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Income Tax Govt

ITAT Bangalore rules large firms exceeding ₹200 crore turnover cannot benchmark smaller software companies

The Bangalore bench of the Income Tax Appellate Tribunal held that corporate entities with a turnover surpassing ₹200 crore are not appropriate comparables for a software firm generating ₹64 crore. This ruling provides crucial clarity on transfer pricing comparability standards for mid-sized technology enterprises.

Effective Not specified in the update

For professionals: The ITAT Bangalore ruled that companies with a turnover exceeding ₹200 crore cannot serve as valid comparables for benchmarking international transactions of a ₹64 crore software company · Professionals should review transfer pricing benchmarking studies to filter out large-scale enterprises that operate under vastly different economic realities and operational scales · Advising clients to challenge the inclusion of high-turnover giants prevents distorted profit-level indicators and unjustified tax adjustments during transfer pricing assessments

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Taxguru1h ago 1 min
Income Tax Govt

ITAT Bangalore mandates uniform application of transfer pricing filters to exclude unmatched high-turnover enterprises

The ITAT Bangalore ruled that high-turnover corporations cannot form part of a comparable set unless consistent transfer pricing filters are applied. The decision reinforces strict comparability standards to protect mid-sized enterprises from arbitrary benchmarking during tax audits.

Effective Not specified in the update

For professionals: Advise international transaction clients to challenge selective cherry-picking of high-turnover entities in transfer pricing benchmarking. · Ensure consistent and rigorous application of turnover filters to maintain reasonable similarities in functions, assets, and risks. · Review comparable sets during transfer pricing assessments to prevent skewed profit comparisons caused by arbitrary inclusion of high-revenue enterprises.

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Taxguru1h ago 1 min
CA Corner

CESTAT Kolkata rules moving minerals does not attract service tax under cargo handling category

The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal held that mineral transportation services cannot be taxed under the cargo handling service category. This decision provides relief to transport and logistics operators facing legacy indirect tax demands.

Effective Not specified in the update

For professionals: CESTAT Kolkata ruled that mere transportation and movement of minerals from extraction sites or loading points do not constitute cargo handling service under legacy indirect tax laws. · The ruling establishes that cargo handling requires specialized loading, unloading, packing, or unpacking within specific facilities rather than straightforward transportation. · Professionals handling legacy service tax disputes can use this precedent to challenge department authorities attempting to classify general transport under broader categories for higher tax liabilities.

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Taxguru1h ago 1 min
GST

Calcutta High Court Restores Goods and Services Tax Appeal Over Medical Delay

The Calcutta High Court restored a Goods and Services Tax appeal after a tax consultant's illness caused a filing delay. The court decided the taxpayer should not suffer because of a representative's medical emergency. This decision provides relief for businesses facing strict statutory limitations when genuine medical reasons disrupt compliance.

Effective Not specified in the update

For professionals: The Calcutta High Court restored a dismissed Goods and Services Tax appeal where a delay occurred due to a tax consultant falling ill. · Maintain detailed documentation of all communications with consultants and medical certificates for any delays. · Courts examine whether a litigant showed sufficient cause for missing statutory deadlines before permitting a review on merits.

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Taxguru1h ago 1 min
Banking

Chicago Federal Reserve President Goolsbee warns central bank still faces inflation challenges

A top United States central bank official stated that monetary authorities must continue addressing rising price pressures. The policymaker highlighted recent economic data as a cause for concern during a media appearance.

Effective Not specified in the update

For professionals: Monitor upcoming central bank announcements and economic releases for potential shifts in monetary policy to advise clients on capital market conditions. · Assess currency volatility and foreign investment flows by tracking global interest rate trends mentioned in the update. · Note that the Chicago Federal Reserve President indicated the central bank has work to do on inflation and may take action.

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CNBC Global1h ago 1 min
GST

Recent judicial rulings under the Goods and Services Tax framework dated November 13 2026

A2Z Taxcorp LLP has compiled recent judicial pronouncements and case laws under the Goods and Services Tax (GST) framework as of November 13, 2026. These legal updates provide vital insights into statutory interpretations and compliance requirements for businesses. Tax professionals must stay updated on these judicial precedents to ensure accurate GST compliance and robust litigation strategies for clients.

Effective November 13, 2026

For professionals: Tax practitioners and corporate finance teams should review the recent GST case laws published by A2Z Taxcorp LLP to evaluate their impact on ongoing audits and pending tax disputes. · These judicial decisions interpret statutory provisions, procedural rules, and compliance obligations, which help clarify ambiguities in tax liabilities, input tax credit claims, and procedural penalties.

