Rule 15 of the Draft Income-tax Rules, 2026 lays down detailed methods for valuing accommodation, cars, loans, ESOPs, and other benefits, ensuring uniform and transparent taxation of employee perquisites.
The Tribunal held that once the NCLT accepts a Resolution Plan and orders liquidation, the Revenue’s pending service tax appeal cannot survive and stands abated.
The Court quashed the TPO’s order after finding that copies of agreements relied upon were not supplied, holding that denial of such documents violated the taxpayer’s right to defend.
The Court directed refund of recovered GST demand, holding that recovery should not continue once appeal intention was intimated under Circular No. 224/18/2024-GST, subject to retention of statutory pre-deposit.
Rules 13 and 14 prescribe transaction and user thresholds for significant economic presence of non-residents and limit expenditure disallowance related to exempt income to 1% of average investments, capped at total claimed expenditure.
The Tribunal held that transfer took place in 2000 upon execution of a registered development agreement and receipt of full consideration, not in 2008 when the sale deed was executed.
Rule 12 introduces a formula-based method to compute income attributable to Indian assets in indirect offshore share transfers and mandates accountant-certified reporting to ensure accurate tax apportionment.
The Court quashed assessment and appellate orders for denying exemption on technical grounds. It emphasised that appellate proceedings are a continuation of assessment and must rectify errors.
The Tribunal held that scholarship granted in Indian Rupees to an Indian student for study abroad is not expenditure outside India and restored the 12AB registration application.
The Tribunal held that notice under Section 143(2) issued by an ITO without jurisdiction under CBDT Instruction No. 1/2011 was invalid. The assessment was declared void ab initio, making the Revenue’s appeal infructuous.
