News & Updates Latest Tax newsMere Affidavits of Siblings cannot Substantiate Family Property Settlement Claim : ITAT Grants Final Chance to Justify Deposits [Read Order] October 8, 2025The appellate tribunal stated that mere affidavits, without a valid deed or proof of property rights and cash source, were insufficient to discharge the assessee’s burden of proof. HaripriyaCentre Promises Strict Action Against Extra Charges on Cash-on-Delivery Orders October 8, 2025The issue came to light after a consumer reported being charged an additional ₹226 on a Flipkart order, which was broken into multiple vague fee categories. HaripriyaNon-Verification of Electronic Evidence with Corroborating Statements as per S.9D of Central Excise Act: CESTAT quashes Demand Order on Alleged Clandestine Movement of M S Ingots [Read Order] October 8, 2025The Tribunal on evidence in the light of in the absence of compliance with Section 9D becomes non-admissible HaripriyaNCLT Approves ₹3.4 Cr Resolution Plan of Ship Leasing Company with 100% CoC Assent subject to Statutory Scrutiny [Read Order] October 8, 2025The Tribunal clarified that the approval of a resolution plan does not automatically operate as a waiver of statutory obligations HaripriyaInterest on Statutory Deposits Integral to Lending Business, qualifies for Deduction u/s 80P(2)(a)(i): ITAT [Read Order] October 8, 2025The ITAT held that Sullia Primary Co-operative Agricultural & Rural Development Bank, being a registered co-operative society, is eligible for deduction under Section 80P(2)(a)(i), as transactions with nominal or associate members do not violate the principle of mutuality. HaripriyaBest Brokers for Option Trading in India October 8, 2025Options trading has gained massive popularity among retail investors in India. Whether it is hedging, speculation or income generation strategies, options allow traders to maximise potential returns with relatively lower capital compared to equities. However, the success of an options trader depends not just on market knowledge but also on selecting the right broker. Reliable […] Team TaxscanPenalty not Justified for Procedural Lapses like Late Filing of Returns in Absence of Fraud, Negligence or Intent to Evade Taxes: CESTAT [Read Order] October 8, 2025The CESTAT held that penalty cannot be imposed for procedural delays like late filing of returns when there is no fraud, gross negligence, or intent to evade duty HaripriyaRe-Export of Misclassified Textile Fabric: Madras HC Allows Importer to Ship Back Goods to China on Conditions [Read Order] October 8, 2025The court noted that the only issue remaining was adjudication of misclassification and undervaluation; it was unnecessary to indefinitely hold the goods within the country. Instead, a balance had to be struck by safeguarding revenue interests while preventing undue hardship to the importer. HaripriyaRelief for L’Oreal India: ITAT Deletes ₹184.75 Cr Transfer Pricing Adjustment on AMP Expenses Incurred Wholly for India Business October 8, 2025Respectfully following earlier precedents the tribunal upheld that expenses incurred wholly for India Business and deleted the Adjustment. HaripriyaCCTV Cameras’ Exemption Claim under ASEAN-India FTA: Madras HC quashes Customs Order suffers from Natural Justice Violation [Read Order] October 8, 2025The Court observed that if there was any doubt or need for clarification regarding the certificate of origin, the authority ought to have sought further explanation instead of bypassing the issue altogether. Haripriya
