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    August 4, 2026   Case Laws Income Tax
    Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh benchmarking.
    August 4, 2026   Case Laws Income Tax
    Carry-forward of losses remains available to educational trusts assessed as Associations of Persons despite absent charitable registration.
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    Competent authority approval after three years is jurisdictional; reassessment based on invalid sanction is void from inception.
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    August 4, 2026   Case Laws Customs
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    August 4, 2026   Case Laws Customs
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    Proof of software import is essential for foreign-exchange remittances, and responsible officers may incur vicarious FEMA liability.
    August 4, 2026   Case Laws FEMA
    FEMA compliance turns on valid approval, substantive escrow arrangements, officer due diligence, and residential status for repatriation duties.
    August 4, 2026   Case Laws Service Tax
    Examination-related service exemption covers integral services provided to schools, defeating tax demand, extended limitation and penalties.
    August 4, 2026   Case Laws Service Tax
    Agreement to tolerate an act requires a separate contract, so retained insurance premiums escape service tax.
    August 4, 2026   Case Laws Indian Laws
    Vicarious cheque dishonour liability cannot arise from family ties where the accused neither drew nor maintained the account.
    August 3, 2026   Notifications Customs
    Customs tariff values for edible oils, metals and areca nuts are revised through substituted valuation tables effective August 2026.
    August 3, 2026   Notifications Customs
    Customs handling authorisation expands to Umarwada, Ankleshwar, Bharuch for unloading imports and loading export goods at an Inland Container Depot.
    August 3, 2026   Notifications Customs
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    August 3, 2026   Circulars Customs
    Export bonded trucking renewal permits sealed road transshipment of air cargo, subject to bond accountability and customs transit conditions.

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      Income Tax

      Disallowance of exemption u/s 54 & 54F - Merely because of the...

      Exemption Denied: Property Not Considered HUF Asset u/ss 54 and 54F of Income Tax Act.

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      Income TaxOctober 23, 2015Case LawsAT
      Disallowance of exemption u/s 54 & 54F - Merely because of the fact that the property purchased is recorded as the asset in the statement of affairs of HUF and the loan from ICICI bank as a liability, the same cannot be considered as HUF property as the same was never purchased by HUF - No exemption - AT
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