The pact expands goods and services trade across a US$24 trillion market. It is expected to accelerate exports, support jobs, and attract fresh investment.
The Supreme Court has taken up the controversy over delayed employees’ PF/ESI deposits, while the High Court upheld disallowance except where delay was due to a national holiday.
The Court held that booking speakers for an event does not amount to event management. Participation or facilitation alone cannot attract service tax under the event management category.
The Supreme Court held that gains arising from the sale of shares of a foreign company deriving substantial value from Indian assets are taxable in India. The ruling confirms that indirect transfer provisions override treaty claims when Indian assets are the real source of value.
The Tribunal held that merely treating a claimed business loss as a speculative loss amounts to a change in head of loss, not under-reporting of income. Penalty under Section 270A was deleted as there was no concealment or furnishing of inaccurate particulars.
The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. Since audited books were available, there was no failure to maintain accounts.
The Tribunal ruled that interest cannot be claimed under Section 36(1)(iii) when business use of the property is not proved, reinforcing the “put to use” requirement.
The case addressed GST demands raised through orders uploaded on the portal without proof of access. The Court ruled such orders were not effectively communicated. Matters were remanded after setting aside the demands, subject to partial deposit.
The Tribunal held that restricting TDS credit at the CPC stage is unsustainable when Form 26AS supports the claim. Full credit must be allowed after verification under Section 199 and Rule 37BA, ensuring income–TDS linkage.
ITAT held that section 69 cannot be invoked where purchases are duly recorded in books and paid through banking channels, making the reassessment unsustainable.
