The Tribunal held that TDS entries appearing in Form 26AS are sufficient material for reopening assessments when no return is filed. The ruling emphasizes that taxpayers must reconcile Form 26AS with books and returns to avoid reassessment proceedings.
The case involved GST proceedings initiated after alleged excess stock was found during a factory survey. The Court held that Section 130 proceedings were wrongly initiated and invalidated the confiscation-related orders passed by the authorities.
The Income-tax Department intensified scrutiny of charitable entities after finding high surplus margins, premium pricing, and commercial-style operations. The developments show that institutions functioning like businesses may lose tax exemptions despite charitable registration.
The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This effectively removes exemption benefits previously allowed through judicial interpretation under the old regime.
