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The Goods and Services Tax Appellate Tribunal Lucknow bench held that tax officials cannot invoke Section 130 confiscation solely due to excess stock. Such inventory differences must be addressed through regular assessment sections rather than coercive confiscation without showing intent to evade tax.
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The National Company Law Appellate Tribunal in New Delhi held that an implemented corporate insolvency resolution plan cannot be reopened by suspended directors. Finality in the resolution process remains paramount once the approved plan has been completely executed.
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The Karnataka High Court has confirmed the application of a 15% related party transaction filter when identifying comparable companies in transfer pricing assessments. This standard threshold prevents distortion from controlled entities when benchmarking arm's length international transactions.
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The Karnataka High Court directed authorities to restore a cancelled GST registration provided the taxpayer files all pending returns and clears unpaid taxes. The bench prioritized business continuity while ensuring the exchequer collects all legitimate government revenue.
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The National Company Law Tribunal Mumbai bench held that a corporate guarantor remains liable even after the principal borrower enters liquidation. Creditors retain the independent legal right to enforce corporate guarantees to recover remaining unpaid debts.
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Income Tax Appellate Tribunal Jaipur bench removed a ₹13.04 lakh cash deposit addition made against an assessee. The tribunal accepted documentary proof showing the funds originated from a monetary gift given by the mother after selling her gold ornaments. This decision protects genuine family transactions from arbitrary tax additions.
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National Company Law Appellate Tribunal Chennai clarified that Compulsorily Convertible Debentures must be treated as equity instruments rather than financial debt. This classification prevents investors holding such instruments from triggering corporate insolvency resolution proceedings as financial creditors. The ruling provides crucial clarity for corporate capital structuring and dispute resolution.
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Income Tax Appellate Tribunal Hyderabad ruled that gold jewellery held by family members within specified Central Board of Direct Taxation limits cannot be treated as unexplained income. The tribunal dismissed the revenue's additions during search and seizure assessments. This judgment protects customary household gold holdings from arbitrary tax department scrutiny.
Effective Not specified in the update
For professionals: Advise clients facing search and seizure operations that family gold jewellery held within Central Board of Direct Taxation limits cannot be added as unexplained assets. · Cite this ITAT Hyderabad bench ruling to contest tax additions on seized domestic ornaments where individual holdings for married women, unmarried women, and male members are within established thresholds.
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Gold exchange-traded funds, including Nippon India ETF Gold BeES, Tata Gold ETF, and ICICI Prudential Gold ETF, dropped by up to 2.3% on Dhanteras, 6 November 2026. The dip occurred during festive trading hours when retail demand traditionally peaks.
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Hindustan Petroleum Corporation Limited faces rising difficulties in securing crude oil tankers amid mounting security risks in the Strait of Hormuz. Regional Gulf producers have begun shuttling exports outward to conduct ship-to-ship transfers just outside the waterway.
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Customs, Excise and Service Tax Appellate Tribunal Allahabad ruled that tax authorities cannot issue a second service tax notice invoking the extended limitation period based on facts already known during an earlier proceeding. The tribunal invalidated the subsequent demand raised against the assessee. This prevents authorities from repeatedly reopening settled tax matters.
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Karnataka High Court condoned a delay in filing a Goods and Services Tax appeal beyond the maximum statutory limit of 120 days. The court noted that the original adjudication order was never properly served upon the taxpayer. This decision ensures fundamental principles of natural justice are upheld in tax disputes.
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