The Bombay High Court held that TCS paid under protest before assessment must be considered while calculating the mandatory pre-deposit under Section 107(6)(b) of the CGST Act. The Court found that the amount already paid exceeded the statutory requirement, eliminating the need for any further deposit.
The Court held that a purchasing dealer cannot be denied input tax credit solely because the supplier failed to deposit tax with the Government. It ruled that action must ordinarily be directed against the defaulting supplier unless collusion or lack of bona fides is established.
RBI amended the Cross Border Merger Regulations to replace NCLT-specific references with the broader term “Competent Authority.” The key takeaway is that FEMA compliance will now automatically align with evolving merger approval mechanisms under company law.
The article explains that loans received from partnership firms do not qualify as exempt borrowings under the Companies (Acceptance of Deposits) Rules, 2014. Even where partners are directors of the company, the loan may be treated as a deposit requiring DPT-3 disclosure.
Shareholder loans received by private companies do not qualify as exempted borrowings under Rule 2(1)(c). The article explains why such amounts should generally be reported as deposits in Form DPT-3.
The Bangalore ITAT held that ambiguity in the penalty proceedings rendered the levy unsustainable. The Tribunal emphasized strict compliance with the statutory framework under Section 270A.
The Supreme Court declined to interfere with the Karnataka High Court’s judgment, which had held that the issues raised by the Revenue were already settled by precedent in the assessee’s own case.
The High Court refused to entertain the Revenue’s appeal after holding that the questions raised had already been decided in the assessee’s favour in an earlier judgment involving the same assessment year.
CBIC has exempted Merchant Overtime charges on customs clearance of international cruise passengers and their baggage at 24×7 notified ports. The move aims to facilitate cruise tourism and ensure uniform implementation across customs formations.
CBIC amended Notification No. 36/2001-Customs (N.T.) to revise tariff values for edible oils, precious metals, brass scrap, and areca nuts. The revised values will apply for customs purposes with effect from 16 June 2026.
