Article explains how India replaced 29 outdated labour laws with four streamlined Labour Codes to address gig work, mobility, and compliance complexity.
The Tribunal ruled that reopening based solely on an Insight Portal flag without independent verification is invalid. It held that absence of tangible material and incorrect factual assumptions renders the entire 147 proceeding void.
ITAT held that reassessment notices issued beyond three years require approval from PCCIT/PDGIT, not PCIT. The invalid sanction vitiated all proceedings, following Rajeev Bansal.
ITAT held that reassessment based solely on earlier-examined facts is invalid. Since shares were sold through a SEBI broker and gains were already taxed, no Section 68 addition could survive.
ITAT held that the AO cannot rely only on loss-making trades while ignoring profitable ones, upholding deletion of additions made under Project Falcon.
The Tribunal upheld that textile sales were not genuine, sustaining commission estimation at 3% of turnover. Additions under section 68 were remitted to the Assessing Officer due to lack of documentary evidence.
The draft guidelines aim to allow responsibly sourced gold from accredited Indian and global refineries on IIBX, promoting transparency, supply chain due diligence, and ethical bullion trading.
The draft circular requires regulated entities to display their registered name and number on all social media content to curb fraud and improve investor transparency.
ITAT Mumbai confirmed all expense disallowances and additions for unexplained share capital, premium, and warrants. The assessee failed to prove genuineness or creditworthiness, and identity alone was insufficient under section 68.
ITAT Mumbai ruled that additions under section 68 cannot stand in an unabated year without incriminating material from a search. External reports or third-party statements were insufficient, and the full addition was deleted.
