The Court held that blocking ITC without giving the taxpayer an opportunity to respond violates natural justice. It ruled that Rule 86A powers must follow due process and cannot be exercised arbitrarily.
The Supreme Court held that tax exemptions are concessions and can be withdrawn in public interest, rejecting claims of vested rights. However, it ruled that such withdrawal must be reasonable and provide a one-year notice period to avoid hardship.
Explains the full legal procedure for issuing bonus shares under Section 63 of the Companies Act, 2013. It highlights key approvals, timelines, and filings required to ensure compliance.
Section 247 now permits registered valuers to assist in search and seizure valuations. The key takeaway is expanded opportunities for professionals and improved accuracy in tax assessments.
Explains new income-tax cash limits on expenses, receipts, and loans. Highlights that exceeding thresholds can lead to disallowance and penalties equal to the cash amount.
The Tribunal held that ad hoc disallowance of labour expenses without concrete evidence is unsustainable. It ruled that suspicion alone cannot justify additions when proper documentation exists.
The case highlights that lenders can prefer faster, more reliable payouts over higher bids. It confirms that feasibility and execution certainty outweigh headline value under IBC.
The tribunal held that capital gains from share buyback are not taxable in India under treaty provisions. It clarified that such transactions qualify as corporate reorganisation. The key takeaway is that DTAA benefits override domestic tax provisions when more beneficial.
The new Form 26 replaces multiple audit forms with a single structured framework. It enhances transparency and introduces system-driven verification. The key takeaway is simplified yet stricter tax audit compliance.
A complete guide to E-Way Bill provisions, covering generation rules, validity, and penalties. Learn how non-compliance—even procedural—can trigger serious consequences under GST law.
