The addition under Section 68 was deleted as capital introduced by partners is not a loan or unexplained credit of the firm. Enquiry into partners creditworthiness must be conducted separately in their cases.
The Tribunal observed that merely using the term misreporting without linking it to any specific statutory limb is insufficient. It quashed the penalty, reiterating that penal proceedings must be precise and legally justified.
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
The Tribunal held that cash received at the time of executing a registered sale deed does not fall within the definition of “specified sum” under Section 269SS. Since the provision primarily targets advances in property transactions, penalty under Section 271D was unsustainable.
The Tribunal noted that the AO reopened the case under the mistaken belief that no scrutiny assessment had been made. Such factual error and absence of new incriminating material vitiated the assumption of jurisdiction under Section 147.
The GSTAT found that ITC reversal claimed by the developer was not factored into the original computation. The matter was remanded for verification and submission of a revised report.
The anti-profiteering investigation calculated profiteering due to enhanced ITC under GST. As the developer passed on the full benefit, including disputed sums with interest, the Tribunal disposed of the proceedings.
SEBI has specified revised application forms and certificate formats for stock brokers and clearing members under the 2026 Regulations. The new framework replaces the earlier 1992 forms and applies retrospectively from January 7, 2026.
CAS-25 standardizes principles for inventory valuation, including cost components and NRV rules. It applies from 12 February 2026 for cost statement preparation and certification.
The Aadhaar App has seen nearly 14 million downloads, with 1 million users updating their mobile numbers digitally. The app highlights growing trust in secure, privacy-first identity services.
