Mumbai ITAT held that reassessment notice issued under Section 148 for AY 2015-16 on 31.07.2022 was barred by limitation under Section 149. The Tribunal quashed the entire reassessment proceedings and assessment order.
SEBI has proposed exempting Research Analysts from maintaining call recordings for institutional investors, citing their sophistication and ability to assess investment risks independently. The proposal seeks to reduce compliance burden while retaining other communication record requirements.
This article explains the composition levy scheme under Section 10 of the CGST Act, including eligibility, tax rates, compliance obligations, and restrictions. It highlights why businesses must carefully evaluate ITC loss, RCM costs, and customer profile before choosing the scheme.
RBI has released draft amendment directions for commercial and small finance banks to strengthen Pillar 3 disclosures under Basel norms. The proposal focuses on transparency, governance, comparability, and improved risk reporting standards for banks.
The Tribunal ruled that the CIT(E) failed to properly consider the assessees replies, documents, and objections before rejecting the Section 12AB application. The matter was remanded for de novo adjudication.
This article explains how provisions of the Income Tax Act, GAAR, and the Benami law are used to tackle shell companies, unexplained cash credits, and money laundering operations in India.
ITAT Bangalore held that the presence of associate or nominal members does not disqualify a co-operative society from claiming deduction under Section 80P(2)(a)(i). The Tribunal relied on the Supreme Court ruling in Mavilayi Service Co-operative Bank Ltd.
ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 153. The Tribunal set aside all consequential transfer pricing assessment orders dated 06.12.2024.
CESTAT Hyderabad held that liquidated damages received for contractual delays cannot be treated as consideration for “tolerating an act” under section 66E(e) of the Finance Act. The Tribunal set aside service tax demand and penalty imposed on such receipts.
Punjab and Haryana High Court granted regular bail to an accused linked to alleged fake GST billing and forged documents. The Court noted that the offence was triable by a Magistrate and the petitioner had already spent about six months in custody.
