ITA 2025 ITA 1961 Observations Rectification of mistake. Rectification of mistake.   287. (1) An income-tax authority referred to in section 236, for rectifying any mistake apparent from the record, may amend any- 154. 1[(1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may, - With necessary changes and read with other clauses it is on same lines, having same significance. Suo moto rectificati... ... ...

It has been proposed to provide marginal relief for taxpayers adopting new tax regime and having income exceeding Rs 7.00 lakhs. It had proposed to insert a proviso to Section 87A to allow a higher rebate to the resident individual opting for the new tax scheme under Section 115BAC(1A). Hence, it was proposed that there would be no requirement to pay tax under the new regime in case the income does not exceed 7 lakh. This was done vide the rebate route u/s 87A, wherein after the initial threshol... ... ...

Section 157 of the CGST Act, 2017 protects tax officials from all sort of unsustainable demands raised during adjudication. I had the occasion to come across number of unsustainable adjudication orders in the course of my professional engagements and I use to wonder as to whether the CGST law is meant only for the taxpayers and the tax officials are above the law. The answer is a definite no and that is why for smooth administration of the law, section 157 of the CGST Act, 2017 is in force. I... ... ...

Corporate Governance Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled. It balances the interests of a company's stakeholders-such as shareholders, management, customers, suppliers, and the community ensuring accountability, transparency, fairness, and ethical responsibility in all business operations. Effective corporate governance is essential for ensuring accountability, transparency and long-term sustainability of organ... ... ...

The Hon'ble Punjab and Haryana High Court in the case of Hudson Insurance Brokers Private Limited Versus Union Territory of Chandigarh And Others. - 2026 (4) TMI 1220 - PUNJAB AND HARYANA HIGH COURT  held that an order passed without assigning any reasons and without considering the reply of the assessee is a non-speaking order and violative of principles of natural justice, and therefore liable to be set aside. Facts: Hudson Insurance Brokers Private Limited ("the Petitioner"), a com... ... ...

Employer-employee disputes as commercial disputes - Return of plaint filed before wrong forum Employer-employee disputes as commercial disputes - Characterisation of employment-agreement claims for salary, increments and sales commission as a commercial dispute under the Commercial Courts Act, 2015 - HELD THAT: - A dispute arising from an employment agreement between an employer and an employee, concerning alleged unpaid salary, increments and related employment dues, is a contract of persona... ... ...

Rejection of plaint on limitation in loan-recovery suit - TDS deposit as payment on account of debt - Rejection of the loan-recovery plaint as time-barred where signed balance confirmations and continued TDS deductions were relied upon as acknowledgments or payments HELD THAT: - On an application under Order VII Rule 11(d), rejection is warranted only where a meaningful reading of the plaint and the material relied upon shows an ex facie statutory bar. Deposit of TDS against the loan trans... ... ...

Captive-consumption valuation of stock-transferred excisable goods - CAS-4 cost of production under Rule 8 of the Central Excise Valuation Rules - Penalty for alleged valuation-related short-payment of duty Valuation of iron and steel goods stock-transferred to sister units for captive use-applicability of Rule 8 or Rule 4 of the Central Excise Valuation Rules - HELD THAT: - The goods were transferred to sister units for captive consumption in the manufacture of excisable final products. We f... ... ...

Excise valuation - free-supplied cabin designs and drawings - Show cause notice-remand to cure valuation lacuna - Extended limitation and penalty-absence of wilful suppression Assessable value of motor vehicle cabins - Free-supplied designs and drawings - additional consideration - Transaction value-burden of proof - Inclusion of free-supplied cabin designs and drawings in the assessable value of motor vehicle cabins as additional consideration - HELD THAT: - Transaction value could be displa... ... ...

Service tax on commission for procuring investors and depositors - Extended limitation for suppression of taxable service - Small service provider exemption based on taxable commission turnover - Cum-tax valuation where service tax was not separately charged Service tax on commission for procuring investors and depositors - Service tax liability on commission received for procuring investors and depositors for a credit cooperative society - HELD THAT: - Following the Tribunal's earlier de... ... ...

