Input tax credit under Section 16(5) overrides earlier time limits if returns filed by 30 November 2021.
Section 16(5) allows claimants to obtain input tax credit provided returns are filed by the prescribed cutoff date and, because it begins with "notwithstanding anything contained in Sub-section (4)", meeting that filing condition renders the time limit in Section 16(4) inapplicable; a prior adverse order under challenges to Section 16(4) does not bar a fresh statutory claim under Section 16(5). (AI Summary)

Company history checks in India identify financial, legal, and operational risks before forming business partnerships.
Due diligence requires verifying a company's background, leadership, financial performance trends, business relationships, and legal history using trusted business intelligence platforms, cross checking multiple sources, and applying a risk focused analysis to identify patterns such as ownership changes, unexplained expansion, or declining activity. (AI Summary)

Refund limits apply to tax paid, not payments made where the underlying income is exempt from tax.
The six-year administrative limitation for condoning delayed refund claims applies to refunds of tax paid, but does not apply where the payment was not a tax because the underlying receipt is exempt income; payments lacking the character of tax fall outside the circular's six-year restriction and may be refunded irrespective of that condonation limit. (AI Summary)

AIS/TDS mismatches arise when AIS reporting diverges from returns, requiring reconciliation, AIS feedback, and documentation to preserve TDS credit.
AIS/TDS mismatches occur when third party AIS reporting differs from taxpayer returns, triggering automated adjustments; TDS credit is available only where the income is offered to tax and mapped to the taxpayer's PAN, and credit must align to the year income is assessable. Taxpayers bear the initial reconciliation burden and should reconcile AIS/TIS/Form 26AS with books, submit AIS feedback with supporting documents, and correct or revise returns where required to prevent prima facie additions. (AI Summary)

Unexplained expenditure rules: Section 105 mandates disallowance of such amounts as deductions under the Act.
Section 105 makes amounts of unexplained expenditure deemed to be the assessee's income where no satisfactory explanation is offered, and subsection (2) provides that such deemed income shall not be allowed as a deduction under any provision of the Act. (AI Summary)

GST registration cancellation refused where petitioner misrepresented business, claimed fraudulent ITC and staged evidence; costs imposed.
The Court found that the taxpayer misrepresented business existence and operations, availed substantial Input Tax Credit while filing NIL returns, and used staged signage and other means to mislead inspections; it dismissed the writ petition for cancellation of GST registration, imposed substantial costs for misuse of the judicial process, and permitted departmental investigation and recovery proceedings to continue. (AI Summary)

Board diversity improves decision-making, risk oversight, and long-term governance resilience through broader representation and better board processes.
A diverse board enhances deliberation, oversight, and risk identification by bringing varied perspectives, producing structural benefits for long-term governance even when short-term financial effects are mixed. Persistent representation gaps arise from narrow recruitment networks and one-dimensional diversity efforts. Data limitations and causation challenges complicate empirical assessment. Policy responses favor disclosure and comply or explain mechanisms alongside investor voting pressure, while effective corporate practice requires expanding director pipelines, succession planning, mentorship, and regular board evaluations to convert representation into meaningful participation. (AI Summary)

Goods and Services Tax: Acceptance under scrutiny bars later tax demand proceedings on same grounds and transactions.
Acceptance of a registered person's explanation recorded at the end of scrutiny, with communication that no further action is required, closes the scrutiny cycle and bars initiation of determination proceedings on the same discrepancies, period and transactions; a later show cause notice and demand duplicating those grounds is legally impermissible. (AI Summary)

Shareholder activism demands boards balance engagement with preserving long-term strategy and governance independence to manage risk.
Boards must balance multidimensional shareholder activism-spanning financial and values based demands-by engaging transparently through formalized disclosure and evaluation protocols while preserving independence and long term strategic stewardship; engagement can be constructive when it disciplines management and improves oversight, but over responsiveness risks short termism and governance by referendum. (AI Summary)

Renting of residential dwellings: pre 2022 rents eligible for refund; post 2022 registered lessees face reverse charge distortion.
Renting for use as residence is exempt under Entry 13 based on the property's use, so hostels and long term PGs qualify regardless of the lessee's identity. GST paid on such renting before 18 July 2022 is taxable without legal authority and subject to refund; the 2022 amendment excluding registered lessees does not apply retrospectively. The post amendment imposition of reverse charge on registered lessees while onward supplies remain exempt creates an input-output taxability mismatch and blocks input tax credit. (AI Summary)

