The Tribunal remanded the case because the Commissioner (Appeals) decided a Section 248 appeal without hearing the Assessing Officer. The ruling highlights that statutory hearing requirements under Section 250 must be followed.
The High Court held that Fringe Benefit Tax and Section 14A disallowance cannot be added while computing MAT under Section 115JB. The ruling confirms that only adjustments expressly permitted by law can alter book profits.
The issue was whether share sale proceeds could be taxed as unexplained based on general investigation reports. The Tribunal held that without concrete evidence linking the assessee to manipulation, additions cannot survive.
RBI has amended financial statement disclosure norms to include granular reporting of related party exposures. The move strengthens oversight of credit risk and governance.
The issue was whether penalty could be sustained when the notice alleged under-reporting but the order punished misreporting. The Tribunal held such variance impermissible, rendering the penalty void.
The issue was whether LTCG could be taxed in a search assessment without incriminating evidence for the year. The Tribunal held that, absent such material, additions under section 153A are unsustainable.
This guide explains how to log in, download, install, and run the Secure Examination Browser. It highlights key precautions like disabling pop-up blockers and ensuring stable internet connectivity.
Regulators have opened the door for banks to independently set up pension funds under strict eligibility norms. The move is aimed at improving competition, governance, and subscriber protection in the NPS.
Paid-up capital and turnover limits were enhanced to widen the small company regime. The change reduces regulatory burden and expands access to compliance relaxations.
The Tribunal upheld revision since business expenses were within limited scrutiny and education cess deduction was not verified. The key takeaway is that lack of enquiry on a covered issue makes the assessment erroneous and prejudicial to revenue.
