Section 37(1): Delhi High Court allows deduction of FCCB issue expenses as revenue expenditure

Direct Tax/ Income Tax 0
12
Delhi High Court: Pr. Commissioner of Income Tax v. SpiceJet Ltd. The Court dismissed the Revenue appeals, holding that expenditure incurred in connection with the issue of Foreign Currency Convertible Bonds (FCCB’s) is allowable as revenue expenditure under Section 37(1) of the Income Tax Act, 1961. The Assessee had claimed deduction of expenditure incurred …
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Transaction value cannot be rejected merely on the basis of NIDB data without independent evidence satisfying Rule 12 of the Customs Valuation Rules, 2007

Customs 0
37
M/s Wellman Distributors v. Commr. of Customs - CESTAT Chennai Background: The Department enhanced the customs value of imported LED bulbs solely on the basis of NIDB data, resulting in a demand of differential duty, confiscation, redemption fine, and penalty, which was challenged by the importer. Held: The CESTAT, Chennai held that NIDB data alone …
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Orissa High Court: Rashmi Agency v. Deputy Commissioner CT & GST Circles and Ors. Writ Petition No. 17470 of 2026

GST / Goods and Service Tax, Indirect Tax (Old Regime) 0
27
The petitioner sought refund of Rs. 33 lakh deposited during a DGGI investigation, which had been allowed by the First Appellate Authority. However, the Deputy Commissioner refused to consider the refund application on the ground that the Department still had time under Section 112(3) of the CGST Act to file an appeal before the GST …
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Supreme Court Upholds Ruling Against Negative Blocking of Electronic Credit Ledger under Rule 86A

Indirect Tax (Old Regime), GST / Goods and Service Tax 0
81
Supreme Court: UOI v. M/s KK Alloys The petitioner challenged the negative blocking of its Electronic Credit Ledger under Rule 86A of the CGST Rules, contending that the authorities had blocked ITC exceeding the credit available in the ECL by creating a negative balance.  The Punjab & Haryana High Court held that Rule 86A …
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Extension for Filing Annual Returns Does Not Extend Limitation for Section 74 Proceedings

Indirect Tax (Old Regime), GST / Goods and Service Tax 0
38
Tripura High Court: Sri Shekhar Chandra Podder v. UOI and Ors. The main question before the Court was whether the Show Cause Notice issued under Section 74 was barred by limitation, and whether the extension granted for furnishing the annual return for FY 2017-18 under Notification No. 06/2020 dated 03.02.2020 also extended the time …
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Government cannot go beyond GST Council recommendations while issuing GST Notifications

GST / Goods and Service Tax, Indirect Tax (Old Regime) 0
16
Madras High Court: Guru and Co. v. UOI and Ors.  The petitioners challenged Notifications Nos. 27/2017 and 28/2017 (CGST/IGST) and the corresponding State Notifications, contending that the Government had expanded the scope of GST by introducing the expression “enforceable right in a court of law”, which was not part of the GST Council’s recommendations. …
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