The Tribunal clarified that CPC could not make prima facie adjustments denying Section 80P deduction before the Finance Act, 2021 amendment. The disallowance made in 2019 was held invalid and deleted.
With automated notices and strict system validations, even minor GST mismatches can trigger penalties, interest, and blocked returns. Businesses must strengthen ITC reconciliation, filing discipline, and vendor compliance to avoid financial risks.
The AAR held that arbitration awards representing upward price revision under pre-GST contracts are taxable under GST. Compensation not linked to contractual price revision is not taxable.
The High Court set aside the termination of an employee accused of submitting false educational documents, holding that no enquiry or hearing was conducted. The order was found to be stigmatic and punitive, violating principles of natural justice.
The Tribunal clarified that under the pre-amended law, accumulated income could be applied within five years or the immediately following year. Utilization within the sixth year barred taxation in AY 2023-24.
The ruling confirms that transactions with banks involve third parties, defeating the identity required for mutuality. While sustaining taxability, the Tribunal permitted a 5% estimated expense deduction to compute real income.
The new law outlines detailed rules for computing regular, residual, and specified income of registered NPOs. It also prescribes disallowances and a 30% tax on specified income.
The draft directions outline conditions for forward contracts and derivative transactions involving INR. Clear limits and compliance requirements apply to FIIs, NRIs, and Authorised Dealers.
The Tribunal held that commission paid to overseas agents formed part of the true FOB export value and was not properly declared, violating Section 7 of FEMA. However, penalties were substantially reduced after considering the overall facts.
It was ruled that claims arising before insolvency commencement cannot be enforced if not part of the approved Resolution Plan. The penalty imposed by the Enforcement Directorate was quashed.
