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Thu, 14 May 2026 20:45:13 +0530 en-us webmaster@taxtmi.com editor@taxtmi.com 60 Customs duty and surcharge rates on precious-metal goods are revised, with new tariff entries and import conditions for spent catalyst. https://www.taxtmi.com/highlights?id=99783 https://www.taxtmi.com/highlights?id=99783 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Customs duty entries for gold and silver under India-UAE CEPA are revised through amended notification entries. https://www.taxtmi.com/highlights?id=99782 https://www.taxtmi.com/highlights?id=99782 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Customs duty on gold, silver and platinum imports under specified schemes is increased by amendment. https://www.taxtmi.com/highlights?id=99781 https://www.taxtmi.com/highlights?id=99781 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Customs duty on precious metals and related goods increased to 10% under amended import notification. https://www.taxtmi.com/highlights?id=99780 https://www.taxtmi.com/highlights?id=99780 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Interest subvention under export credit rules clarified for delayed UIN generation and claim timing. https://www.taxtmi.com/highlights?id=99779 https://www.taxtmi.com/highlights?id=99779 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Customs area extension for a container freight station: additional land notified for unloading and loading operations under customs control. https://www.taxtmi.com/highlights?id=99778 https://www.taxtmi.com/highlights?id=99778 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Directory filing period for waiver applications upheld, and rejection for delay was quashed for fresh merits consideration. https://www.taxtmi.com/highlights?id=99777 https://www.taxtmi.com/highlights?id=99777 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Natural justice in ex parte adjudication: matter remanded for reply to show cause notice with merits left open https://www.taxtmi.com/highlights?id=99776 https://www.taxtmi.com/highlights?id=99776 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Reopening of assessment and overriding title rule upheld: gross-receipt entitlement under an AOP was taxable as business income. https://www.taxtmi.com/highlights?id=99775 https://www.taxtmi.com/highlights?id=99775 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Commercial expediency governs interest deduction where borrowed funds are used through a subsidiary for business purposes. https://www.taxtmi.com/highlights?id=99774 https://www.taxtmi.com/highlights?id=99774 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Curative petition standards prevent reopening unless Rupa Ashok Hurra parameters are met; defective petitions were dismissed. https://www.taxtmi.com/highlights?id=99773 https://www.taxtmi.com/highlights?id=99773 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment notices and limitation: SC required High Courts to first ermine whether cases fell in Assessment Year 2015-16. https://www.taxtmi.com/highlights?id=99772 https://www.taxtmi.com/highlights?id=99772 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Natural justice in assessment requires full disclosure of departmental material before adverse findings can be made. https://www.taxtmi.com/highlights?id=99771 https://www.taxtmi.com/highlights?id=99771 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Natural justice breach invalidated an assessment where relied-upon search material was not supplied to the assessee for rebuttal. https://www.taxtmi.com/highlights?id=99770 https://www.taxtmi.com/highlights?id=99770 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Section 80P deduction upheld for credit co-operative society's bank interest earned on liquidity and operational deposits. https://www.taxtmi.com/highlights?id=99769 https://www.taxtmi.com/highlights?id=99769 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Concessional corporate tax rate turns on prior-year turnover verification, with remand for examination of audited financials. https://www.taxtmi.com/highlights?id=99768 https://www.taxtmi.com/highlights?id=99768 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Genuineness of political donation claim under section 80-GGC failed on surrounding facts, so deduction was denied. https://www.taxtmi.com/highlights?id=99767 https://www.taxtmi.com/highlights?id=99767 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Defective penalty charge under section 270A and bona fide reliance on Form 16 justified deletion of penalty. https://www.taxtmi.com/highlights?id=99766 https://www.taxtmi.com/highlights?id=99766 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment notice validity and bogus purchase additions: ITAT upheld reopening, but remanded the purchase dispute for fresh verification. https://www.taxtmi.com/highlights?id=99765 https://www.taxtmi.com/highlights?id=99765 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Mandatory prior intimation under section 143(1)(a) is required before denying concessional tax treatment in return processing. https://www.taxtmi.com/highlights?id=99764 https://www.taxtmi.com/highlights?id=99764 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Search-linked reassessment and cross-examination requirements shape Section 68 scrutiny; reassessment upheld, additions remanded for fresh inquiry. https://www.taxtmi.com/highlights?id=99763 https://www.taxtmi.com/highlights?id=99763 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Valid issuance of reassessment notice must be proved within limitation; section 292BB cannot cure a jurisdictional defect. https://www.taxtmi.com/highlights?id=99762 https://www.taxtmi.com/highlights?id=99762 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Redevelopment flat exchange falls outside section 56(2)(x), so the deemed income addition was deleted in full. https://www.taxtmi.com/highlights?id=99761 https://www.taxtmi.com/highlights?id=99761 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Indirect transfer taxation: offshore share sale not taxable in India, so no withholding obligation arose under the then-prevailing law. https://www.taxtmi.com/highlights?id=99760 https://www.taxtmi.com/highlights?id=99760 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Appellate enhancement without procedure cannot introduce a new head of income after section 54F controversy is resolved. https://www.taxtmi.com/highlights?id=99759 https://www.taxtmi.com/highlights?id=99759 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Cash payment disallowance under section 40A(3) sustained where the assessee failed to prove the Rule 6DD