The update prohibits most INR derivative contracts with related entities. Only specific transactions such as cancellations and non-related back-to-back trades are permitted.
IFSCA approved the first foreign family office fund under its 2025 regulations. The move strengthens GIFT IFSC’s position as a global destination for private wealth management.
The case examined whether purchases can be disallowed when supported by documents and sales are accepted. ITAT held that estimation without rejecting books or independent evidence is unsustainable.
The new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but compliance requires system updates.
Courts held that bona fide buyers cannot lose ITC due to supplier non-payment. The key takeaway is that liability cannot shift to the recipient without fraud.
Authorities are targeting buyers based on supplier defaults without proper verification. Courts emphasize that bona fide taxpayers should not be punished without proof of wrongdoing.
GST Registration Cancellation Set Aside for Lack of Proper Reasons, Bank Account Attachment Lapses Automatically Under GST Law after one year: Bombay HC
The Court noted that the temple was built and used by local residents for decades. It held that such collective acceptance negates encroachment claims.
Sections 74 and 74A operate on fundamentally different legal principles. The Court noted that their combined invocation raises serious legal concerns. Key takeaway: contradictory provisions cannot be applied together.
The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ensures stricter enforcement.
