The issue was whether sale of agricultural land attracts capital gains tax. The Tribunal held that land situated beyond prescribed municipal limits is not a capital asset. The key takeaway is that location plays a decisive role in taxability.
The issue was whether interest on FDRs qualifies for deduction under Section 80P. The Tribunal held that such income earned from cooperative banks is eligible for deduction. The key takeaway is that interest from cooperative institutions can qualify for exemption.
The issue was whether a single satisfaction note can cover multiple assessment years under Section 153C. The Tribunal held that absence of year-wise satisfaction renders the proceedings invalid. The key takeaway is that jurisdiction requires specific satisfaction for each year.
The case involved detention of goods where the taxpayer cited vehicle breakdown as the cause of delay. The court quashed the order for non-consideration of the reply and remanded the matter for fresh adjudication.
The case involved conflicting reasons between the show-cause notice and final order, with no proper consideration of the reply. The court held such inconsistency invalid and restored the registration.
Tax-loss harvesting helps investors offset losses against gains to reduce tax liability. The key takeaway is that strategic timing of loss utilisation can significantly enhance long-term tax savings.
Notice pay recovery is treated as a contractual penalty, not a consideration for service. The key takeaway is that such recoveries do not qualify as ‘supply’ and are not liable to GST.
The notification confirms continuation of RoDTEP with unchanged rates and caps. Exporters benefit from continuity and predictability in incentives.
The DGFT has granted a one-time 30-day extension for diamond re-import timelines under FTP 2023. This move addresses logistical delays caused by geopolitical instability and ensures exporters retain zero-duty benefits. It provides temporary relief to affected shipments within a specified period.
The Government extended the free import policy for Tur to ensure adequate supply in the domestic market. This helps control price volatility and supports food security.