exception. https://www.taxtmi.com/highlights?id=99758 https://www.taxtmi.com/highlights?id=99758 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Presumptive taxation and unexplained income: rice trading receipts taxed twice under section 69A were deleted, while unsupported salary claims failed. https://www.taxtmi.com/highlights?id=99757 https://www.taxtmi.com/highlights?id=99757 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Accumulation exemption under section 11(2) cannot be claimed twice, and unutilised funds become deemed income under section 11(3). https://www.taxtmi.com/highlights?id=99756 https://www.taxtmi.com/highlights?id=99756 Thu, 14 May 2026 20:45:13 +0530 Income Tax Highlights TaxLaws TaxTMI Unjust enrichment and refund of Extra Duty Deposit: loan-funded customs payment did not defeat refund, and delayed interest was payable. https://www.taxtmi.com/highlights?id=99755 https://www.taxtmi.com/highlights?id=99755 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Inconclusive laboratory testing prevented final customs classification, leading to remand for fresh testing on all relevant parameters. https://www.taxtmi.com/highlights?id=99754 https://www.taxtmi.com/highlights?id=99754 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Export drawback rules: unlocking mobile phones for overseas use is configuration, so misdeclaration, confiscation, and penalties fail. https://www.taxtmi.com/highlights?id=99753 https://www.taxtmi.com/highlights?id=99753 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Certified copy requirement invalidates appeal institution when omitted, and delay condonation cannot cure the foundational defect. https://www.taxtmi.com/highlights?id=99752 https://www.taxtmi.com/highlights?id=99752 Thu, 14 May 2026 20:45:13 +0530 TaxLaws Highlights TaxTMI Court-process delay in uploading orders cannot prejudice compliance with service steps; dismissal for non-service was set aside. https://www.taxtmi.com/highlights?id=99751 https://www.taxtmi.com/highlights?id=99751 Thu, 14 May 2026 20:45:13 +0530 TaxLaws Highlights TaxTMI Foreign exchange remittance for imports must be used or repatriated; third-party adjustments cannot cure FEMA contravention. https://www.taxtmi.com/highlights?id=99750 https://www.taxtmi.com/highlights?id=99750 Thu, 14 May 2026 20:45:13 +0530 FEMA Highlights TaxLaws TaxTMI FEMA contravention and managing director liability sustained, but penalties reduced for proportionality. https://www.taxtmi.com/highlights?id=99749 https://www.taxtmi.com/highlights?id=99749 Thu, 14 May 2026 20:45:13 +0530 FEMA Highlights TaxLaws TaxTMI Works contract classification and threshold exemption defeated service tax demand, with extended limitation held unavailable. https://www.taxtmi.com/highlights?id=99748 https://www.taxtmi.com/highlights?id=99748 Thu, 14 May 2026 20:45:13 +0530 Service Tax Highlights TaxLaws TaxTMI Customs notification expands inland container depot coverage to Village Namli, Ratlam for import unloading and export loading. https://www.taxtmi.com/highlights?id=99747 https://www.taxtmi.com/highlights?id=99747 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Mandatory hearing before refund rejection requires authorities to consider a requested personal hearing and follow prescribed procedure. https://www.taxtmi.com/highlights?id=99746 https://www.taxtmi.com/highlights?id=99746 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Interest on delayed GST payment applies only to net cash liability after the amended proviso to section 50(1). https://www.taxtmi.com/highlights?id=99745 https://www.taxtmi.com/highlights?id=99745 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Confiscation under Section 130 vests title in Government, so detention-case release terms cannot be imported into confiscation proceedings. https://www.taxtmi.com/highlights?id=99744 https://www.taxtmi.com/highlights?id=99744 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Pre-deposit compliance under protest: amounts already paid may count toward the statutory deposit requirement in disputed tax matters. https://www.taxtmi.com/highlights?id=99743 https://www.taxtmi.com/highlights?id=99743 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI GST evasion allegations can support general penal prosecution, and prima facie evidence of fake firms led to bail refusal. https://www.taxtmi.com/highlights?id=99742 https://www.taxtmi.com/highlights?id=99742 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Contractual food supply to corporates is service under SAC 996337 and taxable at the residual GST rate, not restaurant service. https://www.taxtmi.com/highlights?id=99741 https://www.taxtmi.com/highlights?id=99741 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Substance over form in GST classification: e-commerce fulfilment held taxable as courier and logistics, not exempt GTA service. https://www.taxtmi.com/highlights?id=99740 https://www.taxtmi.com/highlights?id=99740 Thu, 14 May 2026 20:45:13 +0530 GST Highlights TaxLaws TaxTMI Inadmissible statements and electronic evidence cannot sustain undervaluation where contemporaneous import data is wrongly discarded. https://www.taxtmi.com/highlights?id=99739 https://www.taxtmi.com/highlights?id=99739 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Tariff classification of generators used with turboprop engines was held to fall under heading 8501, not heading 8511. https://www.taxtmi.com/highlights?id=99738 https://www.taxtmi.com/highlights?id=99738 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Bluetooth headset classification under CTI 8518 30 00 upheld; extended limitation and penalty under section 114A set aside. https://www.taxtmi.com/highlights?id=99737 https://www.taxtmi.com/highlights?id=99737 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Natural justice and transaction value govern ad valorem export duty; moisture variation alone cannot displace declared sale price. https://www.taxtmi.com/highlights?id=99736 https://www.taxtmi.com/highlights?id=99736 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Provisional release conditions for seized imported goods cannot exceed what is needed to secure duty and interest. https://www.taxtmi.com/highlights?id=99735 https://www.taxtmi.com/highlights?id=99735 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI Rule 2(a) does not treat unassembled elevator parts as complete lifts when essential components are missing. https://www.taxtmi.com/highlights?id=99734 https://www.taxtmi.com/highlights?id=99734 Thu, 14 May 2026 20:45:13 +0530 Customs Highlights TaxLaws TaxTMI TMI Updates - Newsletter dated: May 14, 2026 https://www.taxtmi.com/newsletter?id=05/14/2026 https://www.taxtmi.com/newsletter?id=05/14/2026 Daily Updates Tax