Stay updated on Income Tax, GST, RBI, and corporate sector notifications, circulars, and judicial rulings issued during the first week of December 2025.
Learn the correct accounting treatment, income tax implications, and GST rules when selling or scrapping Plant, Property, and Equipment, with practical illustrations for businesses.
Understand how Section 61 and ASMT-10 notices provide a procedural safeguard for taxpayers to rectify discrepancies before GST adjudication under Sections 73 and 74.
The Tribunal ruled that non-filing of submissions alone cannot justify confirming penalties under section 271D. CIT(A) orders were set aside, and reassessment was directed after providing full hearing rights.
ITAT Chennai confirmed that 8% profit estimation for a civil contractor was reasonable, rejecting the assessee’s 6% claim and AO’s 10% estimate, emphasizing consistency with subsequent years’ presumptive returns.
ITAT Delhi held that Section 153C proceedings cannot proceed on mere suspicion; the AO must establish that seized material impacts the assessee’s total income. The assessments for AYs 2018-19 and 2019-20 were fully quashed.
Tribunal held that non-filing of submissions or non-appearance cannot override substantive justice. CIT(A)’s order confirming additions was set aside, and matter remitted for fresh hearing.
The Bill consolidates multiple decades-old securities laws into a single code to address technological change and evolving market practices. It aims to simplify compliance while strengthening investor protection and regulatory governance.
The ruling allows monetary incentives for PoPs facilitating NPS enrolments via FPOs, addressing higher outreach costs and improving last-mile pension access.
ITAT Mumbai ruled that a co-operative society’s deposits in co-operative banks are eligible for deduction under section 80P(2)(d), despite section 80P(4) limiting banks themselves. The decision reinforces liberal interpretation of 80P to support the co-operative sector.
