Tax Updates - Daily Update https://www.taxtmi.com One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services TaxTMI.Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. Sun, 19 Jul 2026 21:36:39 +0530 en-us webmaster@taxtmi.com editor@taxtmi.com 60 PMLA twin bail conditions remained unsatisfied as alleged fund diversion, flight risk, and imminent trial defeated regular bail. https://www.taxtmi.com/highlights?id=101862 https://www.taxtmi.com/highlights?id=101862 Sun, 19 Jul 2026 21:27:39 +0530 PMLA Highlights TaxLaws TaxTMI Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filing. https://www.taxtmi.com/highlights?id=101858 https://www.taxtmi.com/highlights?id=101858 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Principal purpose test curbs treaty shopping under the amended India-Sri Lanka income tax treaty from fiscal year 2027-28. https://www.taxtmi.com/highlights?id=101857 https://www.taxtmi.com/highlights?id=101857 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Tax exemption for statutory pollution-control income applies subject to non-commercial operations, filing, continuity, and compliance. https://www.taxtmi.com/highlights?id=101856 https://www.taxtmi.com/highlights?id=101856 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Standing instructions for demat mutual fund SWP and STP will enable phased unit-based and amount-based automated transactions. https://www.taxtmi.com/highlights?id=101855 https://www.taxtmi.com/highlights?id=101855 Sun, 19 Jul 2026 21:27:39 +0530 TaxLaws Highlights TaxTMI Typographical e-way bill discrepancies without tax evasion warrant only minor penalty, not detention proceedings under Section 129. https://www.taxtmi.com/highlights?id=101854 https://www.taxtmi.com/highlights?id=101854 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Show cause notice and hearing are mandatory before penalty, making an unnotified penalty unsustainable for natural justice breach. https://www.taxtmi.com/highlights?id=101853 https://www.taxtmi.com/highlights?id=101853 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Duplicate input tax credit demands cannot target identical supplier transactions, while proceedings concerning distinct suppliers remain available. https://www.taxtmi.com/highlights?id=101852 https://www.taxtmi.com/highlights?id=101852 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental adjudication. https://www.taxtmi.com/highlights?id=101851 https://www.taxtmi.com/highlights?id=101851 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Specific grounds in GST cancellation notices are essential; cancellation based on an unnotified ground was quashed and registration restored. https://www.taxtmi.com/highlights?id=101850 https://www.taxtmi.com/highlights?id=101850 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Statutory appellate remedy for GST registration cancellation limits writ jurisdiction despite an unconsidered revocation representation. https://www.taxtmi.com/highlights?id=101849 https://www.taxtmi.com/highlights?id=101849 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Extended input tax credit timelines protect delayed returns filed before the statutory cut-off, subject to documentary eligibility. https://www.taxtmi.com/highlights?id=101848 https://www.taxtmi.com/highlights?id=101848 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Occupancy Certificate determines project completion, preserving GST credit benefit restitution for identifiable homebuyers while barring retrospective penalties. https://www.taxtmi.com/highlights?id=101847 https://www.taxtmi.com/highlights?id=101847 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Genuine hardship in revised-return delays requires pragmatic consideration where consistent relief exists for similarly placed voluntary retirement retirees. https://www.taxtmi.com/highlights?id=101846 https://www.taxtmi.com/highlights?id=101846 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Unexplained investment requires reliable evidence; telescoping fails without timing linkage, while fixed-deposit additions exclude maturity accretions. https://www.taxtmi.com/highlights?id=101845 https://www.taxtmi.com/highlights?id=101845 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Minimum alternate tax does not apply to statutory bodies outside the Companies Act, leaving book-profit disallowance challenge unsustainable. https://www.taxtmi.com/highlights?id=101844 https://www.taxtmi.com/highlights?id=101844 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment based on inapplicable share-transaction information fails when disclosed intraday profit does not match