Daily Updates

Insolvency and Bankruptcy code  Revised electronic forms have been introduced for the liquidation process, requiring insolvency professionals to file forms with enclosures on the designated electronic platform, and the existing forms shall stand discontinued with effect from 1 January 2026. (Circular No. IBBI/LIQ/91/2026 dated 05.01.26)

Income Tax Inbar Holding RSC Limited (PAN: AAGCI2029C) has been notified as a specified person under section 10(23FE) for eligible investments made in India, effective from the date of notification up to 31-03-2030. (Notification No. 1/2026 dated 05.01.26)

DGFT: Interest Subvention for Pre- and Post-Shipment Export Credit under EPM – Niryat Protsahan has been launched offering 2.75% p.a. interest relief to eligible MSME exporters on rupee export credit, subject to a ₹50 lakh annual cap, on a pilot and consultative basis. (Trade Notice No. 20/2025-26 dated 02.01.26)

DGFT: Collateral Support for Export Credit under EPM – Niryat Protsahan has been launched for providing CGTMSE-backed credit guarantees up to ₹10 crore for eligible MSME merchandise exporters’ export-linked working capital loans, on a pilot and consultative basis. (Trade Notice No. 21/2025-26 dated 02.01.26)

DGFT The import policy for Low Ash Metallurgical Coke under ITC (HS) Chapter 27 has been liberalised by deleting Policy Condition No. 08, thereby allowing free import of specified coke varieties without any restriction. (Notification No. 54 /2025-26 dated 03.01.26)

GST: GST Portal now enables online opt-in declaration for “Specified Premises” for hotel accommodation services via Annexure VII (existing taxpayers) and Annexure VIII (new registrations), with defined eligibility, timelines (01 Jan 26–31 Mar 26), and EVC-based filing. (Advisory dated 04.01.26)

HC remanded matter as no credit was given to assessee for unavailed ITC before raising demand of CESS Case {Bidyut Autotech (P.) Ltd. vs. Assistant Commissioner of State Tax [2025] 181 taxmann.com 354 (Calcutta HC)}     Facts: The assessee was engaged in manufacturing activities and was liable to pay CESS under the applicable GST …

Judicial Corner: HC remanded matter as no credit was given to assessee for unavailed ITC before raising demand of CESS Case {Bidyut Autotech (P.) Ltd. vs. Assistant Commissioner of State Tax [2025] 181 taxmann.com 354 (Calcutta HC)}(02.01.2026) Read More »

Supreme Court stays GST proceedings: SCN under Section 74 found prima facie vague and lacking material particulars {GR Infra Projects Limited, Ratlam vs. State of Madhya Pradesh & Ors. [SLP (C) No. 33594/2025} Facts Petitioner, engaged in road and highway construction, was subjected to a search under Section 67 of the CGST Act in August …

Judicial Corner: Supreme Court stays GST proceedings: SCN under Section 74 found prima facie vague and lacking material particulars {GR Infra Projects Limited, Ratlam vs. State of Madhya Pradesh & Ors. [SLP (C) No. 33594/2025} ( 29.12.2025) Read More »

No taxability of dividend on ADR/GDR if tax was deducted at source before it was credited to depository bank ITAT Florida Retirement System vs. Assistant Commissioner of Income-tax (INTERNATIONAL TAX)-2(3)(1) [2025] 181 taxmann.com 232 (Mumbai – Trib.)     Facts of the case: Florida Retirement System, a non-resident investor, held shares of Indian companies in …

Judicial Corner: No taxability of dividend on ADR/GDR if tax was deducted at source before it was credited to depository bank ITAT Florida Retirement System vs. Assistant Commissioner of Income-tax (INTERNATIONAL TAX)-2(3)(1) [2025] 181 taxmann.com 232 (Mumbai – Trib.) (26.12.2025) Read More »

HC: No liability to pay CGST/SGST if IGST was duly paid on supply of goods to common carrier for delivery to recipient{Toyota Kirloskar Motor (P.) Ltd. vs. Union of India [2025] 181 taxmann.com 691 (Karnataka HC)}   Facts: Toyota supplied goods and handed them over to a common carrier for delivery to customers located in …

Judicial Corner: HC: No liability to pay CGST/SGST if IGST was duly paid on supply of goods to common carrier for delivery to recipient{Toyota Kirloskar Motor (P.) Ltd. vs. Union of India [2025] 181 taxmann.com 691 (Karnataka HC)} (24.12.2025) Read More »

