Supreme Court held Section 29A time can be extended even after a delayed arbitral award; late award is unenforceable, not void, and mandate extension remains permissible.
The case examined whether commission paid to overseas agents attracts TDS and disallowance. The Tribunal held that services rendered abroad are not chargeable to tax in India, nullifying Section 40(a)(i).
The budget focuses on fiscal discipline, predictable taxation, and long-term growth rather than headline tax cuts. It signals a shift toward structural maturity and economic resilience.
Supreme Court held High Courts cannot use Article 227 to strike off a plaint when CPC remedies exist; suit restored and defendants directed to pursue Order VII Rule 11 CPC.
The issue was whether reopening based only on portal information is valid. The Tribunal held that absence of independent inquiry and tangible material vitiates reassessment and nullifies the addition.
The consultation outlines reforms to ease operational constraints for REITs and InvITs, including SPV continuity and borrowing flexibility. The key takeaway is a more practical regulatory framework without diluting safeguards.
ITAT Surat held reassessment invalid where notice u/s 148, though dated 31-03-2021, was issued on 01-04-2021 without following s.148A procedure; entire reassessment quashed.
The dispute examined whether loan interest used to buy virtual digital assets could be deducted. The ruling held that such interest forms part of cost of acquisition and is allowable despite Section 115BBH restrictions.
The tribunal held that any adjustment while processing a return under Section 143(1) requires prior intimation to the assessee. Disallowance made without issuing such notice is invalid in law.
ITAT Lucknow ruled that Golden Harvest Scheme benefit is a sales discount, not interest u/s 2(28A); hence no TDS u/s 194A applies and 201(1)/(1A) demand was quashed.
