The omission of Section 13(8)(b) applies only prospectively from 30 March 2026, as no saving clause exists. Past transactions and liabilities remain governed by the earlier law. The ruling clarifies that retrospective benefit cannot be inferred.
ITAT Mumbai quashed reassessment for AY 2015–16 as time-barred under amended Section 149, since escaped income was below ₹50 lakh; entire penny stock addition u/s 68 was held void without examining merits.
The reform shifts routine compliance to para-professionals, creating fee pressure and client shifts. Professionals must move toward advisory roles to remain relevant.
The Court held that absence of cogent reasoning on jurisdiction and time-bar issues invalidated the order. The matter was remanded for fresh adjudication.
The case involved penalty on disallowance of purchases treated as non-genuine and estimated at 12.5%. Tribunal ruled that estimated additions do not establish concealment, hence penalty u/s 271(1)(c) is unsustainable.
The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but imposes stricter monitoring and penalties.
GSTAT bridges a long-standing gap by providing a dedicated appellate forum, eliminating the need to directly approach High Courts. This streamlines GST dispute resolution and reduces litigation costs.
The process involves retirement and reappointment of directors based on tenure. It clarifies that shareholder approval through ordinary resolution is mandatory for reappointment.
The Tribunal deleted additions where the Revenue failed to prove actual cash transactions. It emphasized that suspicion and assumptions cannot replace evidence. The ruling protects taxpayers from arbitrary additions.
The AAAR held that GST paid on lease rentals for land used to construct a factory is not eligible for ITC. It ruled that Section 17(5)(d) clearly blocks such credit irrespective of timing or usage stage.
