The Appellate Authority clarified that refund-related queries are not among the issues specified for advance rulings under the CGST Act. The ruling underscores the limited scope of advance ruling jurisdiction.
The Tribunal upheld disallowance of political donation deductions where the assessee failed to prove genuineness and the transactions were linked to suspected accommodation entries. The ruling reinforces the burden on taxpayers to substantiate claims under section 80GGC with credible evidence.
Draft Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the final notification.
The agreement provides zero-tariff access in the US for key Indian agricultural products while keeping sensitive items and imports that could harm farmers outside its scope. It balances export growth with domestic protection.
Learn how Section 87A rebate works with LTCG u/s 112A under the new tax regime for FY 2025–26. Eligibility, limits, and tax calculation explained simply.
Explains how the new tax regime under Section 115BAC impacts higher-income salaried taxpayers, analysing the 25% slab, loss of deductions, marginal tax effect, and whether salary hikes still lead to real take-home growth.
The Tribunal remanded the case after finding that the addition was made solely on Investigation Wing inputs without proper verification or disclosure of details to the taxpayer.
The ruling clarified that increased expenditure in one year, by itself, does not permit partial disallowance. The Assessing Officer must demonstrate lack of business purpose or genuineness.
The High Court held that quick repayment alone cannot establish a paper transaction when identity, creditworthiness, and genuineness are proved through records.
The Tribunal held that adverse regulatory findings alone cannot justify tax additions when client code modification trades are already recorded in the books and profits are disclosed.
