Introduction The Supreme Court’s decision in Adani Power Ltd. v. Union of India [(2026) 38 Centax 90 (SC)] is not merely another tax dispute arising out of India’s Special Economic Zones (“SEZ”) regime. It is a restatement of fundamental constitutional principles governing taxation, such as the requirement that all levies have explicit legislative sanction, the…
Key Legal Shifts Section 15 CGST: Simplification of post-sale discount eligibility. Inverted Duty Structure: Provisional refunds now provide immediate liquidity relief. IGST Intermediary Services: Default “place of supply” rules now apply, reducing litigation. Appellate Tribunals: Full operational empowerment effective April 2026. Legislative Amendments and Simplification Simplified Post-Sale Discounts: Requirements for linking post-sale discounts with specific…
Statutory & Litigation Reforms New Income Tax Act, 2025: Replaces the 1961 Act effective April 1, 2026, with simplified language and forms. Unified Assessment & Penalty Orders: Integrates assessment and penalty proceedings into a common order to reduce multiplicity. Decriminalization of Procedural Omissions: Non-production of books and certain TDS payment delays are now decriminalized. MACT…
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