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    April 8, 2026   Case Laws Income Tax
    Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
    April 8, 2026   Case Laws Income Tax
    Embedded profit in on-money receipts taxed at 10%, with income recognised on sale deed execution, not cash receipt.
    April 8, 2026   Case Laws Income Tax
    Surcharge on private discretionary trusts: ITAT applies Finance Act slab rates and accepts 15% surcharge instead of 25%.
    April 8, 2026   Case Laws Customs
    Provisional release conditions: bank guarantee for seized goods held arbitrary, while appeal maintainability was upheld.
    April 8, 2026   Case Laws Customs
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    April 8, 2026   Case Laws Customs
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    April 8, 2026   Case Laws Customs
    Customs Broker due diligence obligations narrowly construed; revocation and penalty set aside for lack of proof of regulatory breach.
    April 8, 2026   Case Laws IBC
    Moratorium protection over leased premises bars lessor from recovering possession while the corporate debtor remains in possession.
    April 8, 2026   Case Laws IBC
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    April 8, 2026   Case Laws FEMA
    Export proceeds realisation and director liability under FEMA were upheld for failure to ship goods and recover outstanding exports.
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    Electronic evidence and retracted statements under FEMA upheld, but penalties were reduced for excessive quantum.
    April 8, 2026   Case Laws Service Tax
    Expeditious service tax adjudication cannot be defeated by long Call Book delays; common demand order set aside.
    April 8, 2026   Case Laws Central Excise
    Section 9D compliance and corroborative evidence requirements defeated clandestine excise demand and penalties.
    April 8, 2026   Case Laws Central Excise
    Panchnama and section 9D evidence rules defeat clandestine manufacture demand where manufacturer identity is not proved.
    April 8, 2026   Case Laws Indian Laws
    Promissory estoppel applied to SEZ octroi exemption, making the State liable for refund despite no municipal statutory amendment.
    April 8, 2026   Case Laws Indian Laws
    Section 34 review of arbitral award: milestone withholding, contractual interest bar, tax reimbursement, and prolongation damages partly set aside.
    April 7, 2026   Notifications DGFT
    Export policy tightened for wood pellets and wood briquettes, making both items subject to Restricted Export Authorization.
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April 8, 2026   Case Laws Income Tax
Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examination.
April 8, 2026   Case Laws Income Tax
Embedded profit in on-money receipts taxed at 10%, with income recognised on sale deed execution, not cash receipt.
April 8, 2026   Case Laws Income Tax
Surcharge on private discretionary trusts: ITAT applies Finance Act slab rates and accepts 15% surcharge instead of 25%.
April 8, 2026   Case Laws Customs
Provisional release conditions: bank guarantee for seized goods held arbitrary, while appeal maintainability was upheld.
April 8, 2026   Case Laws Customs
Ore-to-concentrate conversion defeats CVD exemption where imported manganese has undergone washing, waste removal and sizing.
April 8, 2026   Case Laws Customs
Refund claims filed before final settlement of an exemption dispute are premature and may be rejected.
April 8, 2026   Case Laws Customs
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof.
April 8, 2026   Case Laws Customs
Customs Broker due diligence obligations narrowly construed; revocation and penalty set aside for lack of proof of regulatory breach.
April 8, 2026   Case Laws IBC
Moratorium protection over leased premises bars lessor from recovering possession while the corporate debtor remains in possession.
April 8, 2026   Case Laws IBC
Limitation for CIRP based on DRT recovery certificate was not defeated by absence of a separately stated default date.
April 8, 2026   Case Laws IBC
Insolvency professional misconduct upheld where resolution plan compliance failures and prior affirmed findings justified dismissal of the appeal.
April 8, 2026   Case Laws FEMA
Export proceeds realisation and director liability under FEMA were upheld for failure to ship goods and recover outstanding exports.
April 8, 2026   Case Laws FEMA
Proof of import through Bills of Entry failed on inadequate high sea sale evidence, sustaining remittance contravention
April 8, 2026   Case Laws FEMA
Electronic evidence and retracted statements under FEMA upheld, but penalties were reduced for excessive quantum.
April 8, 2026   Case Laws Service Tax
Expeditious service tax adjudication cannot be defeated by long Call Book delays; common demand order set aside.
April 8, 2026   Case Laws Central Excise
Section 9D compliance and corroborative evidence requirements defeated clandestine excise demand and penalties.
April 8, 2026   Case Laws Central Excise
Panchnama and section 9D evidence rules defeat clandestine manufacture demand where manufacturer identity is not proved.
April 8, 2026   Case Laws Indian Laws
Promissory estoppel applied to SEZ octroi exemption, making the State liable for refund despite no municipal statutory amendment.
April 8, 2026   Case Laws Indian Laws
Section 34 review of arbitral award: milestone withholding, contractual interest bar, tax reimbursement, and prolongation damages partly set aside.
April 7, 2026   Notifications DGFT
Export policy tightened for wood pellets and wood briquettes, making both items subject to Restricted Export Authorization.

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Income Tax

Levying penalty u/s. 272A(2)(k) - Filing the return belatedly -...

Penalty for Late Return Filing u/s 272A(2)(k) Requires Reasonable Cause Consideration u/s 273B.

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Income Tax May 19, 2021 Case Laws AT
Levying penalty u/s. 272A(2)(k) - Filing the return belatedly - There may have been procedural lapse on the part of the assessee however, due to such procedural lapse no prejudice has been caused to the Revenue. This fact has also been admitted by the Ld. DR. - The provisions of Section 272A(2)(k) are subject to provisions of section 273B of the Act and hence, the relevance of reasonable cause has to be established. - AT
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Acts Income Tax
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