Article Archive
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ITAT Delhi Allows Full Section 87A Rebate Against STCG Under Section 111A for AY 2025-26
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.
11 Sept 20267 min read
Read MoreAndhra Pradesh High Court Quashes GST Audit for Violating Section 65(3) Notice Period
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.
11 Sept 20267 min read
Read MoreBombay High Court: Contractor Entitled to GST Reimbursement on Pre-GST Government Tender
In June 2014, the Nagpur Improvement Trust floated a tender for an affordable housing project at Wathoda, Nagpur. Indu Construction […]
10 Sept 20267 min read
Read MorePunjab & Haryana HC: Section 74 CGST Act Cannot Question Pre-GST CENVAT Credit
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.
9 Sept 20267 min read
Read MoreSupreme Court Upholds Quashing of ₹363-Crore GST Demand Against Vodafone Idea Post-Merger
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.
9 Sept 20267 min read
Read More57th GST Council Meeting Confirmed for 7 October 2026 — Correction to Finoscape’s 31 August Article
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.
8 Sept 20266 min read
Read MoreSupreme Court Quashes ₹425-Crore Customs Penalty Built on AI-Hallucinated Case Law
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.
8 Sept 20268 min read
Read MoreCBIC Eases EMI Scheme Documentation; Sets Mandatory Import Checklists for Cosmetics, Drugs & Medical Devices
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.
7 Sept 20267 min read
Read MoreCBIC Launches National Assessment Centre Portal for Uniform Customs Assessment
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.
7 Sept 20265 min read
Read MoreSupreme Court: Delay in Depositing Tax Is Not “Failure to Pay” — Saudi Arabian Airlines Penalty Quashed
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.
7 Sept 20269 min read
Read MoreITAT Delhi: Missing Section 143(2) Notice Invalidates Reassessment Even With Taxpayer Participation
The Income Tax Appellate Tribunal, Delhi has quashed a reassessment involving a Rs 53.50 lakh addition after finding the Assessing Officer never issued the mandatory Section 143(2) notice — holding that the taxpayer’s participation in proceedings could not cure the defect.
5 Sept 20267 min read
Read MoreP&H HC: Improvement Trust, Bathinda’s Plot-Sale Surplus Doesn’t Deny Charitable Status — Case Explained
The Punjab and Haryana High Court has held that a statutory improvement trust does not lose its Section 12AA registration or Section 2(15) charitable status merely because it earns a surplus selling developed plots, where the surplus funds public welfare.
5 Sept 20267 min read
Read MoreSupreme Court Stays Tripura HC’s Section 16(2)(c) Ruling — Sahil Enterprises Case Explained
The Supreme Court has stayed the Tripura High Court’s judgment that read down Section 16(2)(c) of the CGST Act to protect a bona fide purchaser from Input Tax Credit denial over its supplier’s tax default — reopening a question many taxpayers had treated as settled.
5 Sept 20268 min read
Read MoreDelhi HC Confirms ESOP Discount Deductible Under Section 37(1) — PVR Ltd Case Explained
The Delhi High Court has held that the discount on shares issued under an Employee Stock Option Plan or Employee Stock Purchase Scheme is deductible revenue expenditure under Section 37(1), following the Karnataka High Court’s Biocon ruling.
4 Sept 20265 min read
Read MoreOrissa HC: GST Appellate Authority Cannot Condone Delay Beyond Section 107(4) — Sri Balaji Metallics Explained
The Orissa High Court has upheld rejection of a GST appeal filed beyond the four-month outer limit under Section 107 of the CGST Act, holding that the taxpayer’s own Form GST APL-01 declaration of the communication date is binding.
4 Sept 20266 min read
Read MoreITAT Delhi Quashes Time-Barred Section 148 Reassessment Notice — Ravindra v. ITO Explained
The ITAT Delhi has quashed a Section 148 reassessment notice for AY 2015-16 issued three days beyond the six-year outer limit, and deleted the resulting Rs 27.81 lakh penalty.
4 Sept 20265 min read
Read MoreFAST-DS 2026: Form 1 Live on e-Filing Portal — How to Disclose Foreign Assets Before 31 December 2026
The Income Tax Department has activated Form 1 for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) on the e-Filing portal. A practical guide to eligibility, the 60% effective levy, the ₹1 lakh fee track, the valuation date, and how to file before 31 December 2026.
3 Sept 20266 min read
Read MoreP&H HC Denies Section 54B Exemption for Land in Wife’s Name — Bahadur Singh Case Explained
The Punjab & Haryana High Court has denied a taxpayer’s Section 54B capital gains exemption because the replacement agricultural land was purchased solely in his wife’s name, not jointly with him — a ruling delivered the same day as a contrasting Section 54F decision.
3 Sept 20266 min read
Read MoreP&H HC Upholds Section 54F Exemption on Jointly Owned House — Jangpal Singh Tanwar Case Explained
The Punjab & Haryana High Court has dismissed the Revenue’s appeal and upheld a taxpayer’s Section 54F capital gains exemption even though the replacement house was purchased jointly with his wife and son — because he had invested the entire capital gain himself.
3 Sept 20267 min read
Read MoreAllahabad HC Quashes HCL Infotech’s ₹5.76 Crore GST Notice for Prejudicial Remarks Against the Taxpayer
The Allahabad High Court has quashed a ₹5.76 crore GST Show Cause Notice against HCL Infotech solely because it contained prejudicial remarks against the taxpayer — even after rejecting the taxpayer’s limitation and jurisdiction arguments.
2 Sept 20266 min read
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