RBI finalizes amendments to streamline GML regulations, extend repayment tenor, and expand scope for domestic and exporter jewellers, enhancing ease of doing business.
Explains the most common EWB errors and how they lead to Section 129 detention and penalties. Key takeaway: small documentation lapses turn into major compliance risks.
Tribunal quashed penalty where AO’s addition for alleged bogus purchases was purely estimated, emphasizing that penalties require concrete evidence of income concealment.
ITAT Delhi held that a reassessment notice issued three years after the relevant AY is invalid if the alleged escaped income is below ₹50 lakh, reinforcing the statutory threshold protection.
In India, ETFs have grown into one of the most powerful tools for traders who want diversification, liquidity, low cost, and transparency — all without the complications of managing multiple individual stocks or commodities.
ITAT condoned delay as assessee learned of assessment only after bank account attachment, emphasizing the violation of natural justice. Key takeaway: Ex-parte orders require proper notice before dismissal.
The appeal was allowed as the notice under section 148 was sanctioned by an authority not competent under law. All proceedings following the invalid notice were held void-ab-initio. The ruling highlights the necessity of proper sanction for reopening assessments beyond three years.
The Tribunal allowed sales commission payments to family members engaged in company operations, deleting disallowances. The ruling emphasizes that commission need not be tied to individual sales but to services rendered. It sets a precedent for assessing commission to related parties in business operations.
Tribunal overruled CIT(A), following Madras High Court precedent, and treated proceeds from sale of Silver Oak trees as agricultural income. Human cultivation, not wild growth, defines agricultural income.
ITAT set aside dismissal due to delay, restoring appeal to ensure proper examination of disputed additions. Appellate authority must provide speaking orders considering all submissions.
