Insurers can now invest in AT1 bonds and Tier 2 capital instruments issued by AIFIs. The change widens investment options while aligning with existing bank investment norms.
The ITAT held that warranty provisions based on past experience are deductible even if a sizeable opening balance exists. Estimated future obligations from past sales qualify as allowable business expenditure.
The issue was whether appeals dismissed as time-barred should be revived when delay was caused by a tax consultant. The Tribunal condoned the delay and restored the cases for merits-based adjudication.
The ITAT ruled that section 69A cannot be invoked unless ownership of cash is established. Mere third-party seized ledgers without recovery of money are insufficient to sustain an addition.
The authority held that pension contributions wrongly paid for ineligible members must be recalculated with interest, transferred to the correct PF account, and erroneous pension service deleted to ensure accuracy.
The Tribunal confirmed that personal and university-linked assets of accused in a massive fake degree fraud are liable to attachment under PMLA, emphasizing that illicit proceeds include property acquired through fraudulent schemes.
The Tribunal ruled that unexplained money provisions cannot be applied on conjectures when the source of cash is reasonably explained. With no dispute on withdrawals and savings, the demonetisation-period addition failed on merits.
The ITAT emphasised that dismissal of appeals without dealing with substantive grounds is legally untenable. NFAC was directed to rehear the reassessment appeals after granting reasonable opportunity.
The SAFEMA Tribunal confirms that even properties transferred before the 2016 amendment fall under benami rules if the property continues to be held by the benamidar. This ensures all ongoing holdings remain accountable under the Act.
SAFEMA Tribunal confirms attachment of property bought in a third party’s name where the actual consideration was paid directly by the appellant, highlighting that future benefit validates a benami transaction.
