Madras High Court Orders Fresh Review of Khazana Jewellery Tax Settlement Over 268 Kg Undisclosed Gold

The Madras High Court directed the Income Tax Settlement Commission to reconsider Khazana Jewellery’s settlement plea involving 268 kg undisclosed gold stock, quashing its 2020 rejection and ordering a fresh review to avert penalties, interest, and prosecution.

Section 161 of CGST Allows Correction Only for Evident Errors on Record: Orissa High Court

The Orissa High Court held Section 161 allows only apparent error correction, mandating reasoned scrutiny of records and materials. A Division Bench of Harish Tandon and Murahari Sri Raman faulted authorities for ignoring ITC reconciliations, quashing the rejection infirm.