CESTAT Delhi cancels a ₹2 crore penalty on Rajesh Khosla, former MMTC-Pamp MD, ruling that mere non-disclosure without deliberate intent to evade customs duty is insufficient for Section 112(a)(ii) penalty.
Patiala House Courts grants anticipatory bail to a director in a ₹75 crore fake GST ITC fraud case, emphasizing cooperation and documentary evidence.
Punjab & Haryana High Court grants anticipatory bail in an income tax fraud case, questioning FIR registration and non-cognizable offenses.
Kolkata ITAT voids tax reassessment for AY 2017-18, finding reasons for reopening vague & based on borrowed satisfaction, citing Delhi HC precedent.
Ocean freight is a process through which merchandise goods, cargo and commodities are transported by ships via shipping lines. Over 90% of all the world’s trade is carried by sea.
India’s key tax, customs, SEBI, IBBI, RBI, and other regulatory and judicial developments from May 12th to 18th, 2025.
Notification No. 49/2025 updates Income Tax Rules with extended ITR-U filing time to 48 months. Additional tax rates apply for delayed filings under new amendments effective 19th May 2025.
Cloud kitchens and takeaway businesses can opt for GST Composition Scheme at 5% rate if turnover and other conditions are met, as per GST law & clarifications.
New GST circular requires suppliers to get buyer confirmation or CA certificate of ITC reversal to legally reduce tax via credit notes for discounts.
GSTN advisory confirms GSTR-3B Table 3.2 will remain editable for now, reversing earlier plan, following taxpayer feedback. File returns accurately.