Chartered Accountant issuing Form 15CB without knowing of forged documents is not criminally liable under money laundering law.
Issuing Form 15CB to certify the nature of remittance does not, by itself, impose criminal liability under the Prevention of Money Laundering Act where the accountant lacked knowledge of forged documents; absence of culpable knowledge and cooperation with authorities distinguish professional certification from conduct generating proceeds of crime and undermines conspiracy allegations, making the professional more appropriately treated as a witness. (AI Summary)

Tax rebate under sections 87/87A must be allowed to eligible individuals even when tax is at concessional rates.
Sections 87 and 87A create independent, self-contained and mandatory entitlements to a tax rebate: an eligible individual "shall be entitled" to a deduction from the amount of income-tax as computed before chapter deductions, subject to the provision's exhaustive eligibility limits and caps, and the rebate applies against tax payable even when tax is computed at special or concessional rates; if no tax is payable, no rebate arises. (AI Summary)

Goods and Services Tax: Supreme Court to examine if circulars can permit parallel GST proceedings; Bombay HC order stayed.
The Supreme Court will decide whether the statutory bar on duplicate or parallel proceedings by central and state tax authorities precludes administrative circulars from authorising concurrent adjudication; it has issued notice and stayed the High Court order and consequential actions pending consideration. (AI Summary)

Corporate arbitration offers confidential, expert resolution for shareholder and boardroom disputes but needs precise drafting.
Arbitration offers confidentiality, flexibility, and specialist decisionmakers for internal corporate disputes, but effective use depends on carefully drafted clauses that define arbitrators' powers and remedies, anticipate multi-party and cross-jurisdictional complexities, and balance confidentiality with governance transparency. (AI Summary)

Companies may owe MAT despite 100% income-tax exemptions because MAT is levied on book profit.
Companies can have nil tax under normal provisions due to exemptions and deductions while remaining liable to MAT because MAT is computed on book profit from financial statements. MAT is charged with surcharge and health and education cess; excess MAT over normal tax generates a MAT credit that can be carried forward and set off against future normal tax. Book profit computation and adjustments are technical and may require professional review. (AI Summary)

Electronic Cargo Tracking System pilot tracks scanned containers from port terminals to CFSs using GPS-enabled E-locks and automated alerts.
The pilot Electronic Cargo Tracking System requires registration of container and transit details on a web-based portal managed by M/s Transecur, supervised affixture of GPS-enabled electronic locks at port premises, continuous real-time tracking to scanning stations and designated CFSs, supervised unsealing at CFSs after scanning, and automated portal alerts for route deviation, long stoppage, tampering, sealing/unsealing confirmations, or device unresponsiveness. (AI Summary)

Indian tax laws are plagued by ambiguity and retrospective change, undermining predictability and taxpayer planning.
Indian GST and income tax laws exhibit pervasive ambiguity and frequent retrospective change that divert significant professional effort into interpretation, generate prolonged litigation, and create planning uncertainty. The note highlights conflicting judicial outcomes on input tax credit and retrospective legislative amendments as illustrative of systemic problems. It urges plain-language drafting with explicit legislative intent, time-bound dispute resolution, limits on retrospective amendments, mechanisms to harmonise effective dates after conflicting rulings, and administrative accountability to restore predictability and protect compliant taxpayers. (AI Summary)

Income tax refunds for AY 2025 26 are materially delayed; portal processing and mismatch reporting are not visible to taxpayers.
The document emphasises that e verification triggers refund processing, which requires reconciliation with third party reports such as Form 26AS, and that for AY 2025 26 refunds and portal processing indications are materially delayed compared with prior years, revealing operational and transparency deficiencies in status reporting. (AI Summary)

Arbitrator mandate termination under arbitration law hinges on strict time limits, court extensions, and substitution powers.
Fees for arbitrators are governed by the Fourth Schedule and administrative costs must be charged on actuals with disclosure to the parties. Sections 14 and 15 provide for termination where an arbitrator is unable to act, withdraws, or the parties agree. Section 29A sets a mandatory time limit for making an award with a consensual extension, and mandates termination of mandate on expiry unless a court extends time; the court may substitute arbitrators under section 29A(6). (AI Summary)

GST Appellate Tribunal procedures cover bench types, filing timelines, pre deposit rules, evidence limits, and appeal remedies.
The GST Appellate Tribunal provides a specialized appellate forum for appeals against Appellate Authority and Revisional Authority orders and anti profiteering matters; it is structured with a Principal Bench and State Benches, assigns benches centrally, and employs single member or two member panels based on dispute value and legal questions. Procedural rules set filing timelines, forms, fees, electronic filing norms, cross objection windows, limits on new evidence with narrow exceptions, and pre deposit requirements combining admitted tax, a percentage of disputed tax, and prior deposits subject to a cap, with orders that may confirm, modify, annul, or remand lower orders. (AI Summary)