the recorded reopening reasons. https://www.taxtmi.com/highlights?id=101843 https://www.taxtmi.com/highlights?id=101843 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Surplus interest-free funds rebut interest disallowance, while section 14A computations cannot alone increase minimum alternate tax book profit. https://www.taxtmi.com/highlights?id=101842 https://www.taxtmi.com/highlights?id=101842 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Electronic filing delay in charitable trust audit reporting warranted condonation where genuine hardship arose from clerical omission. https://www.taxtmi.com/highlights?id=101841 https://www.taxtmi.com/highlights?id=101841 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction. https://www.taxtmi.com/highlights?id=101840 https://www.taxtmi.com/highlights?id=101840 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Unverifiable purchases warrant only embedded-profit estimation when accepted sales and records show actual goods were procured. https://www.taxtmi.com/highlights?id=101839 https://www.taxtmi.com/highlights?id=101839 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Reasonable cause for journal-entry loan transfers can protect genuine restructuring transactions from penalties for prescribed loan acceptance modes. https://www.taxtmi.com/highlights?id=101838 https://www.taxtmi.com/highlights?id=101838 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Commercial nexus of facilitation services supports deduction of commission expenditure against income from other sources. https://www.taxtmi.com/highlights?id=101837 https://www.taxtmi.com/highlights?id=101837 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Reassessment limitation for pre-2021 assessment years invalidated a belated notice, while unsupported share-sale cash-credit additions were deleted. https://www.taxtmi.com/highlights?id=101836 https://www.taxtmi.com/highlights?id=101836 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Cash repayment of explained family loans between spouses warranted reasonable cause, requiring deletion of the repayment penalty. https://www.taxtmi.com/highlights?id=101835 https://www.taxtmi.com/highlights?id=101835 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Business expenditure deductibility covers independent brand promotion and unreimbursed inventory price-drop margin losses where commercially genuine and verifiable. https://www.taxtmi.com/highlights?id=101834 https://www.taxtmi.com/highlights?id=101834 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Pre-2021 reassessment limitation survives amended regime, invalidating notices issued after the former statutory time limit expires. https://www.taxtmi.com/highlights?id=101833 https://www.taxtmi.com/highlights?id=101833 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Third-party loose sheets require independent corroboration before supporting unexplained investment additions for alleged on-money property purchases. https://www.taxtmi.com/highlights?id=101832 https://www.taxtmi.com/highlights?id=101832 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI BOT annuity rights are not depreciable intangible assets, while project-cost amortisation may follow provisional completion certification. https://www.taxtmi.com/highlights?id=101831 https://www.taxtmi.com/highlights?id=101831 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently. https://www.taxtmi.com/highlights?id=101830 https://www.taxtmi.com/highlights?id=101830 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Strict construction of textile duty exemptions excludes omitted schedule entries, while disclosed import claims cannot trigger extended limitation. https://www.taxtmi.com/highlights?id=101829 https://www.taxtmi.com/highlights?id=101829 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Certificate of Origin verification procedures governed preferential customs exemption, rendering denial of treaty benefits and consequential penalty unsustainable. https://www.taxtmi.com/highlights?id=101828 https://www.taxtmi.com/highlights?id=101828 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI In rem liability of a conveyance survives absent owner penalty, while driver penalty for diversion of smuggled goods stands. https://www.taxtmi.com/highlights?id=101827 https://www.taxtmi.com/highlights?id=101827 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Personal guarantor liability permits SARFAESI enforcement despite corporate debtor CIRP where no guarantor insolvency application is pending. https://www.taxtmi.com/highlights?id=101826 https://www.taxtmi.com/highlights?id=101826 Sun, 19 