SEBI Circular 2025/135 rationalizes Related Party Transaction (RPT) disclosure for listed entities. It exempts RPTs up to Rs.1 crore and sets basic disclosure for moderate-value transactions.
India’s public sector banking (PSB) landscape has been transformed by two waves of consolidation—first, the merger of State Bank of India with its associate banks in 2017, and second, the 2019–2020 ‘mega merger’ that compressed ten PSBs into four large anchors. The stated policy objective was clear: create banks with the operational scale, technology depth, […]
A brief study of the tax provisions for Profits and Gains from Business or Profession, covering all chargeable incomes (including deemed income and recoveries) and permissible deductions under Sections 30 to 37, such as depreciation, R&D expenses, and general business costs.
Gold hit record highs in 2024-2025, fueled by central-bank buying, safe-haven demand, and geopolitical risk. This analysis explores the rally’s drivers, price scenarios, and its role as a strategic asset.
The ITAT Ahmedabad allowed the assessees entire claim for business expenses, deleting a large proportionate disallowance made by the AO and CIT(A). The Tribunal ruled that since the assessee was an active working partner in multiple firms and a proprietor, the expenses were wholly and exclusively for business purposes, and the revenue failed to prove they were non-genuine.
The ITAT Chennai directed the CIT(E) to reconsider a trusts 80G application on merits, ruling it couldnt be rejected mechanically on grounds of delay. The Tribunal held that since the Finance Act, 2024 amendment (Section 80G(5)(iv)) allowing trusts to apply at any time took effect while the application was pending, the CIT(E) was bound to apply the amended, flexible law.
Understand the taxation rules for income from house property, including the basis of charge, computation of Gross and Net Annual Value, allowed deductions like standard deduction and interest on borrowed capital, and special provisions for co-owners and deemed owners.
The ITAT Ahmedabad set aside an order that attempted to rectify an assessment to tax a survey disclosure under Section 69A/115BBE instead of normal business income. The Tribunal ruled that the question of classifying the already accounted income as business receipts versus unexplained money is a debatable issue that falls outside the limited scope of rectification under Section 154.
The ITAT Chennai deleted the disallowance of claimed agricultural income, ruling that revenue from the sale of eucalyptus trees grown on the assessees agricultural land is exempt under Section 2(1A). The Tribunal held that the assessee performed both basic and subsequent agricultural operations, and the AOs mere doubt about visible maintenance was insufficient to deny the exemption.
An assessment reopened to tax alleged bogus Long Term Capital Gain (LTCG) was declared void ab initio by the ITAT, strictly applying Section 151. The Tribunal held that statutory sanction cannot be bypassed or taken from a non-competent authority, even following the Ashish Agarwal directions, making the entire reassessment jurisdictionally flawed.
