The ITAT ruled against mechanically confirming a large addition under Section 69C, stating that tax authorities must genuinely distinguish between procedural discrepancies and fraudulent inflation. The case was sent back, underscoring that documentary proof is essential before penalizing for purchase differences.
The ITAT ruled that the CIT(A) cannot set aside a reassessment order framed under Section 147 read with Section 144B, as the limited power to remand only applies to best-judgment assessments under Section 144. The Tribunal sent the penny stock LTCG case back, directing the CIT(A) to decide the appeal strictly on its merits.
Use a home loan EMI calculator to plan EMIs, calculate interest, and see the impact of prepayment. Manage repayment smartly with amortization schedules in India.
Learn 4 data-driven stock screening strategies for the Indian market, from long-term compounders to growth and dividend-focused stocks.
Allahabad High Court quashes Section 74 GST orders, mandating proof of fraud, wilful misstatement, or suppression with intent to evade tax. Unverified reports and supplier’s registration issues are insufficient.
Delhi High Court rules the GST Appellate Authority must fully re-examine all evidence and replies under Section 107(11) of the CGST Act. The only bar is remanding the case.
ITAT Mumbai held that reassessment notice under section 148 of the Income Tax Act beyond time limit of six year is barred by limitation and hence liable to be quashed. Accordingly, appeal allowed and notice quashed.
IFSCA consolidated circular revises eligibility for Qualified Jewellers (minimum Rs.15 Cr net worth) importing gold/silver via IIBX. Details TRQ imports, remittance, and AML
SEBI and exchanges simplify penalties for stock brokers (w.e.f. 10/10/2025). ‘Financial disincentive’ replaces ‘penalty’ for procedural lapses; framework standardized to avoid multiple penalties.
DGFT issued a Corrigendum on October 10, 2025, removing Circular from the SION C888 export description for stainless steel washers, effective immediately.
