Time limit of 60 days for processing refund application is mandatory and non-compliance vitiates order – Calcutta High Court {Suraj Mangar V/s Assistant Commissioner of WB State Tax (2025) 33 Centax 70 (Cal.)} Facts: Applicant filed refund claim for the period Feb 2021 to Aug 2021. Refund was rejected by Proper Officer. Applicant …
Income Tax: The Income-tax (Twenty-First Amendment) Rules, 2025, effective September 1, 2025, amend Form No. 7 in Appendix-II of the Income-tax Rules, 1962. The phrase “assessment year a sum” is revised to “assessment year or the block period, as the case may be, a sum,” broadening applicability to both assessment years and block periods. (Notification …
Income Tax The Taxation Laws (Amendment) Bill, 2025 proposes three major reforms. First, it provides tax exemptions for pensioners, allowing 60% of the NPS corpus and lump-sum payments under the Unified Pension Scheme to be tax-free, promoting retirement security. Second, it extends international tax exemptions by including Saudi Arabia’s Public Investment Fund and subsidiaries as …
DGFT Port restricts import of specified jute products (woven fabrics, twine, cordage, sacks, bags) from Bangladesh. Such imports are prohibited via India-Bangladesh land ports and allowed only through Nhava Sheva Seaport. Other conditions of Notification No. 21/2025-26 remain unchanged. (DGFT Notification No. 24/2025-26, dated 11.08.2025)
Customs: The revised tariff values under Section 14(2) of the Customs Act, 1962 for edible oils, brass scrap, gold, silver, and areca nuts. The updated values take effect from 15th August 2025, superseding earlier rates notified. TABLE-1: Edible Oils and Brass Scrap (Tariff Value in USD per Metric Tonne) Sl. No. Chapter / Heading / …
Custom The extended anti-dumping duty on imports of woven fabric containing over 50% flax (Flax Fabric) from China PR and Hong Kong, originally imposed vide Notification No. 35/2020-Customs (ADD). The duty will remain effective until 9th February 2026, unless amended or revoked earlier. (Notification No. 27/2025-Customs (ADD), Dated: 06.08.2025)
HC: Matter remanded as ITAT didn’t consider assessee’s argument on non-mentioning of DIN in assessment order { Skyway Infraprojects (P.) Ltd. vs. Dy./Asst. Commissioner of Income-tax, Central [2025] 176 taxmann.com 992 (Bombay)} Facts: Skyway Infraprojects Pvt. Ltd. challenged assessment orders for AYs 2013–14 to 2020–21, arguing they were invalid as they lacked a mandatory Document …
No writ against order confirming demand of ineligible ITC assessee was to be relegated to remedy of appeal – Delhi High Court {V.K. Enterprises V/s Additional Commissioner CGST, Delhi West – (2025) 32 Centax 457 (Del.)} Facts: Show cause notice alleged assessee took ineligible ITC from a non-existent firm. Assessee claimed reply wasn’t considered and …
No penalty under sec. 129 of UPGST Act on mere speculation of undervaluation detention order quashed { Tirupati Agro Commodities V/s State of U.P. (2025) 32 Centax 435 (All.) – Allahabad High Court } Facts A truck carrying goods was stopped, and the authorities detained the goods under Section 129 of the UPGST Act. The …
ITC can be transferred during amalgamation of companies even if companies are located in different States – Bombay High Court {Umicore Autocat India Pvt. Ltd. V/s Union of India – (2025) 32 Centax 416 (Bom.)} Facts: A Goa-based company (transferor) amalgamated with a Maharashtra-based company (transferee – the petitioner). Petitioner applied to transfer the unutilized …
Service tax demand based solely on discrepancies between sales records and Form 26AS is invalid; Form 26AS (derived from IT law) cannot be the sole basis. Independent proof of taxable service is required. { Aneri Construction Pvt. Ltd. v. Commissioner of Central Excise & Service Tax (2025) 30 Centax 266 (CESTAT‑Ahmedabad)} Facts: The Department issued a service tax demand …
Are you a SME firm eyeing Export Growth? Don’t Miss These New Govt Boosters India’s small and mid-sized exporters have long grappled with the dual challenge of navigating compliance and staying alert to government incentives. In a welcome move, the Ministry of Commerce & Industry has rolled out a set of digital-first reforms and support …
Growth-Minded SMEs: It’s Time to Tap India’s New Export Edge 🚀 Why Export-Led Growth Is the Next Big Step for Indian SMEs For many small and mid-sized businesses in India, the ambition to go global is strong—but the journey is rarely straightforward. Complex policies, lack of timely information, and burdensome procedures often slow down firms …
No power to place refund in abeyance for incorrect utilisation of ITC unconnected with refund order – Supreme Court {Union of India V/s HCC VCCL Joint Venture (2025) 32 Centax 405 (S.C.)} Issue: Whether a refund order can be placed in abeyance under Section 108 of the CGST Act based on allegations unrelated to …
Bizsol Update for the month August 2025. From the Desk of Chairman Article on ‘The Jurispudence of Voluntary Transfers-Demystifying Settlement Deeds, Gift Deeds and Wills’, by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company law, FEMA/ RBI , SEZ. Important due …
The world we have lived in has changed and changed decisively. The sceptics and the naysayers would find it difficult to believe that the very earth on which we stand has either shifted or is shifting. We can either credit it, or assign the blame for it, to that undefinable concept called artificial intelligence! What …
The Introduction: The Supreme Court in a judgment in the case of NP Saseendran vs NP Ponnamma (2025 INSC 388) delivered on 24th March 2025 clarified, inter alia, the subtle distinction in the property laws in India, more particularly as regards Settlement Deeds, Gift Deeds and Will. It puts to rest some hitherto vague and …
Custom The Government has extended anti-dumping duty for five years on “Black Toner in powder form” imported from China PR, Malaysia, and Taiwan, following the DGTR’s review confirming continued dumping and injury to domestic industry. The duty aims to prevent likely market diversion and injury upon cessation. Specific rates apply based on origin, export country, …
Assessing Officer can not debit disputed interest amount from cash ledger if assessee has already filed appeal – Karnataka High Court {Britannia Industries Ltd. V/s Asst. Comm. of Commercial Taxes- (2025) 32 Centax 325 (Kar.)} Issue: Whether the Assessing Officer was justified in debiting the disputed interest amount from the taxpayer’s cash ledger during the …
DGFT: Clarifying the export regulations for “Organic Textiles.” Circular supersedes a previous requirement, stating that a Transaction Certificate (TC) from a National Accreditation Board (NAB)-accredited body is no longer mandatory at the time of export for organic textile product. (Policy Circular No. 03 /2025-26, dated 31.07.2025)