SC: Non-compete fee paid to restrict competition held allowable as revenue expenditure under sec. 37(1){ Sharp Business System vs. Commissioner of Income-tax [2025] 181 taxmann.com 657 (SC)}   Facts: The assessee paid a non-compete fee to certain parties under an agreement to restrain them from carrying on competing business for a specified period. The payment …

Judicial Corner: SC: Non-compete fee paid to restrict competition held allowable as revenue expenditure under sec. 37(1){ Sharp Business System vs. Commissioner of Income-tax [2025] 181 taxmann.com 657 (SC)} (23.12.2025) Read More »

HC: No Sec. 74 proceedings if assessee voluntarily disclosed short payment of tax and paid tax with interest before SCN {MRF Ltd. vs. Additional Director DGGI Delhi Zonal Unit [2025] 181 taxmann.com 438 (Madras)} Facts: MRF Ltd. identified short payment of GST on certain transactions during reconciliation. The company voluntarily disclosed the liability and paid …

Judicial Corner: HC: No Sec. 74 proceedings if assessee voluntarily disclosed short payment of tax and paid tax with interest before SCN {MRF Ltd. vs. Additional Director DGGI Delhi Zonal Unit [2025] 181 taxmann.com 438 (Madras)} (17.12.2025) Read More »

DGFT: Import under Diamond Imprest Authorisation (DIA) shall also be exempted from payment of the Integrated Tax and Compensation Cess. [Notification No. 49/ 2025-26 dated 09.12.2025]

Customs: Levy of countervailing duty on ‘Textured Tempered Glass’ originating in or exported from Malaysia, is extended up to 08.06.2026 [Notification No. 07/2025-Customs (CVD) dated 07.12.2025]

Customs: CBIC has issued a notification for fixation of Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Notification No. 76/2025-Customs (NT) dated 11.12.2025]

ITC disallowance under sec. 73 quashed as no prior action taken against defaulting supplier and no collusion alleged{ K.V. Joshy & C.K. Paul vs. Assistant Commissioner [2025] 181 taxmann.com 148 (Kerala} Facts: The purchasers had availed ITC on goods bought from registered suppliers. They had valid tax invoices, and the tax was paid to the …

Judicial Corner : ITC disallowance under sec. 73 quashed as no prior action taken against defaulting supplier and no collusion alleged. (11.12.2025) Read More »

HC: Writ dismissed as appeal rejected for pre-deposit default and merits, with no illegality in findings { Digambar Road Lines vs. Commissioner (Appeals), GST, Central Excise & Customs, Bhubaneswar [2025] 180 taxmann.com 574 (Orissa)} Facts Digambar Road Lines had a tax demand confirmed under GST. They filed an appeal but did not make the mandatory …

Judicial Corner : HC: Writ dismissed as appeal rejected for pre-deposit default and merits, with no illegality in findings. (10.12.2025) Read More »

Penalty for non-filling Part-B of e-way bill unsustainable as technical glitch and no intent to evade found {Auto Industries vs. State of Up [2025] 181 taxmann.com 36 (Allahabad} Facts Petitioner, a GST-registered manufacturer, was transporting goods with proper tax invoices and other documents. However, Part-B of the e-way bill could not be updated due to …

Judicial Corner : Penalty for non-filling Part-B of e-way bill unsustainable as technical glitch and no intent to evade found (09.12.2025) Read More »

ITC refund cannot be denied to 100% EOU making zero-rated exports withdrawal order set aside {[2025] 180 taxmann.com 582 (Gujarat)} Facts:   Petitioner was a 100% Export Oriented Unit (EOU) manufacturing goods and exporting them under LUT without payment of GST (zero-rated exports). It procured inputs from domestic suppliers on payment of GST and claimed …

Judicial Corner : ITC refund cannot be denied to 100% EOU making zero-rated exports withdrawal order set aside {[2025] 180 taxmann.com 582 (Gujarat)} (03.12.2025) Read More »

SCN under sec. 74 UPGST Act quashed as it lacked allegations of fraud or intent to evade tax {[2025] 180 taxmann.com 796 (Allahabad)} Facts The department first issued an SCN under Section 73 for certain issues. The assessee submitted a detailed reply. Later, the same officer issued a fresh SCN under Section 74 for the …

Judicial Corner : SCN under sec. 74 UPGST Act quashed as it lacked allegations of fraud or intent to evade tax {[2025] 180 taxmann.com 796 (Allahabad)} (29.11.2025) Read More »