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The Petitioner had challenged the proceedings initiated by the Department for denial of refund claims by invoking Rule 89(4B) of the CGST Rules, 2017. Rule 89(4B), along with Rule 96(10), was omitted by Notification No. 20/2024-Central Tax dated 08 October 2024, without any saving clause preserving pending proceedings. 

In a recent ruling, the Hyderabad Income Tax Appellate Tribunal has, in the Vertex Projects case, held that if shares are received in a scheme of amalgamation by an amalgamated company being less than the fair market value...

The Insolvency and Bankruptcy Board of India (IBBI) issued a circular on 15 November 2021. This circular clarified that there is no requirement to obtain a 'no objection' or 'no dues' certificate from the ...

The Tourism industry has been one of the largest contributors to India's GDP in recent years increasing from a share of 6.70% in 2017 to 9.20% in 2018.

The Central Government has permitted the manufacturers or packers or importers of pre-packaged commodities to declare the revised retail sale price (MRP) on the unsold stock manufactured / packed...

In the Ayodhya Rami Reddy Alla (the "Taxpayer") case, the Telangana High Court (the "THC") held that, while considering a tax avoidance device, the proper way to construe a taxing statute...

In an important decision by the Hon'ble Madras High Court (‘HC'), in the case of Afortune Trading Research Lab LLP, 2024-VIL-175-MAD, wherein the Court held that convertible foreign exchange received

The Income Tax Appellate Tribunal, New Delhi delivered a landmark judgment in the case of Honda Siel Power Products Ltd. v. DCIT pronounced on April 17, 2018 wherein the ITAT has added clarity to the position ...

The scheme of assessment under Income Tax witnessed a paradigm shift with the introduction of faceless assessment.

There is a welcome step for business houses of India and Korea that soon burden of double taxation will vanish.

India joined hands with 68 countries in signing the Multilateral Instrument (MLI) at a recently concluded ceremony in Paris on 7 June.

Applicant, an Indian tax resident, is a wholly owned subsidiary (WOS) of a UK company namely Centrica Plc, UK.

The Income Tax Appellate Tribunal , in the case of Emami Infrastructure Limited v ITO Ward 12 (1) Kolkata, has upheld the capital gains tax exemption to a company arising on transfer of capital assets...

Cross-border M&A transactions routinely involve offshore holding structures. A typical exit involves selling shares in a foreign holding company whose value is substantially derived from operating businesses in another jurisdiction, such as India.

The new year has commenced with a heated debate on whether India is right in treating an offshore company as tax resident in India if its place of effective management is established in India.

As recommended in the GST Council's 49th meeting, with effect from 1 March 2023, 5% GST rate has been notified on Rab, when sold in pre-packaged and labeled...

The Appellant was engaged in the hotel business and imported various lighting and light fittings on 25.05.1999. The import was made under the Export Promotion Capital Goods (EPCG) Scheme...