The Authority held that contribution of leasehold land and constructed property to an LLP is not a sale of immovable property. It constitutes a supply of service as consideration exists in the form of profit-sharing rights.
The Authority held that processing activities like crushing and sizing do not create a new product with distinct characteristics. Since the mineral remains unchanged, the activity does not qualify as manufacture.
ITAT held that reassessment initiated with approval from the wrong authority is invalid when issued beyond three years. The entire proceedings were quashed. The key takeaway is that proper sanction under Section 151 is mandatory.
The Authority dismissed the Departments appeal, confirming that geomembranes are textile products. The ruling relied on established judicial precedent and the product’s manufacturing process involving weaving.
ITAT held that estimating profit at 8% without considering records was excessive. It reduced the rate to 3% based on business realities. The key takeaway is that estimation must be reasonable and evidence-based.
ITAT rejected condonation of a 963-day delay as the assessee failed to provide supporting evidence for the reasons stated. The Tribunal held that mere claims without proof cannot justify delay.
CBIC updated tariff value tables under the Customs Act while retaining existing rates for key commodities. The ruling ensures continuity in customs valuation for imports like gold, silver, and edible oils.
The DGFT restricted imports of several precious metal items under Chapter 71 with immediate effect. The ruling removes transitional relief, making restrictions applicable despite existing contracts.
The government enforced a tax collection assistance agreement with Japan effective from 8 July 2025. The notification enables cross-border recovery of taxes, strengthening bilateral tax cooperation.
The authority held that accepting a plan from a non-listed applicant violated Regulation 39. The breach led to disciplinary action and suspension for three years
