The ITAT held that Rule 8D cannot be invoked without first recording a clear dissatisfaction with the assessee’s working based on accounts. Mechanical application of the rule, without identifying specific expenditure linked to exempt income, was ruled invalid.
The regulator has made standardized credit reporting compulsory for UCBs across all credit bureaus. The key takeaway is tighter data quality, uniform formats, and faster, more transparent credit information updates.
The ITAT held that filing Form 10B on the extended due date, especially during COVID-19 relief periods, cannot by itself defeat Section 11 exemption. Procedural delay cannot override substantive compliance.
New norms cap borrower and group exposures based on Tier-I capital to prevent over-concentration. The key takeaway is stronger balance-sheet resilience through diversified lending.
Chennai ITAT held that dismissing appeals as non-maintainable was erroneous. Orders giving effect to appellate directions retain their character as assessment orders.
The question was whether the extended ten-year window under Section 153C could be invoked. The Tribunal held that where the satisfaction note shows escaped income below ₹50 lakh, the extended limitation is unavailable.
The ITAT noted that cash-flow statements showing withdrawal–redeposit nexus were not examined. Non-consideration of material evidence warranted remand.
The ITAT held that a notice under Section 143(2) issued by a non-jurisdictional officer is invalid. Such a defect strikes at the root of the assessment and cannot be cured.
The issue was whether handwritten lists and affidavits of relatives were sufficient to explain cash deposits. The Tribunal ruled that self-serving documents without independent corroboration carry no evidentiary value under PMLA.
The Supreme Court ruled that denying regularization to certain ad-hoc employees while others were regularized was discriminatory. The Court reinstated the affected staff and granted full employment benefits under Article 142.
