Deduction of interest on borrowings invested in capital of firm allowed against interest on capital under the head profit and gains from business or professions. In a recent judgment, ITAT Mumbai has allowed deduction of interest on borrowings invested in capital of the firm from which the assessee …

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 …