ITAT Bangalore held that interest on bank deposits from operational funds of a co-operative credit society is eligible for deduction u/s 80P, as it is attributable to business activity; reliance on Totgars was held inapplicable.
The Tribunal held that leave encashment relating to government service remains fully exempt under Section 10(10AA). It ruled that later absorption into a PSU does not change the nature of the benefit.
Section 54/54F deduction allowed by ITAT Bangalore despite incomplete documents, as substantive investment in house construction was proven through JDA, sample bills, and bank records-technical lapses cannot defeat genuine exemption claims.
Due to technical issues on the new tax portal, late fees for Profession Tax returns were waived if tax was paid by 15 March 2026. The circular provides relief but maintains interest liability.
Limitation start from date when Impugned Order in Form DRC 07 uploaded on portal and not from date of detailed order: Allahabad High Court
Reassessment quashed by ITAT Bangalore as failure to pass a speaking order on objections violated mandatory procedure under Sections 147/148, rendering entire proceedings invalid in law.
Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensures standardized disclosure for availing treaty benefits.
Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to avoiding issues.
DGFT revised Appendix 4B to update banks permitted to import gold and silver. The notice clarifies authorized entities and validity period till 2029, ensuring regulatory clarity.
The government has shifted Grade A and B baryte to the restricted category requiring DGFT approval. The move aims to regulate export of high-value mineral resources.
