Courts held that prior exemption claims under Sections 11 and 12 cannot justify denial of 80G approval. The key takeaway is that both benefits legally coexist.
The Supreme Court clarified that tax planning is valid only when backed by real commercial substance. It held that artificial structures without economic activity cannot claim treaty benefits.
The Court held that search action under tax law requires concrete material and cannot be based on assumptions. Lack of valid “reason to believe” made the search illegal.
The new tax law formally embeds faceless assessments into the statute, replacing the earlier scheme-based system and making electronic tax scrutiny the default process.
The new legislation reorganizes provisions related to return processing, scrutiny assessments, and reassessment of escaped income. It simplifies drafting while largely retaining the existing procedures.
The new law broadens the definition of Virtual Digital Assets to include NFTs, tokenized assets, and future digital innovations. While tax rates remain unchanged at 30%, the scope of coverage is significantly widened.
The new law replaces “Previous Year” and “Assessment Year” with one unified “Tax Year.” This simplifies return filing and reduces confusion for taxpayers.
This explains how the new law defines “income” using an inclusive approach rather than a fixed list. The key takeaway is that any real economic gain is taxable unless specifically exempt.
The agreement removes or reduces duties on most traded goods. It significantly improves export competitiveness and bilateral market access.
The Supreme Court held that the mandatory GST appeal pre-deposit need not be paid only in cash. Valid input tax credit in the Electronic Credit Ledger can be used, easing cash-flow pressure on taxpayers.
