SEBI issued clarifications after revised PAN application forms under the Income-tax Rules, 2026 created compliance challenges for Foreign Portfolio Investors. The relaxations simplify documentation and ease PAN allotment procedures for FPIs.
CBIC has updated customs tariff values for gold, silver, palm oil, soybean oil, and brass scrap through Notification No. 46/2026-Customs (N.T.). The revised rates will apply from 16 May 2026 for import valuation purposes.
The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revealing the basis of the outstanding demand.
The Madras High Court held that common packaging elements, graphics, and colour schemes do not automatically create a “brand name” under GST law. The ruling clarifies that exemption cannot be denied merely due to visual similarity where enforceable brand rights are relinquished.
The Bombay High Court held that importers under CIF contracts cannot be taxed under reverse charge for ocean freight since they are not recipients of the transportation service. The Court quashed the show cause notice and ruled the levy beyond statutory charging provisions.
The Tribunal ruled that a genuine share transaction resulting in a short-term loss cannot automatically be treated as a make-believe or accommodation entry transaction. The assessee’s regular trading history supported the genuineness of the transactions.
Escalating geopolitical tensions around the Strait of Hormuz triggered sharp increases in crude oil prices and heightened fears of global supply disruptions. The analysis highlights India’s growing import vulnerability and the broader impact on financial markets.
Courts held that GST offences covered under the CGST Act must follow the special procedure prescribed under the statute. Authorities cannot invoke IPC provisions to avoid mandatory safeguards like prior sanction for prosecution.
ITAT Mumbai deleted additions exceeding ₹10.57 crore made under section 56(2)(vii)(c) after finding that the Assessing Officer wrongly adopted an amended valuation approach retrospectively. The Tribunal upheld the CIT(A)’s deletion in entirety.
ROC Mumbai penalised a company and its directors after finding that board meeting minute books were not maintained in accordance with Secretarial Standards. The authority held that absence of serial numbering in minute books violated Section 118 of the Companies Act, 2013.
