PART III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 11th February, 2025 No. S.O. 12/P.A.5/2017/Ss. 9,11,15 and 148/2025.- In exercise of the powers conferred by sub-sections (1), (3), and (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and section 148 of the Punjab Goods and Services Tax Act, 2017(Punjab Act No.5 of 2017), and all other powers enabling him in this behalf, the Governor of... ... ...

Punjab Goods and Services Tax exemption framework is amended by substituting the specified rate in column (4) against serial number 4 from 6% to 9%. The revised entry is deemed to have taken effect from 16 January 2025 and applies only to the identified table entry.

Condonation of a deliberately delayed appeal requires cogent material establishing sufficient cause; prima facie merits may be relevant where limitation would otherwise defeat a deserving claim. Revision under section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. An unreconciled credit balance, despite material suggesting it arose from completed-work bills, supported examination of the assessment's correctness. A subsequent-year ledger did not specifically prove that the disputed amount was offered to tax, and TDS credit alone did not establish income disclosure. On these facts, the deliberate delay lacked sufficient cause and the delayed challenge to revision was not entertained.

Levy of surcharge - prescribed income threshold Levy of surcharge where the returned income did not exceed the prescribed threshold under the First Schedule to the Finance Act, 2022 - HELD THAT: - The Commissioner had accepted that the assessee's income did not cross the statutory threshold for surcharge, but inadvertently dismissed the appeal for statistical purposes. Applying the Tribunal's decision namely M/s. Lintas Employees Professional Development Trust [2024 (5) TMI 1545 - ITA... ... ...

Transfer pricing comparability - Extraordinary event affecting comparability - Exclusion of a M/s Crompton Greaves Ltd., manufacturing-segment comparable which had undergone amalgamation of a subsidiary during the relevant previous year while determining the arm's length price of international transactions HELD THAT: - The finding that the proposed comparable had undergone an extraordinary amalgamation event in the relevant previous year was not rebutted by the Revenue. The Tribunal there... ... ...

Reassessment beyond four years - Full and true disclosure of material facts - Validity of reopening beyond four years of a completed assessment in respect of additional depreciation claimed on electrical installations, data processing equipment and capitalised exchange fluctuation loss - HELD THAT: - A completed assessment can be reopened beyond four years only where the recorded reasons establish that escapement was attributable to the assessee's failure to make a full and true disclosure o... ... ...

Sufficient cause for condonation of delay in filing appeal - claim for exemption u/s 10(26AAB) omitted from the return Sufficient cause for condonation of delay in filing appeal - 1,733-day delay in filing the first appeal - HELD THAT: - The Tribunal accepted the explanation in the petition and the Secretary's affidavit concerning the assessee's lack of knowledge of the intimation and its stated operational constraints, and held that sufficient cause for the delayed appeal existed. [P... ... ...

Penalty u/s 271(1)(c) for furnishing inaccurate particulars - defective notice without specification of statutory limb HELD THAT: - Following PCIT Vs. Sahara India Life Insurance Co. Ltd. [2019 (8) TMI 409 - DELHI HIGH COURT] and PCIT Vs. Gopal Kumar Goyal [2023 (7) TMI 690 - DELHI HIGH COURT] the Tribunal held that failure to specify the relevant limb in the penalty show-cause notice vitiated the penalty proceedings. [Paras 4] The deletion of penalty was upheld and the Revenue's appea... ... ...

Condonation of delay of 719 days in the filing of the appeal - appellant would submit that the appellant had passed away and his legal representative have moved a miscellaneous application for review of the order of the Income Tax Appellate Tribunal which came to be dismissed only in the year 2024 and that on account of the pendency of the said miscellaneous application, the appellant had not moved the appeal before this Court. HELD THAT:- We are of the opinion that none of the reasons set ou... ... ...

IGST refund for export of services - restriction under Rule 96(10) of the CGST Rules - Entitlement to refund of IGST paid on export of services in view of the decision concerning Rule 96(10) of the CGST Rules HELD THAT: - The Court held that the petition was directly and squarely covered by the co-ordinate Bench decision [2026 (8) TMI 1280 - KARNATAKA HIGH COURT] concerning Rule 96(10), which had quashed proceedings after noting that the rule had been struck down and subsequently omitted. Tha... ... ...

Summary order. Notice was issued; the petitioner was directed to participate in adjudication of the show-cause notice, and any final order was directed not to be given effect to pending the writ proceedings.... ... ...

GST exemption applies to services supplied by approved Maritime Training Institutes where education forms part of a curriculum leading to a qualification recognised by law. Maritime courses and institutes approved by the Director General of Shipping are recognised under the Merchant Shipping Act, 1958 and the standards governing seafarer training, certification and watch-keeping. Such institutes qualify as educational institutions for GST purposes, subject to the applicable exemption conditions, with corresponding application under equivalent IGST, UTGST and CGST exemption entries.

Providers holding continuation letters may operate BATF services in their existing legal form during the three-year transition, but must obtain registration to continue BATF services from IFSC. BATF operations must be ring-fenced, prescribed fees paid, and specified requirements met. Transitional exclusions apply to pre-existing contracts, manpower and assets and to migration to a newly incorporated entity; further conditions must be met within six months.

Safeguarding conditions restrict employee relocation and asset transfers from Group Entities in India to a BATF Service Provider. Transferred or relocated employees must remain within the prescribed workforce limit, and only employees without recent Group Entity employment qualify as new employees. The conditions apply annually for the prescribed period. Existing contracts or work arrangements are treated as transferred where subsisting client arrangements are shifted, or prematurely terminated and replaced by a new arrangement with the same service recipient.

Repeal and savings remove references to Accounting, Book-keeping and Taxation Services from specified entries of the Ancillary Services Framework after a sixty-day commencement period. Ancillary Service Providers holding a letter of continuation remain governed by the prescribed conditions in the Second Schedule despite other provisions and must comply with those continuation conditions.

Contravention by a BATF Service Provider of applicable regulations, guidelines, circulars or directions may attract enforcement action under the Act, including suspension or cancellation of registration. Enforcement action cannot be taken unless the provider receives a reasonable opportunity to make submissions.

BATF Service Providers must pay the fees or charges specified by the Authority from time to time under the framework governing book-keeping, accounting, taxation and financial crime compliance services.

Authority powers include prescribing norms, procedures, processes and additional requirements through circulars, guidelines or directions. Directions may also be issued through guidance notes or circulars to address difficulties in interpretation or application, providing an administrative mechanism for supplementary requirements and interpretive clarification in matters incidental to implementation.

The Authority may relax strict enforcement of applicable requirements where this serves development of the financial market in an IFSC, with reasons recorded in writing. Applicants must file details and grounds with the specified non-refundable fee. A complete application, including clarification responses, must be processed within sixty days, and reasons recorded for acceptance or refusal.

BATF Service Providers must furnish operational information in the manner, intervals and form specified by the Authority. Financial reporting must be in US Dollar unless otherwise directed. Within ninety days after each financial year closes, each provider must submit an independent compliance certificate issued by a practising CA, CS or CMA, confirming compliance with applicable requirements, including Regulations 8 and 9.