In a recent ruling, the Madras High Court held that filing Form 67 before the completion of final income assessment is sufficient compliance for claiming foreign tax credit (FTC), after…
The Chennai Bench of the Customs, Excise, andService Tax Appellate Tribunal (CESTAT) ruled that DEPB scrip benefits cannot be denied to innocent transferee importers if the licences, though fraudulently obtained by the…
The Customs, Excise & Service Tax Appellate Tribunal (CESTAT) Ahmedabad bench in a ruling in favour of Polycab Wires Pvt Ltd, quashed the demand of service tax on ocean freight. During audit…
The New Delhi bench of the Income TaxAppellate Tribunal (ITAT) directed the re adjudication against the case of Schneider Electric India Private Limited regarding the allegation of failure to consider the benefit…
The Central Board of Direct Taxes (CBDT), Ministry of Finance, issued Notification No. 138/2025 and Notification No. 139/2025, both dated 22 August 2025, granting income tax exemptions under Section 10(46) of…
The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Principal Bench at New Delhi, has held that the import of essential components of an electric rickshaw (E-rickshaw), even in semi-knocked down (SKD)…
In a recent ruling, the Patna High Court held that a taxpayer is permitted to rectify a clerical error made while filing GSTR-3B and directed that the return be corrected to match…
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition made by the Assessing Officer (AO), holding that gifts received before a wedding date cannot be treated as ungenuine…
In a recent ruling, the Bombay High Court held that the sale of a vintage car is liable to capital gains tax if the assessee cannot prove that the car…
A seemingly minor but significant system glitch has come to light in the processing of income Tax Return (ITR) refunds for the Assessment Year 2025-26 (Financial Year 2024-2025). Chartered Accountant Aditi Bhardwaj…