Notification No. 59/2026-Customs (N.T.) substitutes the tariff value tables while retaining the existing customs tariff values. The revised tables become effective from 30 June 2026 without changing valuation rates.
The High Court held that disallowance under Section 14A read with Rule 8D cannot exceed the exempt income earned during the assessment year.
The Government has fixed 31 July 2026 as the last date for filing GST Appellate Tribunal appeals and applications in specified older cases, while preserving the statutory filing timelines for later orders.
ITAT held that a society registered under the Karnataka Societies Registration Act cannot be taxed at the maximum marginal rate under Section 167B.
ITAT held that interest earned from scheduled and co-operative banks was attributable to the society’s business of providing credit facilities and qualified for deduction under Section 80P(2)(a)(i).
The article explains how mandatory IMS, Section 16, and Section 38 have shifted ITC eligibility from invoice possession to portal-based acceptance and supplier compliance.
The article explains why physical verification is more than a compliance exercise, emphasizing the auditor’s responsibility to evaluate management’s verification process and ensure discrepancies are properly addressed.
ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to specified persons.
ITAT held that a BSNL employee absorbed from DoT is entitled to exemption for ex gratia and leave encashment by treating the employee as a Central Government employee.
ITAT held that foreign tax credit cannot be denied solely because Form No. 67 was filed after the return, subject to verification by the Assessing Officer.
