Income Tax

ITAT Delhi Allows Full Section 87A Rebate Against STCG Under Section 111A for AY 2025-26

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The Delhi ITAT has ruled that a resident individual’s Section 87A rebate for AY 2025-26 cannot be restricted for short-term capital gains taxed under Section 111A, holding that the Finance Act 2025’s exclusion of special-rate income applies only from AY 2026-27 onward — and that a CPC processing utility cannot apply it a year early.

ITAT Delhi Allows Full Section 87A Rebate Against STCG Under Section 111A for AY 2025-26 Read Post »

GST Updates

Andhra Pradesh High Court Quashes GST Audit for Violating Section 65(3) Notice Period

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The Andhra Pradesh High Court has quashed a GST audit report and the Section 73 notice built on it, holding that the department finalised its findings before the mandatory 15-working-day notice period under Section 65(3) had run, and without considering the taxpayer’s timely reply as Rule 101(4) requires.

Andhra Pradesh High Court Quashes GST Audit for Violating Section 65(3) Notice Period Read Post »

Case Law, GST Updates

Bombay High Court: Contractor Entitled to GST Reimbursement on Pre-GST Government Tender

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In June 2014, the Nagpur Improvement Trust floated a tender for an affordable housing project at Wathoda, Nagpur. Indu Construction

Bombay High Court: Contractor Entitled to GST Reimbursement on Pre-GST Government Tender Read Post »

Case Law, GST Updates

Punjab & Haryana HC: Section 74 CGST Act Cannot Question Pre-GST CENVAT Credit

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The Punjab and Haryana High Court has held that GST authorities cannot use Section 74 of the CGST Act to reopen the admissibility of CENVAT credit originally availed under the pre-GST Service Tax regime, following the Jharkhand High Court’s Usha Martin ruling — now affirmed by the Supreme Court’s dismissal of the department’s review petition.

Punjab & Haryana HC: Section 74 CGST Act Cannot Question Pre-GST CENVAT Credit Read Post »

Case Law, GST Updates

Supreme Court Upholds Quashing of ₹363-Crore GST Demand Against Vodafone Idea Post-Merger

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The Supreme Court has refused to revive a ₹363 crore GST demand issued to Vodafone Mobile Services Limited after its 2018 merger into Idea Cellular, holding that Section 87 of the CGST Act cannot authorise a notice to a company that had already ceased to exist — with the department’s own knowledge of the merger sealing the outcome.

Supreme Court Upholds Quashing of ₹363-Crore GST Demand Against Vodafone Idea Post-Merger Read Post »

Compliance Calendar, GST Updates

57th GST Council Meeting Confirmed for 7 October 2026 — Correction to Finoscape’s 31 August Article

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The GST Council Secretariat’s Office Memorandum dated 6 September 2026 confirms the 57th GST Council Meeting is now scheduled for 7 October 2026, with the Officers’ Meeting on 5–6 October — superseding the 12 September date reported in Finoscape’s 31 August article.

57th GST Council Meeting Confirmed for 7 October 2026 — Correction to Finoscape’s 31 August Article Read Post »

AI, Case Law, Customs

Supreme Court Quashes ₹425-Crore Customs Penalty Built on AI-Hallucinated Case Law

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The Supreme Court has quashed a ₹425.27 crore Customs penalty after finding the adjudicating officer relied on non-existent, fake-cited and AI-hallucinated case law — the third such ruling Finoscape has covered in 2026.

Supreme Court Quashes ₹425-Crore Customs Penalty Built on AI-Hallucinated Case Law Read Post »

Compliance Calendar, Customs, GST Updates, Notification

CBIC Eases EMI Scheme Documentation; Sets Mandatory Import Checklists for Cosmetics, Drugs & Medical Devices

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CBIC’s Circular Nos. 39/2026 and 40/2026-Customs, both dated 3 September 2026, cut EMI Scheme application documents from 10 to 3 and prescribe mandatory Residual Shelf Life and licensing checklists for importing cosmetics, drugs and medical devices.

CBIC Eases EMI Scheme Documentation; Sets Mandatory Import Checklists for Cosmetics, Drugs & Medical Devices Read Post »

Customs, GST Updates, Notification

CBIC Launches National Assessment Centre Portal for Uniform Customs Assessment

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CBIC’s Circular No. 41/2026-Customs launches the National Assessment Centre Portal (naccustoms.gov.in), a common digital repository of NAC decisions, CAAR rulings and classification guidance aimed at reducing inconsistent Customs assessment across ports.

CBIC Launches National Assessment Centre Portal for Uniform Customs Assessment Read Post »

Case Law, Income Tax

Supreme Court: Delay in Depositing Tax Is Not “Failure to Pay” — Saudi Arabian Airlines Penalty Quashed

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The Supreme Court has quashed a ₹71.29 lakh penalty on Saudi Arabian Airlines, holding that mere delay in depositing Foreign Travel Tax cannot be equated with failure to pay it, and that penalty under a fiscal statute is never automatic.

Supreme Court: Delay in Depositing Tax Is Not “Failure to Pay” — Saudi Arabian Airlines Penalty Quashed Read Post »

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