The core issue was whether the Revenue could make a Section 68 addition when the same share investors and identical facts were previously validated by the ITAT in earlier years. The Delhi ITAT upheld the principle of judicial consistency, confirming the deletion of the full addition and concluding that without new evidence, the genuineness of the share application money stands proven.
ITAT Kolkata held that mere non-filing of income tax returns by suppliers or non-response to notices cannot make an assessee’s expenses bogus. Proper verification of invoices, ledgers, payments, and work done is mandatory before disallowing purchases or subcontract expenses.
The ITAT remanded the assessment for an individuals commission income, ruling that the Assessing Officer (AO) must first verify if the income was already offered to tax by the company of which the assessee was a Director. The key takeaway is the prohibition of double taxation on the same income, directing the AO to delete the addition if the company has paid the tax.
This ruling addresses a massive tax demand raised by CPC under Section 143(1) based solely on a clerical error in the original Form 3CD. The ITAT set aside the orders, holding that natural justice mandates the assessee be heard and the correct audit report considered before imposing such a significant liability.
SEBI issued a Master Circular to consolidate all instructions regarding the issue and listing of Non-convertible Securities, Securitised Debt, Security Receipts, Municipal Debt Securities, and Commercial Paper for market stakeholders.
SEBI extended deadline for existing Angel Funds to disclose their investment allocation methodology in PPMs from October 15, 2025, to January 31, 2026, for ease of compliance.
DGFT Public Notice renumbers procedures for Diamond Imprest Authorisation (DIA) scheme, mandating 10% value addition, specific diamond export size, and 18-month obligation.
This SIA 340 standard explains how internal auditors must prepare Special Purpose Reports with clear scope, findings, and recommendations while maintaining confidentiality and objectivity.
RBI amended FEMA regulations to permit Indian exporters to hold Foreign Currency Accounts in IFSC banks (like GIFT City). This move facilitates trade, reduces transaction costs, and manages exchange rate risk.
SIA 330 sets requirements for internal audit assurance reports. Learn about mandatory structure, content, evidence-based reporting, levels of assurance, and timely communication protocols.
