The issue was whether additions could be made in unabated assessments without incriminating material. The Tribunal held that such additions are invalid, relying on Supreme Court precedent.
SEBI extended the suspension on key agricultural commodity derivatives to control volatility and speculation. The move aims to ensure price stability in essential commodities.
The RBI introduced a cap on NOP-INR positions to limit excessive currency exposure by Authorised Dealers. The directive aims to enhance exchange rate stability and risk management. It mandates strict compliance within the prescribed timeline.
The notification grants exemption under Section 10(46) as the entity operates without commercial intent. It clarifies that only specified income like grants and refundable interest qualifies. The ruling ensures tax relief while mandating strict compliance conditions.
SEBI clarifies that physical security creation alone is insufficient for demat assets. Trustees must ensure depository-level registration to validate charges and protect investors.
The issue was whether approval under Section 151 granted without reasons is valid. The Tribunal held mechanical approval invalid, rendering the reassessment void and unsustainable.
The issue was updating TDS reporting under the new tax framework. CBDT introduced standardized section codes to streamline compliance and improve accuracy in TDS filings.
The issue was whether duty drawback demand can be raised on persons other than the exporter. CESTAT held that only the “person chargeable,” i.e., the exporter, can be targeted under Section 11A.
The Tribunal found that the AO wrongly taxed an investment in an incorrect assessment year. Evidence showed the purchase occurred earlier than the year under consideration. The decision highlights the importance of correct year-wise taxation.
The issue was whether cash deposits from business sales could be treated as unexplained income under Section 68. ITAT held that recorded cash sales forming part of turnover cannot be taxed as unexplained credits.
