The notification substitutes tariff value tables under the Customs Act for key commodities. It reaffirms existing tariff values and provides clarity on valuation benchmarks effective 4 February 2026.
The analysis explains how activities of a liaison office can trigger PE exposure despite regulatory approval. Taxability depends on substance, not designation, under treaty principles.
Multiple notifications and circulars issued during the week implemented Budget 2026 measures across direct and indirect taxes. The updates impact compliance, exemptions, refunds, automation, and enforcement.
The Tribunal held that an appeal should not be rejected merely due to long delay when sufficient cause is shown. It ruled that technicalities cannot defeat substantial justice and restored the matter for decision on merits.
The court held that amounts credited due to a clerical RTGS error cannot be retained or recovered as tax dues when they do not belong to the account holder. Recovery provisions were ruled inapplicable, and the bank was directed to refund the money to the remitter.
Income-tax slabs remain unchanged, but timelines for filing and revising returns are extended to ease compliance. The Budget prioritises certainty through simplified processes rather than rate cuts.
The tribunal held that cash deposits were largely explained through earlier withdrawals and business receipts. Only an estimated 10% addition was sustained, and harsh taxation under section 115BBE was ruled out.
Reopenings based on assumptions, conjecture, or generalized allegations were struck down. The ruling reiterates that reasons must show tangible material, application of mind, and a live nexus with escaped income.
The new rules enhance duty-free allowances and introduce digital declarations. The overhaul aims to speed up clearance and improve passenger experience.
The government outlined how GST 2.0 lowers tax burdens and simplifies compliance. The key takeaway is higher consumption, formalisation, and GDP growth.
