The Appellate Tribunal dismissed the Union of India’s appeal seeking enhancement of the ₹1 crore penalty imposed on two individuals for FEMA violations related to an overseas property purchase. The Tribunal affirmed the Special Director’s decision, holding that the levied penalty was reasonable considering the facts, including the payment of a loan by the father despite the property being in the son’s name.
Traditional schooling’s 19th-century model often fails to teach essential life skills like finance, communication, and adaptability. A shift to a vocational and practical learning system, focusing on real-world skills and curiosity-driven exploration, is necessary to prepare students for the 21st-century economy and foster genuine innovators.
The ITAT Kolkata dismissed an appeal filed by Santhosh Devi Soni as withdrawn after the assessee elected to settle the tax dispute under the Direct Tax Vivad Se Viswas (DTVSV) Scheme, 2024. The Tribunal accepted the withdrawal request since the dispute was resolved under the settlement scheme.
Intangible assets like patents, brands, and software are critical non-physical resources fueling competitive advantage and market valuations in today’s economy. Their recognition and valuation must adhere to IAS 38, typically using Income-based methods like Relief from Royalty.
Real estate is a superior long-term investment compared to gold and silver due to its potential for steady rental income, capital appreciation, tax efficiency, and strong financial leverage through loans.
The ITAT Lucknow quashed the ex-parte appellate orders for AY 2013-14, 2015-16, and 2016-17, ruling that the CIT(A) failed in its statutory duty to pass a speaking order on the appeal merits. The case is remitted for a de novo assessment.
Effective November 1, 2025, CBIC’s Fourth Amendment Rules introduce automated GST registration (Rule 9A) within three days using risk-based data analysis. Rule 14A offers a simplified, optional registration path for small taxpayers with monthly liability below Rs.2.5 lakh.
ITAT Mumbai held that a penalty under Section 271(1)(c) was premature when the related quantum appeal was still pending, remitting the matter back for fresh consideration.
The Appellate Tribunal held that an attempted foreign exchange transaction is not a contravention under FEMA Section 3(d), as the Act requires an actual financial transaction. The Tribunal dismissed the Enforcement Directorate’s plea for confiscation of ₹89.70 lakh and ordered the refund of the balance after adjusting the penalties.
PPT provisions inapplicable in absence of separate notification incorporating MLI provisions into India-Ireland tax treaty Background The Mumbai ITAT in Sky High Appeal XLIII Leasing Company Limited v. ACIT (2025) 177 taxmann.com 579 (Mum)/ TS-1085–ITAT-2025(Mum) and the Delhi ITAT in Kosi Aviation Leasing Ltd. v. ACIT [ITA No. 994/Del/2025, dated 30-9-2025] have held that operating […]
