ITAT Bangalore held that a Souhadra Sahakari registered under the Karnataka Souhadra Sahakari Act qualifies as a co-operative society under Section 2(19). Deduction under Section 80P(2)(a)(i) was allowed, and related additions were deleted.
The CCI held that restricting warranty services in India to products bought from authorised distributors was unfair and discriminatory. The policy was found to limit consumer choice and deny market access to parallel importers, leading to a ₹27.38 crore penalty.
The Tribunal ruled that timely filing is mandatory for Chapter VI-A deductions and belated returns cannot claim Section 80P benefits. It followed binding High Court precedent and dismissed the appeal.
The Tribunal held that the appellate authority exceeded jurisdiction by restoring the matter to the Assessing Officer for fresh assessment. It directed the CIT(A) to decide the deemed dividend addition on merits as raised in appeal.
The Tribunal held that cash deposits made during demonetization cannot be treated as unexplained under Section 68 if sufficient cash balance is recorded in regular books of account.
IFSCA has prescribed a standard Net Worth Certificate format and detailed audit checklist for Global Access Providers. GAPs must submit certified net worth statements annually and undergo mandatory peer-reviewed audits to ensure regulatory compliance.
IRDAI has issued key clarifications allowing insurers to invest in AIFs using SEBI-compliant Excusal Rights, provided funds are not deployed overseas. The circular introduces strict documentation, audit, and certification safeguards under Section 27E.
The Tribunal held that after submission of primary creditor details, the burden shifted to the AO to disprove the claim. The case was remanded to ensure fair opportunity and proper inquiry.
The guide outlines eligibility, documentation, and ROC filing requirements for converting an LLP into a private company under the Companies Act, 2013.
The Tribunal held that treating part of the disclosed sale proceeds as unexplained cash credit amounts to double taxation. It directed deletion of the addition to the extent linked to the accepted sale consideration.
