ITAT Nagpur held that nominal donations received in small amounts could not be treated as non-voluntary contributions merely because PAN or full address details of donors were unavailable. The Tribunal found no adverse evidence questioning the genuineness of donations or activities.
The Delhi High Court held that reassessment proceedings under Section 148 were invalid where the Assessing Officer sought to make the same additions already annulled by the CIT(A). The Court upheld the Tribunal’s decision quashing the reassessment order.
ITAT Mumbai deleted the addition under Section 56(2)(vii)(b) after holding that a 2.3% variation between agreement value and stamp duty value fell within the permissible tolerance band applicable retrospectively.
SC dismissed Revenue’s challenge against Calcutta HC ruling that reassessment proceedings based only on suspicion and investigation reports were invalid under Section 147.
The Calcutta High Court held that reassessment proceedings cannot be reopened merely on suspicion arising from investigation reports. The Court ruled that “reason to believe” must be based on independent application of mind and material evidence.
Section 132 of the CGST Act allows prosecution, arrest and imprisonment in cases involving fake invoices, bogus ITC and tax fraud. The article explains how GST disputes cross from civil tax proceedings into criminal prosecution territory.
High Courts have ruled that temporary closure of business premises during a GST survey is not by itself a valid ground for cancellation of registration. Authorities must establish fraud or statutory violations with proper evidence and due process.
SEBI has clarified that InvITs with borrowings exceeding 49% of asset value can use fresh debt for capital expenditure, road maintenance, and refinancing of eligible principal debt. The circular immediately expands financing flexibility for infrastructure trusts.
IRDAI approved in-principle drafting and publication of new and amended regulations following the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025. The regulations are to be framed within six months from the law coming into force.
PFRDA has launched Retirement Income Schemes and drawdown options under NPS to allow flexible post-retirement payouts up to age 85. The framework also permits continued market-linked growth of retirement corpus.
