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.
Unauthorised documents claiming official guidance are being circulated among professionals and auditees. The advisory clarifies these communications are false, have no legal standing, and must not be acted upon. Legal and disciplinary action may follow against those responsible.
The document identifies how discretionary powers, rigid procedures, and GST portal limitations undermine Ease of Doing Business. It calls for system-driven reforms to reduce litigation, duplication, and cash-flow blockages.
The issue was whether a penalty can survive when the notice does not specify the exact charge. The Tribunal held that a vague notice vitiates the entire penalty proceedings, even where AMT liability exists.
The Tribunal found that key evidences furnished by the assessee were not adequately considered by lower authorities. The issue was restored to ensure fair examination and compliance with natural justice.
The issue was whether personal capital could be compared with partnership capital to infer unexplained credits. The Tribunal held the comparison flawed and upheld deletion of the Section 68 addition.
The court set aside reassessment proceedings after finding doubt over valid service of notices. Failure to ensure proper communication denied the assessee a fair hearing.
The High Court quashed an ex-parte appellate order after finding that penalty was enhanced without giving the taxpayer an opportunity of hearing. The ruling holds that such enhancement violates Section 107(11) and principles of natural justice.
The Supreme Court rejected the Revenue’s delayed appeal where reassessment was initiated repeatedly for the same year. The ruling confirms that completed reassessment on merits cannot be reopened again.
