The assessee demonstrated that the ₹1.03 crore cash deposit arose from opening cash balance and collections from sundry debtors. The Tribunal held that the onus stood discharged and deleted the entire addition.
ITAT held that CPC cannot increase dividend income based on Schedule BP entries, restricting taxable dividend to the amount correctly disclosed in the return and upholding section 115BBDA exemption.
From FY 2025–26, partnership firms must deduct 10% TDS on specified payments to partners once the ₹20,000 threshold is crossed, with strict timelines for deduction and reporting.
The Assessing Officer proceeded with reassessment after three years based solely on PCIT approval. The Tribunal emphasized that compliance with Section 151 is mandatory, and failure renders the notice under Section 148 void.
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Reassessment was quashed as the statutory process under the faceless regime was not followed end-to-end by the same authority. Such jurisdictional inconsistency vitiates the entire proceedings.
New Directions mandate a fair, transparent, two-stage process with notice, disclosure, and hearing before tagging a borrower as a wilful defaulter. The key takeaway is strengthened natural justice alongside tighter credit discipline.
The regulator has rolled out a comprehensive framework for early identification and time-bound resolution of stressed assets by NBFCs. The key takeaway is stricter governance, faster resolution timelines, and enhanced supervisory scrutiny to prevent evergreening and protect credit discipline.
The Tribunal held that reassessment initiated solely on a Revenue audit objection, without fresh tangible material, is invalid. Reopening beyond four years on the same facts examined earlier amounts to impermissible change of opinion.
Separate asset classification and provisioning norms apply to Base, Middle, and Upper Layer NBFCs. The change strengthens proportional regulation based on systemic risk and size.
