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Sole Reliance on Retracted and Untested Statements Impermissible: CESTAT Sets Aside Penalty on Diamond Broker in Overvaluation Case [Read Order]

Kavi Priya

The Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that sole reliance on retracted and untested statements...

Violation of Provisions of S. 10(A) of Companies Act: MCA directs to pay penalty imposed within 90...

Income Tax Portal Horror: Honest Taxpayer Slapped with ₹29 Lakh Fine due to Payment Glitch

₹5.28 Lakh Penalty u/s 271(1)(c) on One-Time Settlement: ITAT Deletes, Holds It Capital in Nature...

Gold Smuggling Penalty on 19-Year-Old Taekwondo Player :Delhi HC Sets Aside ₹2 Lakh Fine Citing Age...

GST on Interest under Annuity Model: AAR Holds Deferred Payment Interest Taxable as Part of Supply Value u/s 15(2)(d) [Read Order]

The Maharashtra bench of the Authority for Advance Ruling (AAR) involved an application by Shenwa Infrastructure Private Limited, seeking clarity on the GST implications of interest received on...

Kannada Actress Ranya Rao Faces ₹102 Crore Penalty in Gold Smuggling Case

Kannada actress Ranya Rao has been fined Rs. 102 crore by the Directorate of Revenue Intelligence (DRI) for her involvement in a large gold smuggling case. The penalty comes months after she was...

SEBI issues New Framework to Monitor Intraday Position Limits in Equity Index Derivatives

The Securities and Exchange Board of India (SEBI) issued a circular dated September 1, 2025, announcing a new framework for monitoring intraday position limits in equity index derivatives. Earlier,...

Rejection of Books u/s 145 Does Not Retrospectively Waive Mandatory Obligation to Furnish Audit Report u/s 44AB: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad, held that the rejection of books under Section 145 during assessment proceedings does not retrospectively nullify the obligation to comply with...

Verbatim Reproduction of Contents of SCN in Customs Final Order, No Independent Reasoning: Madras HC sets aside Order [Read Order]

The Madras High Court has set aside a Customs adjudication order after finding that it merely reproduced the contents of the show cause notice (SCN) without any independent reasoning. The ...

Imposition of Penalty Without Hearing Violates Principles of Natural Justice: Allahabad HC [Read Order]

In a recent ruling, the Allahabad High Court at Lucknow held that the levy of penalty without granting an opportunity of hearing is against the principles of natural justice. Sriram Traders,...

Section 269SS intended to curb Black Money, does not extend to Genuine Final Consideration: ITAT quashes ₹20 Lakh Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin Bench, has set aside a penalty of ₹20 lakh levied under Section 271D of the Income Tax Act, 1961, in a property transaction case, ruling that cash...