The Revenue denied deduction by treating bank interest as Income from Other Sources. The ITAT dismissed the appeal, holding that the interest income forms part of business profits eligible for Section 80P.
ITAT Delhi upheld deletion of ₹60 lakh addition after finding that the assessee furnished confirmations, audited financials, bank statements, and Section 133(6) replies. In absence of direct evidence linking loans to accommodation entries, the addition under Section 68 was held unsustainable.
The Court reaffirmed that lease rent paid for use of land qualifies as “rent” under Section 194I. Revenue’s appeals were dismissed in light of binding precedent.
The AO added expenditure based solely on a mistaken audit report entry. The ITAT deleted the addition after confirming from the concerned party that no transaction occurred.
The analysis highlights that Section 122 of the CGST Act lacked designated “proper officers” until Circular 254/11/2025-GST. Proceedings initiated before this assignment may be void for want of jurisdiction.
IFSCA has approved a new pension fund framework allowing voluntary retirement schemes in IFSC. The draft regulations aim to create a secure, transparent, and globally competitive retirement savings ecosystem.
ITAT held that goodwill arising from acquisition of a business as a going concern represents a bundle of commercial and business rights. Following Supreme Court precedent, depreciation under Section 32 was allowed for AY 2018–19.
The Authority clarifies application process, operating models, service limits, and compliance obligations under the new GIC Regulations. The 2025 framework replaces the earlier 2020 regime.
The ITAT held that for a builder following the project completion method, income arises on handing over possession and not merely on registration of sale agreement. The addition of entire sale consideration under Section 2(47) was ruled unsustainable.
Pursuant to High Court observations and fresh investigation, GSTAT held that the developer did not gain additional ITC benefit warranting price reduction.