Mutual exclusivity of sales tax/VAT and service tax on delivery charges forming part of sale price - Delivery of manufactured gases - cargo handling service or goods transport agency service Service tax on delivery charges forming part of sale price - Mutual exclusivity of sales tax/VAT and service tax - Levy of service tax on collection and delivery charges forming part of the sale price of manufactured gases and subjected to central sales tax/VAT - HELD THAT: - Where collection and delivery... ... ...

Works contract service - non-commercial construction for educational institutions - Service-tax exemption for construction of educational buildings for charitable societies - SEZ construction - statutory exemption overriding notification procedure - Commercial or industrial construction - public community hall under MPLAD Scheme Works contract service - non-commercial construction for educational institutions - Service-taxability of construction of school, college and vocational-training buil... ... ...

Service-tax valuation of recipient-borne withholding tax - Applicable rate under service-tax reverse charge - Penalty in interpretative service-tax disputes Appellate remand in service-tax proceedings - Commissioner (Appeals)'s remand for factual examination of whether withholding tax borne by the service recipient formed part of taxable value - HELD THAT: - The limitation on remand contained in the Central Excise appellate provision was not incorporated into the service-tax appellate sch... ... ...

Service tax valuation of pass-through insurance premium - Penalty for wilful suppression of service tax Service tax valuation of pass-through insurance premium - Consideration for taxable service - Inclusion of insurance premium collected from borrowers and remitted in full to the insurer in the value of taxable banking and financial service - HELD THAT: - The value of a taxable service is confined to the gross amount charged for that service and requires a nexus between the amount received a... ... ...

Regular bail in money-laundering prosecution - Statutory conditions for bail under the Prevention of Money Laundering Act - Parity with co-accused Grant of regular bail to an accused alleged to have played a central role in a cloud-storage investment scheme involving laundering of proceeds of crime - HELD THAT: - The material prima facie disclosed a specific and direct role in the formulation and operation of the investment model, mobilisation of investments, and movement and utilisation of t... ... ...

Monetary-threshold exemption from PMLA twin bail conditions - Cancellation of bail in money-laundering prosecution - Individual attribution of money-laundering amount Entitlement to the monetary-threshold exemption from the twin bail conditions under the first proviso to Section 45 of the PMLA where the aggregate proceeds of crime exceeded the threshold - HELD THAT: - The proviso concerns the sum of money-laundering for which the particular person is accused, and not the aggregate proceeds of... ... ...

Locus standi of non-participant to challenge concluded liquidation sale - Proportionality of costs for speculative liquidation challenge Challenge to concluded liquidation sale by non-participating prospective bidder - Speculative claim of prejudice in e-auction process - Maintainability of a non-participating prospective bidder's challenge to the concluded e-auction, letter of intent and sale certificate for liquidation assets - HELD THAT: - The appellant admittedly neither participated ... ... ...

Limited liability under personal guarantee - Finality of debt recovery adjudication - Repayment plan of personal guarantors -creditors' statutory approval Limited liability under personal guarantee - Finality of debt recovery adjudication - appellants' claim that their personal guarantees were confined to the market value of mortgaged properties despite the final debt recovery adjudication - HELD THAT: - The clauses imposing payment liability upon default and permitting enforcement of... ... ...

Bulk drugs/active pharmaceutical ingredients as drugs and medicines for IGST rate - Specific description-based IGST entry prevailing over general Chapter-based entries - Generalia specialibus non derogant Bulk drugs/active pharmaceutical ingredients as drugs and medicines - IGST rate on imported bulk drugs - Eligibility of imported bulk drugs/active pharmaceutical ingredients, including those used in pharmaceutical formulations, testing, clinical research, bioavailability or bioequivalence st... ... ...

IGST rate on imported bulk drugs/active pharmaceutical ingredients - Specific description-based drug entry prevailing over general chemical entries Bulk drugs/active pharmaceutical ingredients as "drugs and medicines" - Coverage of bulk drugs/Active Pharmaceutical Ingredients under the expression "All Drugs and medicines" in the IGST rate entry - HELD THAT: - As neither the rate notification nor the Customs Act defines "drugs", the Authority applied the statutory definitions governing pharmac... ... ...