News
GSTN Extends Roll out of Mandatory "Ship To GSTIN" Requirement & E-Way Bill Voluntary Closure Facility
13+ hour ago (247+ words) The Goods and Services Tax Network ( GSTN ) has extended the implementation of the mandatory "Ship To GSTIN" in Bill-To/Ship-To transactions and the Voluntary Closure of E-Way Bill facility. Earlier, through an advisory issued on 20 May 2026, GSTN had announced that…...
Pooja Panneer / Pooja Rosewater attracts 18% GST, Not Exempt as Puja Samagri: AAR
5+ hour, 22+ min ago (430+ words) The Tamil Nadu Authority for Advance Ruling (AAR) has held that "Pooja Panneer" or "Pooja Rose Water" sold for religious and ritual purposes is not eligible for GST exemption available to "puja samagri" and is liable to GST ( Goods and…...
Incorrect Cost of Acquisition considered while computing LTCG: ITAT directs Re-computation
10+ hour, 25+ min ago (188+ words) The Income Tax Appellate Tribunal (ITAT), Jabalpur Bench, held that the incorrect cost of acquisition was considered while computing LTCG and directed for re-computation. Also Read: ITAT quashes Disallowance of Employees" ESI/EPF Contributions u/s 36(1)(va) of Income Tax…...
Taxpayer's 2-Year Refund Battle Spills out to X, Income Tax Dept. Issues Reply
1+ day, 7+ hour ago (450+ words) A long-pending income tax refund has led one taxpayer to take his battle to social media platform X, drawing a response from the Income Tax Department. X user Mohan Rao (@Mohan Ra12129731), had apparently been attempting to secure a refund pertaining…...
The Rise of Forensic Accounting: A New Frontier for Chartered Accountants
2+ day, 5+ hour ago (520+ words) For Chartered Accountants, it represents a significant opportunity, as their strong foundation in accounting, taxation, auditing, and compliance positions them well for this role. Overall, forensic accounting extends the role of CAs beyond traditional functions, enabling them to contribute directly…...
IMAX Corporation Lacks Fixed Place or Installation PE in India: ITAT Deletes Additions Noting Employee Presence Was Merely 5 Days During Year
2+ day, 9+ hour ago (304+ words) The dispute arose from the AO's order, passed under section 143(3) r. w. s. 144 C(13) of the Income Tax Act, 1961, which had proposed additions amounting to Rs. 182. 34 lakhs. The Revenue Department contended that IMAX Corporation had a PE in India based on the installation…...
COVID19 Stay and Canara Bank's Objection on CIRP Delays Not a Bar: NCLT Approves "17. 25 Crore Resolution Plan with "3 Crore Working Capital Infusion
5+ day, 11+ hour ago (174+ words) The Karnataka High Court stayed the proceedings in September 2019, and the matter remained stalled until September 2022. The delay was compounded by the passing of the IRP during the COVID19 pandemic. Also Read: Unsigned Property Agreement and Unverified Search Documents Insufficient for…...
Airspan Air Velocity 2700 Classifiable Under SDH Equipment: CESTAT Supports Importer's Classification Claim
1+ week, 10+ hour ago (377+ words) The Bangalore Bench of the Customs, Excise, and Service Tax Appellate Tribunal held that Airspan Air Velocity 2700 was classifiable as Synchronous Digital Hierarchy (SDH) equipment, accepting the importer's classification claim and rejecting the customs department's contrary view based on the…...
Income Tax Rules for Non-Residents Doing Business in India: 2026 Guide
1+ week, 1+ day ago (1046+ words) Non-residents doing business in India must understand when Indian income tax applies. The key issues are residence, Indian-source income, business connection, treaty relief and TDS. In 2026, this becomes more important due to the transition to the Income-tax Act, 2025 and increased…...
Relief to Mahindra Holiday and Resorts India Ltd: CESTAT allows CENVAT Credit on Input Services Having Nexus with Output Services
1+ week, 1+ day ago (190+ words) The Customs, Excise &Service Tax Appellate Tribunal (CESTAT), Chennai, partly allowed an appeal filed by Mahindra Holiday and Resorts India Ltd. , setting aside the denial of CENVAT credit for input services having a nexus with output services, while remanding the…...