The Tribunal held that penalty cannot be levied without specifying whether the case involved under-reporting or misreporting of income. The AO issued a 200% penalty without identifying the statutory limb or giving reasons. Since the order lacked satisfaction and reasoning, the penalty was quashed.
ITAT held that section 263 cannot be invoked unless the PCIT pinpoints an actual error in the AO’s order; since no specific mistake was shown, the revision was invalid.
The Tribunal held that section 69A requires unexplained money or valuables to be found; since only documents showing commission were seized, invoking section 69A was invalid. Only 20% of gross commission was allowed as taxable income.
The circular mandates stronger verification of applicant eligibility under Section 29A and requires RPs to present detailed compliance notes to the CoC. The key takeaway is enhanced scrutiny to ensure transparent and challenge-free resolution processes.
The Tribunal upheld that the assessee could adopt NAV for one sale and DCF for another, as both are recognized under Rule 11UA. Since the AO failed to show any defect in the valuation reports, the substituted FMV was held invalid. The deletion of the section 50CA addition was confirmed.
The Tribunal held that reassessment was invalid since the original scrutiny had already examined the issue and no fresh information indicating suppression or omission was found. Reopening based solely on a change of opinion was rejected. The ruling reinforces that section 147 requires tangible new material.
SEBI introduces a dedicated Accredited Investors only fund category and relaxes multiple obligations for such funds. The amendments simplify compliance and offer conversion options for existing AIFs.
The amendment introduces Schedule XII, replacing earlier monetary limits with turnover-linked thresholds for material related party transactions. It strengthens audit committee oversight and standardises approval requirements across listed entities.
The Tribunal held that the AO’s omission to verify whether the land sold fell within municipal limits made the assessment erroneous and prejudicial to the revenue, justifying Section 263 revision.
The Tribunal held that cash deposits could not be treated as unexplained when the AO had already accepted the related cash sales as part of audited turnover. Since stocks, sales, VAT records, and cash books were undisputed, the addition amounted to double taxation. The entire addition was deleted.
