The High Court held that penalty under Section 271D cannot be levied without the Assessing Officer recording satisfaction regarding violation of Section 269SS. In the absence of such finding in the assessment order, the penalty was set aside.
Rules 115 and 116 empower the Board to revise or cancel agreements where conditions fail, laws change, or compliance lapses occur, while mandating hearings, written reasons, and procedural safeguards to ensure transparency.
The Tribunal held that mere acceptance of demonetized currency during the demonetization period cannot justify addition under Section 68 when identity, genuineness, and source are established. Revenue’s appeal was dismissed.
Rule 111 of the Draft Income-tax Rules, 2026 permits rollback of Advance Pricing Agreements to earlier years subject to strict conditions, but disallows it where appellate orders exist or income is reduced.
Rule 110 of the Draft Income-tax Rules, 2026 clarifies that Advance Pricing Agreements are binding only if critical assumptions and conditions remain unchanged, and may be revised or cancelled upon material change.
The Gujarat High Court held that when exported goods qualify as zero-rated supply and no tax is payable, penalty under Section 129 for E-way bill expiry is unsustainable. Refund of ₹18 lakh was directed.
Draft Rule 109 of the Income-tax Rules, 2026 lays down a detailed, time-bound procedure for processing Advance Pricing Agreement applications, including consultation, enquiry, agreement finalisation, and conditions for closure without refund.
Draft Rule 108 of the Income-tax Rules, 2026 establishes a structured deficiency review process for Advance Pricing Agreement applications, allowing correction of defects and providing for refund of fees if the application is rejected.
The Tribunal initiated CIRP under Section 7 after finding undisputed debt exceeding ₹10.91 crore and admission of insolvency by the Corporate Debtor.
Supreme Court held that simultaneous proceedings for Corporate Insolvency Resolution Process [CIRP] under Insolvency and Bankruptcy Code against the principal debtor as well as corporate guarantor is maintainable.
