ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
Kolkata ITAT has ruled that an unsigned assessment order is invalid, even if electronically authenticated. ITAT emphasized that signing and authentication are distinct legal requirements.
Delhi High Court held that bail in serious money laundering case involving defalcation of public money not granted as ED’s case is founded not on mere suspicion but on extensive documentary evidence, forensic audits, and statements recorded u/s. 50 of the PMLA.
ITAT Ahmedabad rules that capital gains are taxable only upon the execution of a registered sale deed, not a POA, and an AO’s addition in the wrong AY is invalid.
The Delhi ITAT has remanded an ex-parte tax assessment, directing the AO to re-examine additions for unexplained investment and creditors after giving the taxpayer a fresh hearing.
CESTAT Chennai held that classification of Amprolium HCL under Customs Tariff Heading [CTH] 2933 9900 upheld. Accordingly, duty and interest as ordered is upheld.
The Income-Tax Act, 2025 replaces the 1961 law, aiming to simplify compliance, enhance transparency, and align with global tax standards in India.
FSSAI has launched a new “Kind of Business” category in FoSCoS for Ayurveda Aahara, standardizing licensing and compliance for manufacturers of Ayurvedic foods.
ITAT Bangalore rules that cooperative societies can claim Section 80P deduction on interest from other co-ops, but not from scheduled commercial banks.
Madras High Court directs to remit the matter back to respondent since ex-parte order was passed due to non-filing of reply and the same was on account of non-compliance on the part of the auditor. Accordingly, writ disposed of.
