Mumbai ITAT ruled that retracted statements of a third-party transporter cannot justify additions without corroborative material. Detailed invoices, delivery challans, and proof of goods movement demonstrated genuine business expenses, resulting in dismissal of Revenue appeals.
ITAT Mumbai held that disallowance under Section 14A cannot exceed the exempt income, upholding judicial precedents and deleting Rs. 6.66 crore addition, emphasizing that hypothetical income cannot be taxed.
Falcon Marine Exports Limited and officers were penalized for failing to disclose CSR policy, committee composition, and under-spending reasons in the Board Report.
ROC Delhi imposes penalties on a company and its directors for starting business before filing statutory declaration in INC-20A, highlighting compliance under Section 10A of Companies Act.
ITAT Chennai confirmed that section 234A interest is only compensatory and cannot be charged for periods when no tax remains outstanding. Full payment of self-assessment tax prior to the start of March 2022 negated any basis for levy.
The Bill creates separate councils for regulation, accreditation, and academic standards under one umbrella institution. This division aims to improve focus, efficiency, and coordination.
ITAT held that reassessment notices issued after the surviving period, as clarified by Rajeev Bansal, are time-barred for AY 2015-16. The ruling emphasizes that procedural compliance with limitation periods is mandatory, even if notices are issued under unamended law.
ITAT Delhi held that a single Section 153D approval for multiple assessees and years is impermissible, rendering all 153A and 153C assessments void ab initio.
The Bill allows full foreign ownership in insurance companies to attract capital and expertise. It signals a major policy shift aimed at accelerating sectoral expansion while retaining regulatory safeguards.
ITAT Delhi allowed travelling and visa expenses paid by assessee’s sons as wholly & exclusively for business purposes in overseas education consultancy. The Tribunal emphasized that procedural delay of 5 days should not defeat substantive justice, partly allowing the appeal.
