The issue was an appellate order passed with facts, year, and income of another assessee. The Tribunal held the order void and directed a fresh decision in the correct case.
The advance ruling held that window glass used exclusively in display assemblies is not classifiable as safety glass. Its functional integration with display modules determines classification under electronic parts.
The authority refused to issue an advance ruling after finding that the same issue was already under investigation by customs officers. The ruling reiterates that pending investigations bar maintainability under Section 28-I.
ITAT held that when the same property valuation has been accepted in co-owners’ cases, a contrary view cannot be taken for another co-owner. Consistency in tax treatment is mandatory.
The tribunal held that suspicion, abnormal price rise, or third-party reports are insufficient to deny LTCG exemption. Revenue must establish direct involvement of the taxpayer in price rigging.
Silver futures surged on import duty hike rumours, creating an unprecedented premium. The issue highlights risks of information leakage and the need for swift regulatory scrutiny.
The Tribunal held that once the assessee proves identity, genuineness, and source through documents and bank records, the burden shifts to the Revenue. Without rebuttal of evidence, addition under Section 68 cannot survive.
A consultation paper proposes expanding sustainable finance rules in GIFT IFSC. It introduces sustainable deposits and stronger governance for green lending and investments.
The consultation paper proposes strict oversight of algorithmic trading to curb volatility, manipulation, and system risks. The key takeaway is enhanced accountability and transparency without stifling innovation.
ITAT ruled that the AO’s omission to apply TDS provisions on freight charges warrants revision. Proper application of statutory disallowances is mandatory in reassessment proceedings.
