DGFT has laid down detailed procedures for applying and allocating wheat export authorizations under the 25 LMT quota. Applications must be filed online within a specified monthly window and meet eligibility criteria.
The government has notified procedures for export authorization of an additional 5 LMT of wheat flour under HS Code 1101. Applications must be filed online within a fixed window and will be allocated by a Special EFC based on eligibility and export performance.
Draft Income-tax Rules 2026 mandate Form 5 for preliminary expense statements under Section 44 and Form 6 for audit reports under Sections 44 and 51. The rules clarify timelines, formats, and filing authorities to ensure compliance.
Orissa High Court held that post search operation all pending assessments/reassessments doesn’t not automatically get abated as provisions of section 158BA(2) of the Income Tax Act. Matter must specifically fall within Block Assessment Scheme for abatement. However, writ dismissed as power under Article 226 not invoked.
The Tribunal held that the disallowance of share purchase cost under Section 115BBE, arising from alleged bogus LTCG, is interlinked with the quantum issue.
CESTAT Delhi held that statement recorded u/s. 108 of the Customs Act cannot be considered as relevant since procedure contemplated u/s. 138B of the Customs Act not followed. Accordingly, penalties-imposed u/s. 112(a)(i) and 112(a)(ii) cannot be sustained.
The notification substitutes revised tariff value tables for edible oils, precious metals and areca nuts. While tables are formally updated, most tariff values remain unchanged, effective 25 February 2026.
ITAT Bangalore held that revisionary power u/s. 263 of the Income Tax Act is not justifiable since AO took plausible view of treating the interest chargeable u/s 28 of the Act being attributable to the business & allowed the deduction claimed u/s 80P(2)(a)(i) of the Act. Accordingly, appeal is allowed.
ITAT Hyderabad held only ₹1.24 crore accumulation from A.Y. 1994-95 survives for possible Section 11(3) taxation; earlier years’ accumulations were non-existent, and matter restored to CIT(A) for limited verification.
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.
