ITAT held reassessment invalid due to approval taken from an incorrect authority under Section 151. The ruling confirms that improper sanction makes the entire proceeding void ab initio.
The Tribunal upheld dismissal of appeal for non-payment of tax under Section 249(4)(b). However, it remanded the case after finding that the addition based on Form 26AS may be incorrect.
NFRA has released detailed guidance focusing on auditing provisions and contingent liabilities under Ind AS 37. It emphasizes improved auditor–audit committee communication and stronger evaluation of management estimates. The key takeaway is enhanced audit quality and transparency in financial reporting.
The Tribunal noted that registration was denied due to failure to submit building and safety approvals. It remanded the matter, holding that a fair opportunity must be given before rejecting charitable registration.
The CBDT has introduced new forms for PAN correction to ensure a uniform process. Taxpayers must now use designated forms for accurate and streamlined updates.
The Tribunal upheld that ESOP discount is a valid business expense under Section 37(1), rejecting the view that it is notional or capital. The key takeaway is that ESOP costs are allowable as employee compensation.
The Tribunal held that updated returns filed during ongoing assessment proceedings are not valid under Section 139(8A). The key takeaway is that taxpayers cannot correct returns once scrutiny has begun, though limited relief may still be granted.
The CBI arrested a CGST Assistant Commissioner for demanding a bribe to halt GST proceedings. The officer was caught red-handed accepting ₹1.5 lakh through a middleman, highlighting strict anti-corruption enforcement.
The Government reduced GST on paper sacks and bags from 18% to 5% following GST Council recommendations. The move addresses farmer concerns and supports agricultural practices like fruit bagging.
The Government clarified that claim rejections are based on policy conditions like exclusions and OPD classification. IRDAI mandates transparency and provides grievance mechanisms to protect policyholders.
