The Tribunal held that DCF valuation cannot be discarded merely because projections differ from actual results. AO’s failure to refer the matter to a Valuation Officer rendered the Section 56(2)(viib) addition unsustainable.
The Tribunal ruled that Explanation 5A applies only when the assessee is found possessing undisclosed tangible assets, which was not established. Since no such assets were discovered and the additions came from routine assessments, the penalty under section 271(1)(c) could not stand. This clarifies that the deeming fiction under Explanation 5A is not automatic.
The Tribunal held that the CIT(A) failed to pass a reasoned speaking order and dismissed the appeal ex-parte without proving deliberate non-compliance. The matter was remanded with one final opportunity, reinforcing natural justice requirements.
ITAT Pune held that rejection of application for registration under section 12A read with section 12AB of the Income Tax Act since exorbitant fees are being charged and profiteering is not allowed in educational institutes. Accordingly, appeal of assessee dismissed.
Tribunal held that the CIT(A)’s ex-parte order violated natural justice. The matter was remanded for a fresh decision with proper opportunity to the assessee.
ITAT Lucknow held that part of commission income from sugar mills cannot be taxed since other part of commission income has already been allowed for deduction under section 80P of the Income Tax Act. Accordingly, addition of part of commission income set aside and appeal allowed.
GSTAT upheld a profiteered amount of ₹4,57,683 but ruled that interest and penalty do not apply as the relevant CGST Rule amendments are prospective.
The amendment clarifies which financial services banks and their group entities can conduct, sets prudential investment limits, and enforces compliance timelines for risk mitigation.
The High Court held that a show cause order passed ex parte before the expiry of the response period violated natural justice. The case was remitted for fresh adjudication with proper hearing.
RBI issues amendments clarifying agency business, referral services, and equity investment limits for small finance banks. Compliance timelines and prudential norms are emphasized.
