The Tribunal held that deduction under section 80-IA cannot be allowed mechanically based on past relief. Each infrastructure project must be independently examined to determine whether it qualifies as development or is merely a works contract.
The ITAT ruled that reassessment under section 153C cannot extend beyond the statutory six assessment years. Jurisdiction assumed outside this period was held void.
The regulator has introduced a compulsory certification requirement for Compliance Officers of AIF Managers. From January 1, 2027, only NISM Series-III-C certified individuals can hold or continue in this role, strengthening compliance oversight.
Customs officers at international airports must now use BWCs during passenger interactions. The move strengthens transparency and accountability in baggage clearance.
The Tribunal reaffirmed that satisfaction must be recorded contemporaneously or immediately after the searched person’s assessment. Any belated recording invalidates the assumption of jurisdiction under section 153C.
ITAT Rajkot held that there is no escapement of income or loss of revenue since tax paid on the basis of consolidated profit of both the partnership firm and hence reassessment proceedings are not sustainable. Accordingly, appeal of revenue is dismissed.
The case involved alleged facilitation of tax evasion through fake political donations. The Board held that failure to timely retract an incriminating statement and lack of evidence led to a finding of misconduct.
The Tribunal ruled that after primary evidence is furnished, the assessee is not required to prove the source of source under section 68, especially where the AO fails to conduct enquiry u/s 131 or 133(6).
CESTAT Allahabad held that finding recorded by Commissioner (A) in earlier round of litigation have attained finality. Accordingly, the attempt to re-agitate the same issue in subsequent proceedings is barred by principles of Res Judicata. Accordingly, appeal of department dismissed.
The case involved a professional admitting involvement in a scheme facilitating fake donations for tax benefits. The Board relied on the admission and supporting evidence to hold misconduct.
