Cash deposits during demonetisation were treated as unexplained under section 69A. The Tribunal accepted possible redeposit of earlier withdrawals and restricted the addition to ₹2 lakh.
The circular extends SCMTR transitional provisions until 31 March 2026. The key takeaway is continued facilitation while mandating correct electronic declarations by all stakeholders.
Filing a statutory e-form with incorrect details was held to be a completed offence. Even clerical errors can attract penalties, irrespective of subsequent correction requests.
The Revenue taxed entire demonetisation cash deposits as unexplained under section 69A with section 115BBE. The Tribunal held that cash sales are possible in retail trade and restricted the addition to a 10% GP estimate.
The ITAT Delhi held that rental income already assessed in the hands of an HUF cannot be taxed again in the individual’s assessment. The addition was deleted to prevent double taxation of the same income.
The regulator revised PoP charges for NPS schemes, introducing quarterly AUM-based fees with an optional ₹200 first-year flat charge and clear rules on recovery.
The ITAT Delhi ruled that money received from a husband qualifies as an exempt gift from a relative under section 56. Such receipts cannot be treated as unexplained income in reassessment proceedings.
The MAS initiative provides financial and institutional backing for international market access activities. It prioritises MSMEs and aims to build long-term global trade linkages.
A new appendix prescribes uniform formats for letters and permissions issued to EOUs. The move streamlines procedures while allowing limited flexibility to authorities.
The dispute arose from survey-based additions relying mainly on a statement and impounded agreement. The Tribunal held that the matter needed fresh examination and remanded it to the AO with one final opportunity.
