The ITAT Delhi ruled on ACIT vs. B.K. Sales Corporation, emphasizing that Assessing Officers must adhere to limited scrutiny parameters, disallowing additions outside the scope.
ITAT Delhi grants Asha Gupta final chance to prove Rs. 40 lakh unsecured loan genuineness, remanding case to AO for fresh adjudication.
Madras High Court held that denial to recruit person, having defaulted in repayment of loans and having adverse CIBIL, as Circle Based Officer [CBO] by SBI is justifiable as a person with poor/ or no financial discipline cannot be trusted with public money.
Calcutta High Court urges businessman to appeal GST registration cancellation, citing factual disputes. Court suggests appellate authority conduct further inspection.
ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
Gauhati High Court directs GST authorities to review the cancellation of Munni Char’s registration, allowing restoration upon compliance with pending returns and dues.
New circular from Maharashtra Charity Commissioner allows public trusts to invest up to 50% of funds in diverse securities without individual approval.
ITAT Rajkot held that transactions of sale and purchases cannot be treated as cash credit/bogus under section 68 of the Act, if they are circular in nature. Also held that profit margin of 12.50% can never be possible in case of circular trading activities.
Once assessee had filed the Return of Income, in response to notice, u/s 142(1), (although it was late), then it was mandatory for AO, in order to acquire the jurisdiction, to make the assessment on the assessee, to issue the notice u/s 143(2).
RBI issues draft Master Direction on Digital Banking Channels Authorisation, 2025, outlining rules for internet and mobile banking services for all Indian banks.
