GST & Income Tax — Circulars, Notifications and Case Laws

Denied carry-forward of accumulated losses and unabsorbed depreciation to a holding company following a share-issuance mismatch with its wholly owned subsidiary, holding that a holding company cannot step into the subsidiary's shoes for Section 72A relief.

An updated return wrongly declared income in the incorrect assessment year on faulty professional advice, leaving tax unpaid. The Tribunal invoked Article 265 of the Constitution — no tax without authority of law — and remanded the matter to the Assessing Officer rather than upholding the demand on a technicality.

Held that a Section 148 reopening notice issued against a company already struck off by the ROC is void ab initio, since the entity ceased to exist in law. The Tribunal also condoned a 706-day delay in filing the appeal on account of the company's dissolution and the directors' personal hardships.

Replace the earlier Forms 24Q/26Q under the Income-tax Act 2025, with revised quarterly filing timelines from FY 2026-27.

Replaces the Income-tax Act 1961 from FY 2026-27 onward; core provisions such as slab rates and the two-regime structure carry forward unchanged for now.

Restructures GST rate slabs to 5%/18%/40% across the full HSN schedule, effective 22 Sep 2025, replacing the earlier 5/12/18/28 structure.

Supersedes the 2017 exemption notification with an updated Nil-rated list; individual health and life insurance premiums are now exempt from GST.

Prescribes a concessional GST rate (generally 5% total) for specified handicraft items.

Fixes GST at 12% total (6% CGST + 6% SGST) for bricks, tiles, fly-ash products and similar construction materials.