SC Caps Foreign Head Office Expenses at 5%; Key Rulings on Tax, Customs

• Supreme Court caps foreign head office expenses for Indian branches at 5% of income, rejecting common vs. exclusive expense distinction (Director of Income Tax vs American Express Bank Ltd.).
• Gujarat High Court mandates cross-examination for witnesses in penalty cases, upholding natural justice under Customs Act, 1962 (M/s Mitesh Impex and Others).
• Mumbai ITAT clarifies GST is not part of "turnover" for presumptive taxation under Section 44BB, preventing inflated tax claims (Oceaneering International GmbH vs Deputy Commissioner of Income Tax).
• Chennai CESTAT rules customs duty is based on transaction value at import, not subsequent price changes, for HDFC Bank.

Why It Matters: Recent court rulings clarify tax, customs, and GST norms, ensuring fairness and preventing misinterpretations.