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A2Z Taxcorp LLP1h ago 1 min 1
Economy

Indian equity indices halt consecutive gains as rising consumer price inflation dampens investor sentiment

Domestic equity markets paused their ongoing upward streak as persistent consumer price inflation figures weighed heavily on trader sentiment. The temporary slowdown reflects broader macroeconomic anxieties surrounding rising retail price pressures across the domestic economy.

Effective Not specified in the update

For professionals: Domestic benchmark indices paused their ongoing upward trend and halted consecutive sessions of gains due to persistent consumer price inflation figures. · Market participants reacted to macroeconomic data prints indicating higher retail price pressures, triggering cautious positioning and profit-taking. · Financial advisors and investors must navigate increased volatility, reassess asset allocation strategies, and adjust portfolio risk parameters.

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The New Indian Express1h ago 1 min
Income Tax

Visakhapatnam expands industrial footprint with new semiconductor manufacturing special economic zone

Visakhapatnam has strengthened its industrial infrastructure by adding a semiconductor manufacturing Special Economic Zone. This strategic addition aims to boost local high-tech production capabilities and attract major electronic component investments. Investors and corporate advisors should evaluate this new special economic zone for potential semiconductor manufacturing and tech expansion opportunities in India.

Effective Not specified in the update

For professionals: Examine the specific incentive structures and land allotment guidelines associated with the new semiconductor Special Economic Zone · Monitor upcoming policy notifications regarding operational guidelines and fiscal packages for units setting up inside the zone

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India Briefing1h ago 1 min
CA Corner

CESTAT Mumbai Rules Customs Broker Licence Suspension Without Urgency Is Unjustified

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in Mumbai ruled that suspending a customs broker licence without urgency is unjustified. The tribunal emphasized that immediate suspensions require pressing circumstances rather than delayed administrative actions. Finance professionals should note this precedent when handling licensing disputes and regulatory compliance.

Effective Not specified in the update

For professionals: Tax professionals and customs brokers must examine suspension notices carefully for grounds of urgency and immediate necessity · CESTAT Mumbai ruled that emergency suspension provisions require swift intervention to protect public or revenue interests rather than routine or delayed administrative measures · Regulatory bodies must justify the lack of time for a normal inquiry before invoking emergency suspension powers

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Taxguru1h ago 1 min
Income Tax Govt

ITAT Delhi Permits Depreciation Claims on Composite Cost of Leasehold Office Premises

The Income Tax Appellate Tribunal (ITAT) in Delhi allowed depreciation on the composite cost of leasehold office premises. This decision provides clarity for businesses investing in leasehold commercial real estate improvements. Taxpayers can utilize this ruling when structuring asset depreciation claims on leased commercial spaces.

Effective Not specified in the update

For professionals: Practitioners should review clients fixed asset schedules to identify eligible composite costs on leasehold office premises for depreciation deductions under the Income Tax Act. · ITAT Delhi ruled that capital investments made by tenants on leased properties qualify for depreciation, resolving historical ambiguity regarding ownership and non-structural components. · Professionals can advise corporate clients that composite expenditures contributing to the operational utility of leasehold commercial spaces are eligible for standard depreciation allowances.

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Taxguru1h ago 1 min
Business

Bombay High Court Rules Administrators Cannot Make Major Policy Decisions on Society Leases

The Bombay High Court ruled that an administrator cannot take major policy decisions regarding a society lease. The court restricted interim administrators from executing far-reaching agreements that alter the long-term rights of housing societies. Legal professionals and housing society managers must note these governance boundaries during administrative transitions.

Effective Not specified in the update

For professionals: Advisors must verify the authority behind any major lease agreements executed during an administrator's tenure to ensure compliance with cooperative law. · Auditors and legal consultants need to recognize that permanent policy decisions altering property rights fall outside the caretaker mandate of an administrator.

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Taxguru1h ago 1 min
CA Corner

Extended customs limitation period invalid if importer is unaware of flawed origin certificate

The Allahabad bench of the Customs, Excise and Service Tax Appellate Tribunal ruled that extended limitation periods for customs duties are invalid unless the importer knew about incorrect origin certificates. This judgment protects businesses from retroactive liabilities when trade documents contain hidden errors.

Effective Not specified in the update

For professionals: The CESTAT Allahabad ruled that authorities cannot invoke extended limitation periods for recovering customs duty unless there is evidence that the importer had direct knowledge of an incorrect origin certificate. · This decision protects importers who acted in good faith without knowing about underlying certificate defects when claiming preferential tariff treatments under trade agreements. · Tax professionals should advise clients that revenue authorities can no longer automatically assume flaws in origin certificates justify extended limitation timelines without proof of importer awareness.

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Taxguru1h ago 1 min

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