The department argued that credit must be split across units. The Tribunal ruled that Rule 7 allowed discretionary distribution. The decision clarifies the scope of ISD credit rules before amendment.
The issue was whether repayment of loans through banking channels proves genuineness under Section 68. ITAT Delhi held it does not, ruling that bogus loans remain unexplained even if repaid.
Failure to file financial statements and respond to notices resulted in an ex-parte penalty order. The case highlights strict enforcement of compliance and consequences of non-appearance before authorities.
Company failed to respond to show cause and hearing notices issued by the ROC. The authority proceeded ex-parte and imposed penalties. The ruling highlights that non-participation does not prevent enforcement action.
The issue was whether a single satisfaction note for multiple years is valid under Section 153C. ITAT Pune held it invalid, ruling that separate satisfaction per year is mandatory, thereby quashing the entire assessment.
The article discusses the rise of zero-balance accounts that remove penalties linked to minimum balance requirements. It highlights how digital onboarding simplifies account opening through mobile-based processes.
The case highlights NPS as one of the few deductions available in the new tax regime. Employer contributions remain fully deductible. The ruling underscores NPS as a key tax-saving tool.
The issue was whether leasing to a company disqualifies exemption for residential renting. The Court held that exemption depends on end-use as residence, not the recipient. The key takeaway is that residential usage prevails over contractual structure.
The amendment to Section 15(3)(b) removes rigid conditions for post-supply discounts. It simplifies compliance but leaves key interpretational gaps unresolved.
PFRDA introduced multiple NAVs to reflect different fee structures for government and non-government subscribers. The change ensures accurate charge allocation but temporarily restricts certain transactions during transition.
