The competition regulator found a prima facie case that large-scale cancellations followed by higher fares may amount to abuse of dominance. A detailed investigation has been ordered to examine unfair pricing and restriction of services.
The Tribunal ruled that the PCIT lacked jurisdiction to revise an assessment when the very issue was already under challenge before the appellate authority. Parallel revision proceedings were held to be impermissible.
The proposals extend due dates for non-audit taxpayers and allow revised returns up to 12 months with late fees. The takeaway is more time to comply without forfeiting correction rights.
Additions based on survey-time valuation of machinery were deleted as the Assessing Officer had not rejected the books of account. Prior binding orders in the same case were followed, reaffirming settled law.
The Tribunal ruled that interest earned on Government grants parked under official directions cannot be divorced from the original grant. Denial of exemption was found to defeat the purpose of section 10(23C)(iiiab), leading to relief for the assessee.
The tribunal held that a debt recovery tribunal cannot reject a counter-claim after a binding appellate remand. Orders bypassing affirmed appellate directions and natural justice were set aside.
The issue was whether late filing of Form 10AB mandates rejection of registration. The Tribunal held that bona fide delay can be condoned and remanded the matter for fresh consideration.
The tribunal held that indexed cost of acquisition must be allowed while computing LTCG of a charitable trust. Indexation under Section 48 applies even when gains are treated as application of income under Section 11(1A).
The tribunal deleted penalty where the quantum addition was restricted to an estimated profit element. It held that penalty cannot survive without a clear finding of concealment.
Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of income covered.
