Month: October 2025
DGFT Clarification on applicability of restriction imposed on silver jewellery import by units located in Special Economic Zones (SEZs) Government of IndiaMinistry of Commerce & IndustryDepartment of CommerceDirectorate General of Foreign Trade Vanijya Bhawan, New Delhi,Dated: 27th October, 2025 Policy Circular No. 06/2025-26 To, 1. All Customs Authorities2. …
Even if search held invalid, information or material gathered may be relied upon by revenue only in a proceeding which is not illegal In a recent judgment, Hon’ble Supreme Court has declined to interfere with the judgment of High Court holding that even if the search is held …
FAQs on the new merged Customs notification dated 24.10.2025 and consequential amendments CBIC has issued Notification No. 45/2025-Customs dated 24.10.2025 which supersede 31 customs exemption notifications and prescribes effective rates of customs duty, IGST and compensation cess for goods imported into India. Also Notification No. 44/2025-Customs has been …
Amendment to section 50C w.e.f. 01.04.2019 was to apply retrospectively w.e.f. 01.04.2003, when the section 50C was brought into statute – ITAT In a recent judgment, ITAT Agra deleted addition made u/s 56(2)(viib) holding that amendment to section 50C brought into the Act by finance Act, 2018 w.e.f. …
Approval u/s 153D has to be granted for each assessment year. A single approval granted for all AYs held as non application of independent mind. In a recent case. The ITAT Delhi quashed a single approval u/s 153D accorded in respect of 14 Assessment Years pertaining to two …
Prosecution u/s 276C(2) quashed as the assessee had though not paid due income tax along with return but later deposited it within a short period. In a recent judgment, Hon’ble Bombay High Court has quashed prosecution initiated u/s 276C(2) of the Income Tax Act, 1961 (the Act) as …
In slump sale acquisition, purchaser to claim depreciation on lump sum consideration irrespective of WDV in the books of accounts of seller company. In a recent judgment, Hon’ble Supreme Court had dismissed the SLP against the judgment of the Gujarat High Court holding that in a slump sale …
Agreement and Protocol between the India and Qatar for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income Ministry of Finance vide Notification No. G.S.R. 789(E) / CBDT Notification No. 154/2025 dated 24.10.2025 has notified agreement and Protocol between the Republic of …
Under presumptive taxation u/s 44AD, assessee could not have maintained sales bills and bank statement, bank balance and gross receipt in terms of explanation (f) of section 139(9) of the Act were sufficient. In a recent judgment, ITAT Bangalore has held that when provisions of presumptive taxation u/s …
Amalgamation order does not take away right of income tax department to proceed against the transferee company, In a recent judgment, Hon’ble Calcutta High Court has held that simply because the amalgamation order has been passed, the same does not take away right of the income tax department …
