new law broadens the definition of Virtual Digital Assets to include NFTs, tokenized assets, and future digital innovations. While tax rates remain unchanged at 30%, the scope of coverage is significantly widened.
The case involved alleged bogus job-work transactions linked to a third party. The Tribunal found the receipts were genuine business income duly audited and taxed, leading to deletion of additions.
Finance Ministry notifies DGGI ADG as nodal officer under IT Rules and designates Afcom Holdings as Indian carrier under Central Sales Tax Act.
The Tribunal ruled that Section 263 cannot be invoked merely because the Commissioner holds a different opinion. Once adequate inquiry is conducted and a reasonable view is taken, revision is unsustainable.
The Registrar penalized the officer in default for failing to appoint the required number of independent directors within the prescribed timeline. The default continued until proper appointments were made.
CBDT placed Draft Income Tax Rules and Forms 2026 in the public domain ahead of the new Act’s implementation. Stakeholders are invited to suggest simplification and compliance reforms.
ITAT held that entire purchases cannot be disallowed when sales and stock are accepted. The addition was rightly restricted to 25% to cover possible inflation.
The order held that signing financial statements during disqualification violated Section 134(1). The key takeaway is that such non-compliance attracts penalty under Section 134(8), even for small companies.
Once the Tribunal ruled that foreign salary was not taxable in India, consequential additions for alleged unexplained investments and deposits were also deleted. The appeal was allowed in full.
