Tribunal power to admit fresh claims affirmed, allowing new characterisation of expenditures on appeal despite earlier return positions.
The tribunal's plenary appellate authority permits admission of a fresh or inconsistent claim in appeal even when the return had taken a contrary position; in Wipro Finance the tribunal, noting the department's representative's no-objection and relying on precedent, entertained a claim to treat previously capitalised amounts as revenue expenditure, a view the Supreme Court treated as within the tribunal's competence and not curtailed by limitations applicable to the assessing authority. (AI Summary)

Refund sanction procedure tightened: CBIC mandates speaking orders, post-audit timelines and online review transmission to secure refunds.
CBIC prescribes uniform refund procedures: speaking orders with FORM GST RFD-06, additional particulars for ITC/IGST refunds, and review/post-audit protocols that include transmission to an online review module, creation of Post-Audit Cells, a manual post-audit threshold, offline post-audit until portal readiness, and fixed timelines to conclude post-audits and reviews for alignment with appeal periods. (AI Summary)

Depreciable intangible asset: non compete fees may qualify for depreciation when they confer enduring commercial rights.
Non compete payments that confer an identifiable commercial advantage or form part of a transfer of business rights may be capitalized as an intangible asset and claimed for depreciation under the inclusive phrase "any other business or commercial rights of similar nature" in Section 32(1)(ii); assessment depends on substance, enforceability, period of benefit, reasonableness of restriction and compensation, and tailored amortization reflecting factual circumstances. (AI Summary)

Export of services: refund of input tax credit available where incidence of tax is not shown passed to recipient.
When services qualify as exports under Place of Supply rules, GST does not apply and accumulated Input Tax Credit may be refundable. The core issue is whether contractual allocation of tax-inclusive production costs or post hoc deductions show that the incidence of tax was passed to the foreign recipient. Absent persuasive proof that the economic burden was shifted, the mere agreement or accounting entries do not establish passage of incidence and therefore do not automatically preclude an ITC refund on exported services. (AI Summary)

MSME definition update: existing EM and UAM registrations retain temporary validity, easing transition to new classification framework.
RBI clarified the revised MSME classification effective 1 July 2020 with investment and turnover thresholds for Micro, Small and Medium enterprises, and extended transitional validity: Entrepreneurs Memorandum Part II and Udyog Aadhaar Memorandum registrations obtained up to 30 June 2020, and documents under O.M. No.12(4)/2017-SME for classification up to 30 June 2020, remain valid for MSME classification until 30 June 2022. (AI Summary)

TDS on benefits and perquisites: payers must deduct tax before providing non-cash or mixed benefits to residents.
Section 194R requires the person providing any benefit or perquisite arising from a resident's business or profession to deduct tax at source at ten percent of the benefit's value before providing it; valuation is generally at fair market value (excluding GST) with specified purchase-price and invoiced-price exceptions, a twenty-thousand-rupee annual de minimis threshold per resident, and turnover-based exemptions for small individual/HUF providers. Where cash is insufficient to meet withholding, the recipient may pay advance tax and furnish challan proof or the provider may pay (which itself becomes a taxable benefit requiring gross-up). (AI Summary)

Security clearance for land-border nationals required before director appointment; DIN applications blocked without clearance in companies.
Requirement of security clearance is mandated for appointment of directors who are nationals of countries that share a land border with India. Such nationals must obtain security clearance before applying for a Director Identification Number; without the clearance the DIN application will not generate an application number. A declaration (serial 3A in DIR-3) requires applicants to state whether security clearance is required and obtained, and companies must ensure approvals are in place for director appointments. (AI Summary)

Scrutiny of GST returns: discretionary verification can prompt audits or enforcement if discrepancies remain unexplained.
Scrutiny under Section 61 empowers the proper officer to verify the correctness of GST returns by seeking explanations for discrepancies; it is discretionary, non-adjudicatory, and may lead to closure if explanations are satisfactory, or trigger audits, special audits, inspection/search/seizure, or tax determination proceedings under Sections 65-74 if discrepancies are not satisfactorily addressed. (AI Summary)

Duplicate securities issuance procedures streamlined; standardized documentation and dematerialisation mandated to protect investor and issuer interests.
SEBI has standardised formats and simplified documentation for issuance of duplicate securities certificates: submission of FIR/equivalent complaint with securities particulars, publication of a loss advertisement, prescribed affidavit and indemnity bond, no surety requirement, notarised/consular-attested self-declaration for overseas holders, RTAs to provide certificate/distinctive/folio numbers where signature and address match or after KYC, seizure/defacement and authorised disposal of forged or duplicated certificates, contingency insurance by listed companies, and mandatory issuance in dematerialised form. (AI Summary)

Interest Equalization Scheme extension boosts exporters with reduced rupee export credit rates and procedural claim requirements.
The Interest Equalization Scheme for pre- and post-shipment rupee export credit is extended until the notified terminal date, excluding telecom instruments and entities receiving PLI benefits for the same segment while allowing PLI beneficiaries to claim for other segments. Revised interest equalisation rates apply to specified MSME manufacturer exporters. Banks must obtain a prescribed Self-Declaration from exporters, identify and credit eligible exporters for the initial period and submit sector-wise consolidated reimbursement claims by the specified deadline, and subsequently reduce interest upfront for eligible exporters and submit original monthly claims within fifteen days from month end. (AI Summary)

