Transfer of passive infrastructure (PI) assets under a court-approved scheme of demerger without consideration qualified as a gift under Section 47(iii), thereby legitimizing the claim of depreciation on such assets.
SEBI reduced the threshold under Regulation 10(c) from ₹2 lakh to ₹1,000, easing compliance requirements. The move simplifies regulatory entry barriers for AIF participants.
SEBI reduced the minimum credit risk value from 12 to 10 under REIT regulations. This change broadens investment eligibility and modifies compliance requirements.
ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not misconduct, proceedings closed under Rule 15(2).
Profit arising from purchase and sale of cargo space by a freight forwarder on principal-to-principal basis was trading income and not consideration for service, and therefore not liable to service tax under Business Support Service or otherwise.
The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory role, the CA cannot be held liable for misconduct.
The Tribunal held that a development agreement granting only a limited license for construction does not constitute transfer under section 2(47)(v). As no consideration was received, capital gains addition was deleted.
The Tribunal held that loan repayment cannot be treated as unexplained cash credit under section 68. The addition was deleted as it was based on incorrect classification of repayment as fresh loan.
The Court held that GSTIN cannot be cancelled solely based on supplier irregularities without examining the taxpayer’s transactions. The matter was remanded due to absence of independent findings.
The Tribunal held that penalty under section 271(1)(c) cannot be sustained when identical facts in earlier years led to deletion. Applying the principle of consistency, the penalty was deleted.
