ITAT held that the reassessment notice issued after the assessee’s death raised jurisdictional issues. Legal grounds like issuance to a deceased must be adjudicated before proceeding with assessments.
SFBs must submit structured monthly and incremental credit data, report CKYC numbers, and rectify rejected data promptly, enhancing transparency and accuracy in credit reporting.
NCLAT Delhi held that present appeal is not maintainable as shareholder is not a person aggrieved under section 61 of the Insolvency and Bankruptcy Code. Accordingly, order admitting CIRP u/s. 7 sustained.
The Directions mandate stronger Board oversight, compulsory leave policies, and robust business continuity planning to improve governance and risk management.
LABs must submit structured monthly and incremental credit data, report CKYC numbers, and promptly rectify rejected data. This improves transparency and accuracy in local banking.
RRBs must submit structured monthly and incremental data, report CKYC numbers, and promptly rectify rejected entries. This enhances transparency and accuracy in rural credit reporting.
ITAT Hyderabad held that addition under section 68 towards unexplained cash credits cannot be sustained since assessee has discharged the onus cast upon it and proved identity of loan creditors, genuineness of transactions and creditworthiness of parties. Accordingly, appeal of revenue dismissed.
UCBs must follow structured monthly and incremental reporting, report CKYC numbers, and promptly rectify rejected data. The update enhances accuracy and transparency.
ITAT held that before treating high-value purchases as bogus, authorities must verify supplier’s GST status, ITC claims, and money trail. Key takeaway: Procedural diligence is required for large-scale disallowances.
New directions mandate structured monthly and incremental reporting, CKYC integration, and prompt rectification of rejected data. This enhances transparency and accuracy in the rural banking sector.
