The Tribunal ruled that margins agreed under a Bilateral Advance Pricing Agreement may be used for non-covered AEs when transactions are functionally similar. The decision emphasized consistency and the lack of separate benchmarking by the TPO.
CBIC extended the validity of multiple customs circulars issued under Section 143AA until 30 June 2026 because of ongoing maritime disruptions caused by the closure of the Strait of Hormuz.
CBIC has mandated system identification and expedited clearance of hazardous cargo through flagged Bills of Entry. Importers must declare hazardous goods at item level from 01 July 2026.
PFRDA relaxed earlier restrictions on annuity surrender after receiving hardship representations from subscribers. The circular now permits surrender in cases involving critical illness of the annuitant or family members subject to ASP assessment.
SEBI has proposed sweeping amendments to exchange traded derivatives regulations to simplify compliance norms and remove outdated provisions. The consultation paper seeks to merge and streamline multiple master circulars for stock exchanges and commodity derivatives.
The Court observed that allegations of fraud, willful misstatement, and suppression must contain clear particulars enabling effective response by the taxpayer. The absence of reasons rendered the show cause notice and subsequent orders invalid.
The Tribunal quashed the assessment after finding that the statutory conditions under Section 153C were not properly satisfied. It held that defective recording of satisfaction vitiated the entire proceedings against the third party assessee.
Court ruled that differing interpretations on classification of services as OIDAR cannot automatically justify invocation of Section 74 unless deliberate concealment or suppression is established by the Department.
Mumbai ITAT observed that assessable value under customs law may differ from invoice value and such variation by itself cannot justify addition under Section 69C without further evidence.
Court held that there was no direct or indirect connection between the assessee and the handwritten inquiry register relied upon by the department. Statements recorded during search proceedings also did not mention the assessee.
