Budget 2026 retains existing income tax slabs but revises TCS, STT, and compliance timelines. The key takeaway is simplified procedures, rationalized penalties, and expanded exemptions across sectors.
The Supreme Court upheld the High Court’s refusal to interfere with condonation of 116 days’ delay and stay of disobedience proceedings, finding no arbitrariness in the exercise of discretion.
The Court upheld condonation of 116 days’ delay in filing revision, holding that internal decision-making in a large organization constituted sufficient cause and warranted limited appellate interference.
Observing that Rule 86A is meant to secure revenue pending adjudication, the Court found the officer’s stance legally unsustainable and mandated time-bound decision-making.
The Tribunal quashed the reassessment as the notice issued beyond three years failed to satisfy mandatory conditions under Section 149(1)(b). It held that absence of proper jurisdictional facts and compliance rendered the reopening invalid.
The High Court set aside the appellate order for questioning transaction genuineness without prior notice, reiterating that authorities cannot go beyond the original show cause notice.
The Court restored GST registration cancelled for six months non-filing of returns, accepting financial hardship as a genuine reason and imposing strict compliance conditions.
Madras HC Dismisses Plea Against GST Registration Cancellation Over Suspicious E-Way Bill, ITC Claims, Dual GST Registration at Same Premises and for Failure to Prove Physical Movement of Goods
The High Court quashed cancellation and revocation rejection orders, holding that the show-cause notice lacked material particulars. It ruled that quasi-judicial powers must be exercised independently and not mechanically.
ITAT Hyderabad partly deleted notional rent additions, granting relief for Covid vacancies, sold properties and lack of ownership, while upholding unsupported self-occupation claims.
