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.
ITAT Mumbai ruled that additions under section 68 cannot stand in an unabated year without incriminating material from a search. External reports or third-party statements were insufficient, and the full addition was deleted.
The ITAT Hyderabad ruled that unexplained partner capital contributions cannot be treated as income of the firm. Only individual partners’ contributions can be assessed, overturning a Rs. 3.26 crore addition.
ITAT Delhi held that granting blanket 153D approval without independent examination vitiates assessments. approvals under section 153D must be individualized and carefully considered.
The RBI amends rules on exporting and importing currency to Nepal and Bhutan, capping Indian notes above ₹100 at ₹25,000 for travelers, simplifying cross-border currency movement.
