Supreme Court in ACIT vs Marico Ltd held that reassessment under Section 148 is invalid where the Assessing Officer had already examined the issue in original assessment proceedings, reaffirming that reopening on a mere change of opinion is without jurisdiction.
The case examines whether additional ITC benefit post-GST was passed to buyers. The Tribunal held that failure to reduce prices amounted to profiteering, requiring refund with interest.
The framework clarifies GST on rental income and management fees but leaves gaps in other areas. The key takeaway is ongoing uncertainty around property transfers and ITC reversal.
The amendment merges 11 forms into two streamlined frameworks to reduce compliance burden. The key takeaway is faster, simpler company processes with fewer filings.
The authority clarified AMC alignment between Tier I and Tier II accounts to ensure uniformity. It also exempted low-balance accounts and simplified charge applicability.
SEBI introduced PaRRVA to ensure verified reporting of risk and return metrics by regulated entities. The framework restricts unverified performance claims and strengthens investor protection.
The Tribunal held that service tax cannot be demanded again under RCM if already paid by the service provider. However, the benefit applies only when full payment is conclusively proven.
Courts ruled that denying ITC due to supplier non-payment is unjust when buyers act in good faith. The key takeaway is that bona fide purchasers must be protected from impossible compliance burdens.
The High Court did not decide the constitutional challenge but directed authorities to reconsider the taxpayer’s objections and documents. The key takeaway is that ITC disputes must be adjudicated after proper evaluation and a reasoned order.
Organized crime disrupts fair competition by introducing illegal goods and laundering illicit funds. The analysis highlights its damaging impact on financial systems and government revenues.