Proper officer designation under GST determines which officers can issue and adjudicate show cause notices nationwide where lawfully assigned.
Proper officer under GST denotes the Commissioner or a tax officer assigned specific statutory functions by the Commissioner or by notification; central and state tax officers may be empowered to act as proper officers for CGST, IGST and SGST/UTGST functions subject to notifications, CBIC circulars and delegated limits. Recent CBIC instruments allocate adjudication and show-cause issuance among specified grades and permit designated Additional/Joint Commissioners to adjudicate intelligence-issued notices with nationwide jurisdiction, while courts have stressed that validity of enforcement actions turns on lawful assignment of the particular function. (AI Summary)

Cost auditor appointment: governance, eligibility and mandated filings ensure timely CRA-2 notification and CRA-4 reporting.
Cost audit eligibility and procedure under the Companies Act and Cost Records Rules require a Cost Accountant with a certificate of practice; statutory auditors are ineligible. Where an Audit Committee exists it recommends appointment and remuneration to the Board; otherwise the Board appoints. Companies must obtain auditor consent, pass Board resolutions, notify stock exchanges if listed, issue appointment letters, and file e-Form CRA-2 within 30 days of Board approval or within 180 days of the financial year start. CRA-4 reporting and replacement of casual vacancies within 30 days are also required. (AI Summary)

Taxation of employee provident fund contributions: revised TDS, PAN linkage, and taxability rules for employee contributions.
The income tax rules now split EPF balances into taxable and non taxable accounts, taxing only employee contributions and related interest while leaving employer contributions non taxable. The rules apply to all EPF subscribers and impose withholding based on PAN linkage and declarations; higher withholding applies where PAN is not linked. Forms 15G/15H can reduce withholding for qualifying residents, while NRIs face different withholding, cess and surcharge consequences. A new income tax provision targets employee contributions exceeding an annual ceiling, and EPF membership remains mandatory for employees under a wage threshold in larger establishments. (AI Summary)

Drone classification: essential function determines whether units are treated as toys, cameras, or aircraft, affecting customs duty.
Classification of drones depends on the product's essential function. The Authority for Advance Ruling treated a recreational quadcopter as a toy, an agricultural spraying drone as an aircraft used for agricultural purposes, and a camera equipped multirotor as falling within the aircraft heading for aerial photography. The decision relied on product specifications, civil aviation norms and HSN explanatory notes, applied differing duty treatment consistent with those classifications, and rejected ruling requests based on tariff changes not yet in force. (AI Summary)

Service tax on liquidated damages denied where sums are penalties, not consideration for a declared service.
Tribunal held amounts recovered as liquidated damages were contractual penalties, not consideration for a declared service, because no contract obligated the appellant to refrain from, tolerate, or do any act for contractors nor prescribed remuneration for such tolerance; accordingly the service-tax demand was set aside and consequential benefits granted. (AI Summary)

Auditor's statutory compliance assessment confirms CARO-style disclosures across asset, financing, tax and reporting obligations.
Auditor's annexure applies a CARO style checklist to confirm compliance and disclosures for the year ended March 31, 2022: maintenance and verification of property, plant and equipment and intangible asset records; inventory verification and working capital reporting; investment, loan, guarantee and related party transaction compliance including overdue and repayment schedules; statutory dues, fraud reporting, internal audit adequacy, deposit rules and cost record maintenance; and assessment of short term liquidity and going concern indicators. Each clause is answered with affirmative statements or templated alternatives to capture exceptions. (AI Summary)

Audit opinion: financial statements give true and fair view under Companies Act, with auditor responsibilities and reporting requirements outlined.
The illustrative auditor's report states the auditor's opinion that the financial statements give a true and fair view in conformity with prescribed Accounting Standards, sets out the auditor's independence and basis for opinion under Standards on Auditing, and explains that key audit matters may be reported. It allocates primary responsibilities to management for preparing financial statements, maintaining records, internal financial controls and going concern assessment, while describing auditor procedures to obtain reasonable assurance, assess risks, evaluate accounting policies and estimates, consider materiality, and communicate significant findings and independence matters to those charged with governance. (AI Summary)

Auditor's opinion affirms financial statements' compliance with Companies Act accounting standards and SAs, subject to audit procedures.
The auditor opines that the Company's financial statements present a true and fair view and comply with accounting standards under the Companies Act, 2013, based on evidence obtained in accordance with Standards on Auditing; management remains responsible for preparation, accounting policies, internal financial controls and going concern assessment, while the auditor's duties include risk assessment, testing controls for audit purposes, evaluating estimates and disclosures, and reporting statutory matters under section 143(3) and Rule 11, with CARO-related items set out in an annexure. (AI Summary)

Audit opinion under Companies Act: expresses conformity with Accounting Standards and reports on internal financial controls.
Expresses an auditor's unmodified opinion that the financial statements present a true and fair view and comply with the Companies Act and Accounting Standards, based on an audit conducted in accordance with Standards on Auditing; describes management's responsibility for preparing the statements, maintaining records and internal financial controls and the auditor's responsibility to obtain reasonable assurance, evaluate going concern, and report on the adequacy and operating effectiveness of internal financial controls, with statutory disclosures and annexures provided separately. (AI Summary)

Independent Auditor's Opinion affirms financial statements' conformity with accounting standards and outlines auditor and management duties.
Independent auditor's opinion states the financial statements present a true and fair view in conformity with applicable Accounting Standards; the auditor conducted the audit under the Standards on Auditing, confirming independence and sufficiency of evidence and noting Key Audit Matters may be communicated. Management is responsible for preparation of the financial statements, maintenance of accounting records and internal financial controls and assessment of going concern. The auditor's statutory report addresses required checks under the Act including books of account, agreement of statements with records, compliance with Accounting Standards, directors' non disqualification, specified disclosures under audit rules, and representations on related party/intermediary funding arrangements. (AI Summary)