CBDT approves Institute of Advanced Medical Research & Innovations Forum for scientific research under Section 35(1)(iia) for AY 2025-26 to 2029-30.
Instruction 121 from the SEZ Division details the process for IT/ITES SEZ developers to convert demarcated Non-Processing Area (NPA) back to Processing Area (PA). The Development Commissioner is authorized to approve this reverse demarcation under Rule 11 of the SEZ Rules, 2006, provided the applicant has no claim for any duty refund.
The ITAT quashed an assessment where the taxpayer’s declared income exceeded the Rs.30 Lakh limit for an ITO in a metro city. Relying on CBDT Instruction No. 1/2011 and Calcutta High Court precedent, the Tribunal ruled that the assessment suffered from a lack of inherent jurisdiction and was void ab initio.
An assessment was quashed as the ACIT (a senior authority) issued the reassessment notice for an income below the Rs.15 Lakh limit, which was exclusively the ITO’s jurisdiction. The Tribunal affirmed that this jurisdictional defect is fatal and cannot be cured, following the Bombay High Court’s ruling.
The ITAT quashed a scrutiny assessment because the Rs.143(2) notice was issued by the ITO, a junior officer, despite the declared corporate income exceeding the Rs. 30 Lakh metro city limit. Jurisdiction for issuing the notice and conducting the assessment belonged solely to the DCIT, making the entire proceeding illegal.
The Tribunal confirmed that no disallowance under Section 14A can be made when the assessee earned no exempt income during the year. Following Calcutta High Court precedents, the ITAT rejected the Revenue’s attempt to apply the prospective Finance Act 2022 amendment to the relevant assessment year (AY 2014-15).
The Tribunal held that the DTAA overrides the Income Tax Act, and income taxed abroad cannot be taxed again in India. The ITAT rejected the view that authorities lack power to condone delay, allowing the FTC claim after verification of the eventually filed Form 67.
The ITAT ruled that loss from trading in foreign currency derivatives on a recognized exchange is non-speculative business loss, eligible for set-off under Section 43(5)(d). The Tribunal held that such transactions are covered by the exception for derivatives and rejected the lower authorities’ mechanical disallowance.
PFRDA circular outlines revised NPS subscriber onboarding guidelines for PoPs. Details digital/physical modes, Face-to-Face/Non-Face-to-Face KYC methods, and simplified registration using CKYC identifier or Bank CBS records. PoPs must ensure compliance and accessibility.
The ITAT invalidated an assessment due to two fundamental defects: the 143(2) notice was invalid as it failed to specify the type of scrutiny (Limited/ Complete) per CBDT instructions, and the assessment was completed by the ACIT, who lacked pecuniary jurisdiction over the Rs.10.41 Lakh income case. The ruling stresses that procedural compliance with binding CBDT instructions is mandatory, or the entire assessment becomes void.
