DGFT announced that unutilized Pharma Grade Sugar export quota may be transferred to a common pool if exporters have utilized less than 50% of allocated quantities. Exporters must submit utilization certificates and valid export contracts to retain allocations.
The Office Memorandum increases Dearness Relief rates for CPF beneficiaries and eligible family members under the 5th Central Pay Commission structure. Revised DR rates will apply from 01.07.2025 and 01.01.2026.
The article explains the major reasons behind the weakening rupee, including rising dollar demand, foreign investment outflows, and import dependence. It also highlights how currency depreciation affects inflation, imports, exports, businesses, and household expenses in India.
Section 265 of the Income Tax Act, 2025 specifies who can legally verify an income tax return for different assessees. Incorrect verification may result in the return being treated as invalid, affecting refunds and carry-forward losses.
NCLT Indore held that dissolution under Section 54 of the IBC was justified after all assets of the corporate debtor were liquidated and proceeds distributed according to Section 53 priorities. The Tribunal found no remaining assets or pending proceedings.
The Rajasthan High Court held that refusal to hear the appeal on merits would cause grave prejudice where cancellation of GST registration impacted business continuity and livelihood. The Court exercised writ jurisdiction to condone the delay.
The Gauhati High Court held that a Summary Show Cause Notice in Form GST DRC-01 cannot substitute the mandatory notice under Section 73(1) of the AGST Act. The GST demand order was quashed for non-compliance with statutory procedure.
Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making a 10% purchase disallowance. The addition was deleted as it was based only on assumptions derived from portal data.
NCLT Mumbai held that ongoing One-Time Settlement discussions cannot defeat insolvency proceedings when debt and default are admitted. The Tribunal observed that the corporate debtor repeatedly failed to deposit the required upfront OTS amount.
The Kerala High Court held that although the earlier communication was not a Section 74 notice, the subsequent GST DRC-01 notice prima facie met statutory requirements. The Court directed the taxpayer to pursue statutory appellate remedies.
