The Tribunal held that non-filing of Form 10CCB along with return is a curable defect. A genuine start-up cannot be denied deduction under Section 80-IAC merely on procedural grounds.
Karnataka High Court held that refund of accumulated Input Tax Credit in case where the input and output tax are the same is allowed. Accordingly, order is liable to be set aside and refund claim deserved to be allowed.
ITAT held that a portion of cash paid could reasonably be sourced from accumulated withdrawals from joint bank accounts. The remaining unexplained amount was reduced on an estimated basis.
The Tribunal held that assumption of jurisdiction under Section 153C was invalid due to a defective and consolidated satisfaction note. As the mandatory requirement of year-wise satisfaction was not met, the entire assessment was quashed.
ITAT Mumbai held that transfer pricing addition made in respect of Letter of Comfort rightly deleted since Letter of Comfort didn’t constitute an International Transaction. Accordingly, order passed by CIT(A) upheld to that extent.
The Tribunal held that acceptance of returned income without examining material indicating possible unaccounted cash investment amounts to lack of inquiry. Section 263 revision was therefore lawfully sustained.
ITAT Mumbai held that disallowance made under section 14A of the Income Tax Act added to Book Profits for computing taxes under section 115JB Income Tax Act deserved to be deleted.
IPCs issued to clearing corporations will now carry a 100% CCF, but capital must be maintained only on the CME portion at 125% risk weight. The amendment clarifies regulatory capital treatment.
ITAT ruled that once cash sales are recorded in audited books and accepted by the AO, taxing the same deposits again would result in double addition. The deletion of ₹1.54 crore was upheld.
Small Finance Banks must now disclose granular capital market exposures in their financial statements. The amendment enhances transparency and aligns reporting with updated risk management norms.
