Shilpa Shetty secured partial relief as the Income Tax Appellate Tribunal ordered fresh examination of her Rs 12.5 crore gift dispute, directing the Assessing Officer to reassess evidence under Section 68 after granting opportunity to establish genuineness.
The Income Tax Appellate Tribunal Chandigarh held that merely claiming funds belong to a Hindu Undivided Family is insufficient without documentary proof of their source, holding, and transfer, in a case involving Rs 50 lakh life insurance purchased from alleged agricultural income.
The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal set aside a Rs 56 lakh service tax demand against actor Rajinikanth, ruling hotel buildings are exempt from service tax under the Finance Act, 1994 provisions.
The Karnataka High Court ordered State tax authorities to refund GST collected from Divyasree Tarbus Builders Private Limited, retaining only the mandatory deposit under Section 112 CGST Act, granting relief under Circular No. 224/18/2024-GST pending GST Appellate Tribunal constitution.
The Delhi High Court has asked the GST Council to meet urgently to consider reducing GST on air purifiers from 18% to 5% amid the severe air pollution crisis. The Court said lowering tax is the minimum relief when citizens are struggling to breathe clean air.
Today, On 2nd February, Solicitor General Tushar Mehta stated, “The Budget 2025-26 reaffirms the government’s commitment to strengthening the financial well-being of the middle class.” He highlighted key measures such as tax relief, job creation, and economic growth. The budget also prioritizes affordable housing, healthcare, and education funding. These initiatives aim to enhance financial stability and improve the overall quality of life for middle-class families.
