Daily Updates

SLP dismissed reopening invalid as AO relied solely on DRI information without independent application of mind {Assistant Commissioner of Income-tax  vs. Tungabhadra Minerals (P.) Ltd. [2025] 179 taxmann.com 255 (SC)}   Facts: Assessee company was issued a notice for reopening of assessment under Section 148 of the Income Tax Act. The Assessing Officer (AO) relied …

Judicial Corner:SLP dismissed reopening invalid as AO relied solely on DRI information without independent application of mind {Assistant Commissioner of Income-tax  vs. Tungabhadra Minerals (P.) Ltd. [2025] 179 taxmann.com 255 (SC)} (23.10.2025) Read More »

HC: Disallowance of ITC for period July 2018–March 2019 remanded as Section 16(5) stipulation not considered{ Vinod Udaipuri vs. Union of India [2025] 179 taxmann.com 106 (Jharkhand)}   Facts: Petitioner had claimed Input Tax Credit for the period July 2018 to March 2019. The department disallowed the ITC by invoking Section 16(4) of the CGST …

Judicial Corner: HC: Disallowance of ITC for period July 2018–March 2019 remanded as Section 16(5) stipulation not considered{ Vinod Udaipuri vs. Union of India [2025] 179 taxmann.com 106 (Jharkhand)}(17.10.2025) Read More »

TDS credit allowed despite deductor’s error in name and PAN of former firm: ITAT { Upasani Super Speciality Hospital (P.) Ltd. vs. Income -tax Officer [2025] 179 taxmann.com 199 (Mumbai – Trib.)} Facts: Assessee company took over a hospital business from a partnership firm. During the year, certain payments were made to the company after …

Judicial Corner : TDS credit allowed despite deductor’s error in name and PAN of former firm: ITAT { Upasani Super Speciality Hospital (P.) Ltd. vs. Income -tax Officer [2025] 179 taxmann.com 199 (Mumbai – Trib.)} (16.10.2025) Read More »

Company Law The MCA has extended the due date for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of fees. Earlier, the last date was already extended to 15th October. Considering representations from stakeholders, the Ministry has now allowed filing without late fee up to 31st October 2025. [General Circular No. 05/2025  dated 15.10.2025]

SEBI: SEBI has extended the compliance deadline for Angel Funds to disclose their investment allocation methodology from October 15, 2025, to January 31, 2026. Investments after this date must follow the disclosed PPM methodology. [Circular No.. SEBI/HO/AFD/AFD-POD-1/P/CIR/2025/136  dated 15.10.2025]

SEBI: SEBI has issued a new Master Circular consolidating all directions on issuance and listing of non-convertible securities and related instruments, replacing earlier circulars [Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15.10.2025]

DGFT: The Import of “Roasted Areca Nuts” falling under ITC (HS) Code 20081991, having CIF value less than Rs 351/- per Kilogram is “Prohibited”. [Notification No. 43 /2025-26 dated 15.10.2025]

DGFT: ITC (HS) 2022, Schedule-I (Import Policy) is amended in sync with the Finance Act, 2025. This shall come into force with immediate effect. [Notification No. 44 /2025-26 dated 15.10.2025]

DGFT: The provisions relating to Diamond Imprest Authorisation (DIA) notified vide Public Notice No. 42/2024-25 dated 21.01.2025 have been renumbered. [Public Notice No. 26/2025-2026 dated 15.10.2025]

Customs: Updated tariff values for palm oils, gold, silver, and areca nuts have been notified. Changes apply from 16th October 2025. [Notification No. 65/2025-CUSTOMS (N.T.) dated 15.10.2025]

Order blocking credit ledger under Rule 86A set aside as no reasons recorded and post-decisional hearing not given{ Rithwik Projects (P.) Ltd. vs. Union of India [2025] 179 taxmann.com 256 (Bombay)}   Facts Petitioner’s electronic credit ledger under GST was blocked by the tax authority invoking Rule 86A of the CGST Rules thus preventing the …

Judicial Corner:Order blocking credit ledger under Rule 86A set aside as no reasons recorded and post-decisional hearing not given{ Rithwik Projects (P.) Ltd. vs. Union of India [2025] 179 taxmann.com 256 (Bombay)}(13.10.2025) Read More »

DGFT: The word “Circular” in the item of export description for SION C888 is removed in Public Notice No.05/25 dated 06.05.2025 with immediate effect. [Corrigendum dated 10.10.2025]  

DGFT: Import of Sulfadiazine API under Chapter 29 is restricted till 30.09.2026 if CIF value is below ₹1,774/kg. Advance Authorisation, EOU, and SEZ units are exempt from this restriction. [Notification No. 41/2025-26 dated 10.10.2025]

DGFT: The Import Policy condition of items covered under Chapter 70, 73,84 and 85 of ITC (HS) 2022, Schedule —1 (Import Policy) has been revised and will come into effect from 01 .11.2025. [Notification No. 40/2025-26 dated 10.10.2025]

DGFT: New SION C-2049 for Mobile Phones introduced, allowing Regional Authorities to issue Advance Authorisations directly without approval of Norms committee. [Public Notice No. 25/2025-26 dated 10.10.2025]

Income Tax  Jhansi Development Authority (PAN: AAALJ0068K) is notified as a tax-exempt authority under section 10(46A)(b) of the Income-tax Act, effective AY 2025-26. This applies as long as it functions under the Uttar Pradesh Urban Planning and Development Act, 1973. [Notification No. 150 /2025/F. No. 300195/37/2024-ITA-I dated 08.10.2025]

Customs: Updated tariff values for palm oils, gold, silver, and areca nuts have been notified. Changes apply from 10th October 2025. [Notification No. 64/2025-CUSTOMS (N.T.) dated 09.10.2025]

Customs The corrigendum has been issued to correct a wording error in Exemption Notification No. 37/2025-Customs dated 17th September 2025 — the term “aircrafts, missiles, etc.” has been replaced with “aircrafts, etc.” which means duty exemption no longer applies to import of missiles. [Corrigendum dated 09.10.2025]

Customs  The CBIC has reviewed the implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR), 2018. Sea Arrival and Departure Manifests are now implemented PAN India, while the Stuffing Message (SF) has begun pilot testing at ICD Tughlakabad and CFS-Sattva (Chennai). Remaining messages will be operational by 31st December 2025, and the transitional provisions …

Customs: The CBIC has reviewed the implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR), 2018. Sea Arrival and Departure Manifests are now implemented PAN India, while the Stuffing Message (SF) has begun pilot testing at ICD Tughlakabad and CFS-Sattva (Chennai).(09.10.2025) Read More »

GST GSTN clarifies no changes in GSTR-3B filing from Oct 1, 2025. ITC auto-population, GSTR-2B generation, and credit note handling remain as per existing process. [GSTN Advisory dated 08.10.2025]