The High Court held that the Commissioner did not properly apply the wide discretionary powers under section 264. The matter was remanded for fresh consideration in light of the petitioner’s circumstances and submitted records.
The Court ruled that PoK is part of India, making cross-LoC trade intra-state and taxable. GST notices were upheld, and traders must pursue statutory remedies.
Explains the updated reporting structure for ITC reclaimed in FY 2025–26, clarifying which tables apply for Rule 37/37A and other reversals.
The ROC penalised the company and officers for failing to dematerialise securities before issuing bonus shares, as required under Section 29 and Rule 9A. The ruling reinforces mandatory demat compliance for unlisted public companies.
MCA notifies higher financial limits for defining small companies, increasing the paid-up capital cap to ₹10 crore and turnover cap to ₹100 crore. The amendment broadens eligibility and simplifies compliance for more businesses.
The Court held that an expired e-way bill alone does not prove tax evasion, especially when delay was caused by the driver’s illness. The penalty orders were set aside.
The Court set aside the ex-parte GST demand order after noting the petitioner’s medical condition prevented participation in proceedings. A fresh opportunity was granted subject to payment of costs.
A clear breakdown of when TDS applies to life insurance payments, threshold limits, rates, exemptions, and how income is computed for taxable policies. Key takeaway: Only the income portion of non-exempt payouts is subject to TDS.
A comprehensive roundup of the week’s major regulatory changes across tax, GST, securities, and insolvency, highlighting new compliance rules and critical judicial decisions.
ITAT held that the AO cannot rely only on loss-making trades while ignoring profitable ones, upholding deletion of additions made under Project Falcon.
