The ITAT Amritsar remanded a case involving denial of section 54B exemption where the assessee relied on Girdawari records to prove agricultural use of land. The Tribunal directed fresh verification of land records after finding disputes regarding cultivation entries in revenue documents.
KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities are affecting return filing preparedness. The representation highlighted risks of penalties, system congestion and compliance pressure.
IFSCA released a consultation paper proposing changes to premium-related regulations after the Insurance Act, 1938 was amended through the SBSR Act, 2025. The draft seeks to align IFSC regulations with the revised statutory definition of “premium.”
The Mumbai ITAT held that additions under Section 69 cannot be sustained merely on the basis of uncorroborated excel-sheet entries and third-party statements. The Tribunal deleted the alleged on-money addition in the Rubberwala Group matter.
The Bangalore ITAT held that genuine business sales recorded in audited books cannot be treated as unexplained cash credits merely because payment was received in Specified Bank Notes during demonetisation. The Tribunal deleted the ₹29.27 lakh addition under Section 68.
The Bangalore ITAT held that an assessee claiming exemption based on Form 16 issued by the employer acted under a bona fide belief and cannot automatically be penalized for misreporting. The Tribunal deleted the ₹51.20 lakh penalty levied under Section 270A.
The article explains that investors should evaluate account charges, platform security and service quality before opening a demat account online. It also highlights the importance of checking registration status and compliance procedures.
GSTAT upheld anti-profiteering findings after the developer accepted the DGAP report concerning ITC benefits in a housing project. The Tribunal ruled that excess benefit given to some buyers cannot offset shortfall payable to others.
RBI has withdrawn the requirement for prior approval of tie-ups between AD banks and non-bank remittance platforms. The new framework shifts full compliance responsibility to Authorised Dealers while strengthening transparency and customer protection measures.
The DGFT has amended the export policy of sugar from “Restricted” to “Prohibited” with immediate effect until September 30, 2026. The notification aims to regulate sugar exports while allowing limited exemptions for specified categories and government-approved shipments.
