Excise exemption notifications based on use or intended use should be interpreted liberally in favour of the assessee as once the goods were used for the intended purposethe fact that a portion was incidentally used for other activities did not disentitle assessee from claiming the exemption.
The issue arose from taxing buybacks as dividends, causing higher tax burden and unusable capital losses. The reform restores capital gains taxation, easing compliance and aligning with asset transfer principles.
The case addressed misuse of a public figure’s identity through AI-generated content and merchandise. The Court granted an injunction, holding such exploitation violates personality rights and causes reputational harm.
Explains Section 44AD applicability for non-specified professions, eligibility, limits, and tax audit rules under Sections 44AB and 44AA.
Section 63 of Income Tax Act 2025 sets audit limits, forms, due dates, and penalties for non-compliance in business and profession cases.
Allahabad HC held no offence arises if a married man lives with an adult woman in a consensual live-in relationship; grants protection to couple.
From April 2026, 8 cities qualify for 50% HRA exemption. New rules impact calculations, compliance, and disclosures for salaried taxpayers.
ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Section 56 exemption.
The issue involved ambiguity in calculating late submission fees for ECB returns. The RBI clarified separate treatment of returns and introduced clearer computation rules. The key takeaway is stricter and more transparent penalty calculation.
The issue involved the existing compliance timeline under sea cargo regulations. CBIC amended the rules to extend the deadline to 30 June 2026. The key takeaway is that stakeholders get additional time to meet regulatory requirements.
