IFSCA seeks public comments on proposed amendments to the Fund Management Regulations, 2025, focusing on enhancing ease of doing business, introducing safeguards, and clarifying regulatory provisions for the GIFT-IFSC fund industry.
PFRDA consults on adopting dual valuation (Accrual/MTM) for Government Securities in NPS/APY schemes to stabilize NAV, reduce interest rate volatility impact, and simplify pension wealth depiction for subscribers.
The Kerala High Court ruled that a Tribunal’s observation to assess under S. 68 is non-binding, granting the assessee an “open remit” to challenge the cash credit addition.
ITAT Visakhapatnam, in case of Subbarao Jaladi v. ITO, set aside an addition of ₹6,37,16,100/- made under Section 69 of Income Tax Act, 1961, regarding unexplained bank cash deposits.
The Karnataka High Court rejected a Revenue appeal concerning the taxability of Fees for Technical Services (FTS) under the India-USA DTAA due to the tax effect being below the ₹2 Crore threshold set by the CBDT’s latest circular.
Ahmedabad ITAT set aside an ex-parte order confirming ₹1.63 Cr tax additions against a real estate operator, ruling that the CIT(A) failed to consider the assessee’s written submissions and the AO’s Remand Report.
The Ahmedabad ITAT set aside a ₹1 lakh penalty under Section 271BA, ruling that failure to electronically file the Form 3CEB transfer pricing report was a mere technical and procedural default. Crucially, the report was prepared before the search and later physically filed with the Transfer Pricing Officer (TPO).
The Kerala High Court has temporarily halted income tax recovery proceedings against Palode Service Co-Operative Bank Ltd a Primary Agricultural Credit Society. The Kerala High Court stayed income tax recovery proceedings against a Primary Agricultural Credit Society, citing a pending appeal where the core tax issue is allegedly covered by the Supreme Court’s Mavilayi Service Co-Operative Bank judgment.
The ITAT restored a charitable trust’s Section 80G(5) final approval application, ruling that rejection solely due to selecting the wrong sub-clause in the online Form 10AB was an error. The Tribunal held that such a technical mistake is curable and not grounds for outright dismissal.
The Chandigarh ITAT upheld the deletion of a ₹3.18 Crore disallowance under Section 40A(3), ruling that the large cash payment for land purchase was dictated by business expediency due to high mistrust and a prior dispute, despite exceeding the banking limits.
