The ITAT Mumbai dismissed appeals under the Black Money Act as withdrawn after the assessee received full relief from the CIT(A), who deleted the additions on the merits of beneficial ownership. Since the Department did not challenge the relief, the assessee chose not to pursue the technical and jurisdictional grounds before the Tribunal.
SEBI clarified that pledging/revoking a pledge is a ‘trade’ under PIT Regulations. Revocation and subsequent sale of ESOS shares to repay a loan are not contra trades if bonafide.
IBBI advises IPs to seek restitution of ED-attached assets under PMLA, requiring a standard undertaking for Special Courts, ensuring asset usage controls and ED cooperation.
October 2025’s GST return is the final window for crucial adjustments for FY 2024-25, including claiming pending ITC, reconciling GSTR-2B, issuing credit notes, and making classification amendments.
CBIC Notification 73/2025 amends ECTS Regulations, formalizing specific rail and multi-modal routes from Kolkata, Haldia, and Vizag ports for Nepal-bound cargo.
Ministry of Finance, CBDT, notifies the Karnataka Housing Board for income tax exemption under Section 10(46A) of the Income-tax Act, 1961, effective from Assessment Year 2024-25.
The ITAT Hyderabad condoned a 211-day delay in filing an appeal, finding the delay was justified because the NFAC (CIT(A)) sent all crucial notices to incorrect email addresses. The Tribunal restored the appeal for fresh hearing, ruling that the ex parte dismissal violated the principles of natural justice due to improper service of notice.
ITAT deleted a Rs.54.85 crore tax addition, holding that make available clause of the India’s DTAA was not satisfied because routine IT support did not enable Indian entity to apply technology without provider’s ongoing reliance. A key takeaway is that mere recurring service provision, even with technical input, does not constitute make available of know-how.
Discover the 8 key mental skills top auditors use: remembering patterns, understanding the business story, connecting financial data, 360-degree thinking, mental math, reasonableness testing, subconscious problem-solving, and constant questioning. This is how they spot errors beyond the checklist.
Pune ITAT ruled against adding the perquisite value of rent-free accommodation, finding that the amount was already included and taxed as part of the directors’ disclosed salary.
