The Tribunal held that reassessment beyond four years is invalid where the assessee had fully disclosed material facts during original scrutiny. In absence of failure to disclose, reopening under Section 147 was quashed.
The revised framework enables acquisition financing and enhances lending limits against shares and REIT/InvIT units. Regulatory ceilings on listed debt-backed lending have been removed.
RBI has issued revised LBS guidelines to strengthen coordination among banks and government agencies. The framework enhances priority sector lending, credit planning, and accountability mechanisms.
The ITAT held that approval under Section 151 was invalid as the PCIT merely noted As per Annexure without independent satisfaction. The reassessment under Section 147 was declared void ab initio.
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.
