The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thresholds still apply. The analysis identifies a drafting anomaly that may require legislative clarification or judicial interpretation.
The Supreme Court ruled that Section 34(5) is a procedural requirement and not a mandatory precondition for challenging an arbitral award. Non-compliance with prior notice requirements does not invalidate a Section 34 petition.
CBIC has amended Notification No. 08/2026-Central Excise to revise the SAED rate on ATF exports outside India to Rs. 12.5 per litre from June 16, 2026.
CBIC has amended Notification No. 06/2026-Central Excise to revise the SAED rate on diesel exports outside India to Rs. 14 per litre from June 16, 2026.
The regulations establish a standalone framework for MGAs, prescribing registration standards, operational safeguards, and supervisory mechanisms. The key takeaway is the enhanced focus on transparency, accountability, and policyholder protection.
The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified condonation of a 2-month and 21-day delay in filing an appeal. The key takeaway is that genuine system-related difficulties may amount to sufficient cause for procedural delays.
IRDAI’s proposed amendments seek to simplify registration, reduce compliance costs, and facilitate investment in the insurance sector. The draft balances growth-oriented reforms with safeguards aimed at protecting policyholder interests.
IFSCA removed the minimum net worth requirement for eligible SEZ units and expanded access to Qualified Jeweller status. The amendment aims to facilitate bullion imports through IIBX while promoting export growth and maintaining regulatory safeguards.
CBIC clarified that accredited laboratory reports submitted by exporters should be accepted without compulsory referral to CRCL in routine cases. The key takeaway is that exporters can benefit from faster customs clearance where no risk concerns exist.
The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired through a valid Business Transfer Agreement. The ruling confirms that goodwill valuation in a slump sale can support a depreciation claim when properly examined during assessment.
