SEBI has further extended the timeline for filing claims against the defaulted broker, giving investors until March 31, 2026. Investors are urged to submit pending claims promptly.
The tax authority’s assessment and penalty were set aside as the assessee was not given a fair opportunity to submit documents or Rule 46A application. The court emphasized adherence to natural justice before rejecting section 54F claims.
The draft mandates upfront disclosure of all transaction costs for retail forex deals to enhance transparency and informed choice.
The ITAT ruled a reassessment under Section 147 invalid because the Assessing Officer failed to issue the mandatory Section 143(2) notice. compliance with notice requirements is crucial for valid reassessment.
The Tribunal held that unexplained money addition cannot stand when the AO ignores direct verification from the bank. Matter restored to the AO to summon the bank and tax only actual interest income.
The Tribunal held that agricultural income cannot be disallowed merely due to a year-on-year increase. Since land ownership, crop details, and receipts were undisputed, the addition was deleted.
The Tribunal condoned a 960-day delay after finding that the assessee’s reliance on VSV settlement and pending rectification was a bona fide cause. It ruled that penalty under Section 271D is independent of quantum proceedings. The penalty appeal was wrongly dismissed as infructuous and has been remanded for fresh decision.
The Tribunal found that a fixed-deposit mismatch caused an unjustified ₹5.33-crore addition. Delay was condoned and the matter was remanded for fresh assessment with proper verification.
The Tribunal accepted that the 7.5% rebate was a pre-negotiated commercial discount and not an unaccounted cash return. As the seized loose sheets were unverified and unsupported by witnesses, the ₹9.06 crore addition failed.
Incorrect Form 3CD reporting led CPC to treat rental income and capital gains as business income. The Tribunal ruled that such mismatches cannot justify additions without verification.
