The Tribunal ruled that Section 263 cannot be invoked merely because the Commissioner holds a different opinion. Once adequate inquiry is conducted and a reasonable view is taken, revision is unsustainable.
The Registrar penalized the officer in default for failing to appoint the required number of independent directors within the prescribed timeline. The default continued until proper appointments were made.
CBDT placed Draft Income Tax Rules and Forms 2026 in the public domain ahead of the new Act’s implementation. Stakeholders are invited to suggest simplification and compliance reforms.
ITAT held that entire purchases cannot be disallowed when sales and stock are accepted. The addition was rightly restricted to 25% to cover possible inflation.
The order held that signing financial statements during disqualification violated Section 134(1). The key takeaway is that such non-compliance attracts penalty under Section 134(8), even for small companies.
Once the Tribunal ruled that foreign salary was not taxable in India, consequential additions for alleged unexplained investments and deposits were also deleted. The appeal was allowed in full.
The IBBI cancelled a registered valuer’s licence after his expulsion from a Registered Valuers Organisation made him ineligible under Rule 3 and Rule 7 of the Valuation Rules.
The Court held that ITC cannot be mechanically reversed merely because the supplier failed to pay GST. Authorities must prove fraud or collusion before denying credit.
The Tribunal ruled that reopening based merely on audit objection without independent application of mind is unsustainable. An audit note cannot replace the Assessing Officers reasoned belief.
The order held that failure to file DIR-12 within 30 days of resignation violated Section 170(2). The key takeaway is that administrative vacancy does not excuse statutory filing delays.
