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    May 23, 2026   Case Laws GST
    Bail in GST fraud prosecution granted where evidence was documentary, custody was prolonged, and trial delay was likely.
    May 23, 2026   Case Laws GST
    Preferential location charges form part of composite construction supply and cannot be taxed separately under GST.
    May 23, 2026   Case Laws GST
    GST registration cancellation requires a speaking order; failure to record reasons renders the cancellation illegal and unsustainable.
    May 23, 2026   Case Laws GST
    Composite assessment orders spanning multiple tax periods are invalid and must be proceeded with year-wise.
    May 23, 2026   Case Laws GST
    Anti-profiteering delay and GST-inclusive profiteered amount upheld, with interest and prospective penalty on unrepassed ITC benefit.
    May 23, 2026   Case Laws Income Tax
    Refund adjustment against disputed tax demand barred during appeal where substantial deposit had already been made.
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    Reassessment notices against a deceased assessee are invalid unless proceedings are brought against legal representatives under the statute.
    May 23, 2026   Case Laws Income Tax
    Aggregated TNMM benchmarking upheld where interlinked international transactions were tested together and no substantial question of law arose.
    May 23, 2026   Case Laws Income Tax
    Convertible debentures treated as equity, no transition amount under MAT, and Rule 8D disallowance failed for lack of satisfaction.
    May 23, 2026   Case Laws Income Tax
    Inoperative PAN triggers higher TDS, but liability may be avoided if the seller disclosed the transaction and paid due tax.
    May 23, 2026   Case Laws Income Tax
    Rectification of apparent error allowed where notional cost substitution for section 80-IB(10) deduction was held legally impermissible.
    May 23, 2026   Case Laws Income Tax
    Transfer-linked expenses and acquisition cost rules: travel claims remanded, deposits and loan interest allowed in capital gains computation.
    May 23, 2026   Case Laws Income Tax
    Best judgment assessment must be based on fair estimation; arbitrary profit rate rejected and income recomputed at 7 per cent.
    May 23, 2026   Case Laws Income Tax
    Discretionary penalty for foreign asset non-disclosure rejected where omission was bona fide and funds were fully disclosed.
    May 23, 2026   Case Laws Income Tax
    Tenancy rights surrender receipts remain capital in nature and cannot be taxed under other sources despite acquisition-cost disputes.
    May 23, 2026   Case Laws Income Tax
    Artificial volume and price rigging justified commission income estimation at 5%, restoring the assessment addition.
    May 23, 2026   Case Laws Income Tax
    Debatable deduction claim under section 80IB(10) could not justify penalty for inaccurate particulars.
    May 23, 2026   Case Laws Income Tax
    Depreciable asset gains remain long-term for tax-rate purposes while section 50 governs only computation and written down value
    May 23, 2026   Case Laws Income Tax
    Capital receipt treatment for settlement compensation: Tribunal excludes payment for giving up a right to sue from taxability.
    May 23, 2026   Case Laws Customs
    Food testing kits classification rejected as diagnostic kits exemption failed, extended limitation and penalties upheld.
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May 23, 2026   Case Laws GST
Bail in GST fraud prosecution granted where evidence was documentary, custody was prolonged, and trial delay was likely.
May 23, 2026   Case Laws GST
Preferential location charges form part of composite construction supply and cannot be taxed separately under GST.
May 23, 2026   Case Laws GST
GST registration cancellation requires a speaking order; failure to record reasons renders the cancellation illegal and unsustainable.
May 23, 2026   Case Laws GST
Composite assessment orders spanning multiple tax periods are invalid and must be proceeded with year-wise.
May 23, 2026   Case Laws GST
Anti-profiteering delay and GST-inclusive profiteered amount upheld, with interest and prospective penalty on unrepassed ITC benefit.
May 23, 2026   Case Laws Income Tax
Refund adjustment against disputed tax demand barred during appeal where substantial deposit had already been made.
May 23, 2026   Case Laws Income Tax
Reassessment notices against a deceased assessee are invalid unless proceedings are brought against legal representatives under the statute.
May 23, 2026   Case Laws Income Tax
Aggregated TNMM benchmarking upheld where interlinked international transactions were tested together and no substantial question of law arose.
May 23, 2026   Case Laws Income Tax
Convertible debentures treated as equity, no transition amount under MAT, and Rule 8D disallowance failed for lack of satisfaction.
May 23, 2026   Case Laws Income Tax
Inoperative PAN triggers higher TDS, but liability may be avoided if the seller disclosed the transaction and paid due tax.
May 23, 2026   Case Laws Income Tax
Rectification of apparent error allowed where notional cost substitution for section 80-IB(10) deduction was held legally impermissible.
May 23, 2026   Case Laws Income Tax
Transfer-linked expenses and acquisition cost rules: travel claims remanded, deposits and loan interest allowed in capital gains computation.
May 23, 2026   Case Laws Income Tax
Best judgment assessment must be based on fair estimation; arbitrary profit rate rejected and income recomputed at 7 per cent.
May 23, 2026   Case Laws Income Tax
Discretionary penalty for foreign asset non-disclosure rejected where omission was bona fide and funds were fully disclosed.
May 23, 2026   Case Laws Income Tax
Tenancy rights surrender receipts remain capital in nature and cannot be taxed under other sources despite acquisition-cost disputes.
May 23, 2026   Case Laws Income Tax
Artificial volume and price rigging justified commission income estimation at 5%, restoring the assessment addition.
May 23, 2026   Case Laws Income Tax
Debatable deduction claim under section 80IB(10) could not justify penalty for inaccurate particulars.
May 23, 2026   Case Laws Income Tax
Depreciable asset gains remain long-term for tax-rate purposes while section 50 governs only computation and written down value
May 23, 2026   Case Laws Income Tax
Capital receipt treatment for settlement compensation: Tribunal excludes payment for giving up a right to sue from taxability.
May 23, 2026   Case Laws Customs
Food testing kits classification rejected as diagnostic kits exemption failed, extended limitation and penalties upheld.

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Income Tax

This circular relates to condonation of delay under clause (b)...

Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.

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Income Tax October 31, 2024 Circulars
This circular relates to condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P for the Assessment Year 2023-24. The Central Board of Direct Taxes received applications from co-operative societies seeking condonation of delay in furnishing returns due to delay in getting accounts audited under respective State Laws. To mitigate genuine hardship, the Board exercised powers u/s 119 and extended the applicability of Circular No.13/2023 dated 26.07.2023 to AY 2023-24, subject to conditions stipulated therein. The circular aims to provide relief to assessees facing delays in filing returns claiming deduction u/s 80P.
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