ITAT remands ₹33.12 lakh agricultural income claim due to lack of evidence; holds no proof means taxable u/s 68/115BBE, but grants one more chance for verification, imposing ₹2,000 cost for non-compliance.
The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies compliance while retaining key conditions and safeguards for taxpayers.
Condonation of 100 + month delay allowed on liberal principles with ₹5,000 cost; ITAT holds gross receipts of charitable trust cannot be taxed-even if Sec 11 denied, only net income after expenses is taxable; matter remanded for verification.
The RBI confirmed that nearly all ₹2000 banknotes have been returned since the 2023 withdrawal announcement. With only a small fraction remaining in circulation, the process is nearing completion. The update highlights the effectiveness of the phased withdrawal strategy.
The week saw key developments in income tax, GST, customs, and RBI regulations impacting compliance. The takeaway is a stronger push toward transparency, classification clarity, and financial stability.
TP ruling clarifies that comparables must meet uniform filters, FAR analysis prevails over search matrix, ESOP adjustments require parity, working capital needs scientific computation, and delayed receivables attract LIBOR-based interest.
The appellate authority found that the company complied with private placement provisions by safeguarding funds in a separate account. The ROC’s penalty order was set aside. The decision highlights evidentiary verification as key in adjudication proceedings.
The issue involved alleged violation in handling share application money under company law. The ruling held that maintaining funds in a separate account ensured compliance, leading to penalty removal.
The issue involved alleged misuse of share application funds under company law provisions. The authority ruled that compliance was established through proper bank account usage, leading to penalty removal.
The issue addresses managing GST across multiple state registrations and transactions. The analysis highlights that dedicated expertise ensures compliance and avoids penalties.
