The Court held that shares acquired in a buy-back are mandatorily extinguished under company law and therefore cannot be treated as property received by the company. Section 56(2)(x) was found inapplicable to such transactions.
Section 54(3) permits refund of unutilised ITC for zero-rated supplies and inverted duty structures. The key takeaway is that refund entitlement flows from the statute and cannot be curtailed beyond prescribed exclusions.
The 2005 amendment granted daughters equal coparcenary rights in HUF property, including inheritance and partition rights. However, their children do not acquire coparcenary status by birth, creating a key distinction from sons.
The revised DIN KYC rules replace annual compliance with filing once every third consecutive financial year. Directors must still report changes in contact or address details within 30 days.
Notification No. 27/2024 centralizes adjudication of multi-State GST investigations but does not expressly address appellate jurisdiction. The resulting uncertainty has raised questions about appeals, reviews, and further remedies.
The Supreme Court held that online money gaming involving stakes constitutes a taxable supply of actionable claims. GST is payable on the full value of player deposits and not merely on platform commissions.
India’s procurement framework requires registration for specified bidders from land-border countries before participating in government procurement. The rules are aimed at addressing national security concerns in public purchasing.
Non-compliance with GST ITC apportionment rules can lead to demands, interest, and penalties. Understanding Rule 42 and Rule 43 is essential for businesses claiming common input tax credits.
GSTN has mandated the declaration of Ship To GSTIN in Bill-To-Ship-To transactions to improve transparency and traceability of goods movement. Non-compliance may prevent e-Way Bill generation and trigger penalties.
The ruling examines whether penalties under Section 129 can be imposed for internal movement of goods without an e-way bill. It highlights that where no tax is payable, the statutory penalty formula may fail.
