ITAT Delhi held that the PCIT exceeded jurisdiction by introducing issues not mentioned in the Section 263 show-cause notice. The revision order was quashed for travelling beyond the scope of the proceedings.
The Kerala High Court held that deduction under Section 36(1)(iii) was unavailable where borrowed money was invested as capital in a partnership firm and not used for the assessee’s own business.
A new customs notification grants full exemption from customs duty and Agriculture Infrastructure and Development Cess on cotton imports. The relief is available for imports made between June and October 2026.
