ITAT Kolkata deletes ₹7.84 crore addition on F&O and currency-derivative losses as AO relied solely on a now-vacated SEBI interim order. Tribunal emphasized that the assessee submitted full documentary evidence, which remained unrebutted, confirming losses as genuine.
ICAI reinforces its global presence and leadership, promoting innovation, ethical governance, and continuous skill development for Chartered Accountants.
Tribunal remands ₹88 lakh disallowance of long-term service award to the AO for fresh verification as employee-wise computation for the relevant year was not on record. Claim can be allowed only after proper quantification of ascertained liability.
The Revenue relied on third-party statements and WhatsApp data to allege an unrecorded ₹25 crore cash loan, but brought no supporting inquiry or cross-examination. The Tribunal held that the AO’s conclusion was speculative, especially when bank-backed evidence, TDS records, and a registered loan agreement supported only a ₹10 crore loan. Key takeaway: additions under Section 69A require concrete evidence, not assumptions.
Tribunal held that amounts incurred as authorized pure-agent payments could not form part of taxable value. The ruling clarifies that failure to interpret Rule 5(2) correctly invalidated the demand.
Supreme Court dismissed the challenge, leaving intact the High Court ruling that registration under Section 12AA could not be denied when the institution’s educational objectives and utilization of income met statutory requirements.
Patna High Court ruled that pre-deposit of 10% of disputed tax for CGST/BGST appeals cannot be made via Electronic Credit Ledger (ECRL), upholding mandatory use of Electronic Cash Ledger (ECL).
Learn why returning NRIs must file the FA Schedule, what assets to report, and how compliance protects against penalties under Indian tax laws.
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Learn how the Digital Personal Data Protection Act, 2023, and Rules, 2025 regulate personal data collection, processing, and security, ensuring individual privacy and accountability.
