ITAT found that assessment and appeal orders were passed without proper opportunity due to communication issues. The case was remanded for fresh adjudication after granting fair hearing.
ITAT Mumbai deleted Section 69 addition for alleged on-money as no direct evidence linked assessee. Pen drive data lacked Section 65B proof and cross-exam was denied, rendering addition unsustainable.
The framework restricts distribution of gifts at or in connection with general meetings. The ruling highlights that such practices may influence shareholder decisions and are therefore non-compliant.
The Court reduced the death penalty to life imprisonment after finding the case did not satisfy the strict capital punishment threshold. It ruled that lifelong imprisonment without remission is a more proportionate sentence in severe sexual offence cases.
The authority ruled that panels with engineered edges and contours exceed the scope of sheets under Chapter Note 10. This led to their exclusion from Heading 3921 and classification under Heading 3925.
The Authority introduced frameworks for preferential issues, QIPs, and rights issues to streamline capital raising. The move aims to enhance access to funding and strengthen capital markets within IFSC.
The consultation highlights that existing net worth calculations based on retained client funds are no longer effective. A revised framework is proposed to better reflect broker risk exposure and ensure investor protection.
The draft circular addresses issues in managing unpaid client securities and proposes changes to the existing pledge framework. It introduces timelines, flexibility, and clarity while maintaining investor protection safeguards.
The Tribunal held that the AO exceeded the scope of limited scrutiny by invoking Section 68 without prior approval. The assessment was quashed as legally unsustainable, and the addition was deleted.
The updated framework doubles turnover limits and expands eligibility to cooperatives. At the same time, it introduces strict rules on fund usage and governance. The key takeaway is that benefits now come with higher accountability and compliance expectations.