Jul 2026 21:27:39 +0530 TaxLaws Highlights TaxTMI Financial debt requires disbursement for time value of money; a flat allotted against service dues creates no financial creditor status. https://www.taxtmi.com/highlights?id=101825 https://www.taxtmi.com/highlights?id=101825 Sun, 19 Jul 2026 21:27:39 +0530 TaxLaws Highlights TaxTMI Prima facie material and strong suspicion justified refusal of discharge in the alleged money-laundering prosecution. https://www.taxtmi.com/highlights?id=101824 https://www.taxtmi.com/highlights?id=101824 Sun, 19 Jul 2026 21:27:39 +0530 PMLA Highlights TaxLaws TaxTMI Suppressed turnover based on unreconciled inspection stock survives revised-return disclosure, with reduced estimated additions and penalty sustained. https://www.taxtmi.com/highlights?id=101823 https://www.taxtmi.com/highlights?id=101823 Sun, 19 Jul 2026 21:27:39 +0530 VAT Highlights TaxLaws TaxTMI All-industry duty drawback rates for specified gold and silver jewellery exports are revised through amendments to the drawback schedule. https://www.taxtmi.com/highlights?id=101822 https://www.taxtmi.com/highlights?id=101822 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Specified authority composition under section 72A is amended by substituting the designated fifth committee member. https://www.taxtmi.com/highlights?id=101821 https://www.taxtmi.com/highlights?id=101821 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Cost Inflation Index for financial year 2026-27 is notified, applying from the corresponding tax year onward. https://www.taxtmi.com/highlights?id=101820 https://www.taxtmi.com/highlights?id=101820 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Pension fund tax exemption applies to eligible Indian investments subject to reporting, asset-use, borrowing and governance conditions. https://www.taxtmi.com/highlights?id=101819 https://www.taxtmi.com/highlights?id=101819 Sun, 19 Jul 2026 21:27:39 +0530 Income Tax Highlights TaxLaws TaxTMI Customs tariff values revised for edible oils, brass scrap, gold and silver, while areca nut valuation remains unchanged. https://www.taxtmi.com/highlights?id=101818 https://www.taxtmi.com/highlights?id=101818 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Special Additional Excise Duty on export-cleared Aviation Turbine Fuel is revised under the amended effective-rate notification. https://www.taxtmi.com/highlights?id=101817 https://www.taxtmi.com/highlights?id=101817 Sun, 19 Jul 2026 21:27:39 +0530 Excise Highlights TaxLaws TaxTMI Special additional excise duty on exported petrol and diesel is revised through substituted per-litre rates effective immediately. https://www.taxtmi.com/highlights?id=101816 https://www.taxtmi.com/highlights?id=101816 Sun, 19 Jul 2026 21:27:39 +0530 Excise Highlights TaxLaws TaxTMI India-UK CETA tariff concessions introduce preferential customs treatment, origin verification, and quota-based rates for specified United Kingdom imports. https://www.taxtmi.com/highlights?id=101815 https://www.taxtmi.com/highlights?id=101815 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Forced-labour import enquiries now permit evidence gathering and recommendations to prohibit affected goods from entering India. https://www.taxtmi.com/highlights?id=101814 https://www.taxtmi.com/highlights?id=101814 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI Accredited export test reports must be considered without mandatory CRCL referral where no risk-based intervention or intelligence exists. https://www.taxtmi.com/highlights?id=101813 https://www.taxtmi.com/highlights?id=101813 Sun, 19 Jul 2026 21:27:39 +0530 Customs Highlights TaxLaws TaxTMI GST 'as is where is' regularisation accepts lower tax positions but denies refunds and excludes unreported non-payment. https://www.taxtmi.com/highlights?id=101812 https://www.taxtmi.com/highlights?id=101812 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Suo-moto audit and scrutiny proposals require documented reasons, estimated evasion, DETC recommendation and range-level approval before initiation. https://www.taxtmi.com/highlights?id=101811 https://www.taxtmi.com/highlights?id=101811 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI Multi-year GST audit coverage requires examination of subsequent financial years through the current year for full compliance review. https://www.taxtmi.com/highlights?id=101810 https://www.taxtmi.com/highlights?id=101810 Sun, 19 Jul 2026 21:27:39 +0530 GST Highlights TaxLaws TaxTMI TMI Updates - Newsletter dated: July 19, 2026 https://www.taxtmi.com/newsletter?id=07/19/2026 https://www.taxtmi.com/newsletter?id=07/19/2026 Daily Updates Tax