The order was remanded after ITAT found the CIT(A) overlooked core issues including validity of belated 148 return, applicability of 153C, and cross-examination rights.
The RBI amends rules requiring banks to monitor exposure to large borrowers and specific sectors. The change strengthens risk management practices and enhances systemic stability.
Explains how auto-populated tax paid entries from earlier years distort the short/excess payment figure in Table 9. Highlights the need for clarification and interim reconciliation steps.
RBI amends IRACP Directions, deleting Paragraph 117, permitting banks to reverse released provisions or transfer them to General Reserve from January 1, 2026.
In a landmark ruling, the SC clarified that an assessee in default cannot be made to pay tax already discharged by the recipient, reaffirming Circular No. 275/201/95-IT(B).
The RBI amends provisioning norms, enabling small finance banks to reverse released provisions or transfer them to the General Reserve, effective January 1, 2026.
ITAT Kolkata quashed a reassessment order, holding that NFAC had no jurisdiction before the formal notification of Section 151A. The ₹2.14 crore addition was deleted, highlighting that faceless assessments cannot be retroactively enforced.
The RBI deletes Paragraph 78 on risk-weighted assets, amending prudential norms. The update, effective January 1, 2026, strengthens capital adequacy frameworks for commercial banks.
The RBI amends prudential norms by deleting Paragraph 68 on risk-weighted assets calculation. The change, effective January 1, 2026, updates capital adequacy rules for small finance banks.
After examining the step-wise rework operations, the Tribunal found no specialized skill or scientific process involved. It upheld the deletion of the ₹4.81-crore disallowance since the payments did not attract TDS under FTS provisions.
