CESTAT Chandigarh held that the demand of service tax on adda-fees under the category of ‘business support services’ is not sustainable in law and is liable to be set aside. Accordingly, order is liable to be set aside and appeals are allowed.
The Tribunal held that reassessment proceedings fail when the Assessing Officer abandons the issue forming the basis of reopening. In such cases, other additions cannot be made without issuing a fresh notice under Section 148.
Bombay High Court held that notice u/s. 148 of the Income Tax Act issued after obtaining sanction under section 151 from the non-competent authority is invalid and not sustainable in law. Accordingly, notice is liable to be quashed and petition is allowed.
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The Tribunal noted that the subject line of the approval letter excluded the concerned assessment year, evidencing lack of scrutiny. It held that such defective approval invalidates the assessment.
RBI proposes permitting commercial banks to finance REITs subject to prudential exposure ceilings. The draft introduces safeguards to manage concentration and credit risk.
The Tribunal found no infirmity in the CIT(A)s detailed order deleting additions based on proper verification of evidence. All grounds raised by Revenue were rejected, and cross-objection became infructuous.
The amendment introduces LTV caps, valuation norms, and exposure limits for loans against eligible securities. It strengthens risk controls and integrates such lending within capital market exposure norms.
ITAT Delhi held that a public charitable trust cannot be taxed at the Maximum Marginal Rate under Section 167B. The Tribunal directed that income be taxed at normal slab rates applicable to an AOP.
The revised Directions formally recognize acquisition finance and bridge finance for promoter stakes under banks’ permitted financial services. The move aligns operational guidelines with updated credit norms.
