The Tribunal examined whether lease rent and allied charges from an IT Park were business income or property income. It held that systematic commercial operation with integrated services warrants business income treatment.
The issue was whether section 68 could be invoked for alleged on-money payments absent direct evidence. The Tribunal ruled that in the absence of corroborative material, the addition must be deleted.
The issue was whether the full value of alleged bogus purchases could be added to income. The Tribunal upheld that only the profit element embedded in such purchases is taxable, not the entire purchase value.
The High Court held that firing at accused persons during encounters without following mandatory procedures is impermissible. Non-compliance with FIR registration and independent investigation norms was strongly criticised.
The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order rejecting condonation was set aside to prevent disproportionate hardship.
The government has granted time-bound approval under section 35(1)(ii) enabling eligible donations to scientific research to qualify for tax benefits. The key takeaway is that deductions are available only with strict compliance on reporting and certification.
The regulator has abolished the LOC requirement for investor service requests. The key takeaway is quicker, safer direct credit of securities into demat accounts.
The circular enables fresh and previously rejected transfer requests to be processed during a defined period. Transfers will be credited only in demat form and locked in for one year.
The amendment revises eligibility and experience criteria for key personnel in fund management entities, allowing greater flexibility for professionally qualified candidates. The key takeaway is wider access to talent without diluting regulatory oversight.
The issue was whether a reassessment could be framed in the name of a company that had ceased to exist due to amalgamation. ITAT held such an assessment void ab initio, quashing the entire proceedings.
