From April 1, 2026, PAN holders travelling abroad must submit Form 156 under the Income-tax Act, 2025. Learn the filing process and rules.
ITAT Delhi held that cash deposits recorded in audited books and linked to disclosed business transactions could not be taxed under Section 69A. The Tribunal deleted the ₹5.60 crore addition after finding the source of deposits was explained.
ITAT Mumbai held that Compulsorily Convertible Debentures could not be treated as equity merely to deny interest deductions. The Tribunal deleted the ₹76.45 crore transfer pricing adjustment arising from such recharacterization.
ITAT Ahmedabad held that a taxpayer cannot avoid responsibility for earlier failures to respond merely because the final notice was sent to a different email address. However, the matter was remanded for fresh consideration on merits.
The ITAT found inconsistencies in the selection and rejection of comparable companies for determining the arm’s length price of international transactions. It directed inclusion and exclusion of specific comparables and partly allowed the assessee’s appeal.
ITAT Delhi held that depreciation on goodwill cannot be allowed when the goodwill arises from an unsigned and unregistered Business Transfer Agreement. The Tribunal found that such an agreement lacked legal sanctity and evidentiary value.
ITAT Bangalore sustained a ₹47.07 lakh addition under Section 68 after the assessee failed to substantiate cash deposits with documentary evidence. The absence of cash books, sales records, and supporting documents proved fatal to the claim.
NCLT Mumbai allowed the first-motion application for transfer of the realty undertaking into a wholly owned subsidiary. The Tribunal directed a shareholders meeting where required and dispensed with several creditor meetings after statutory conditions were satisfied.
The NCLT refused further extension of the insolvency process after finding no resolution plan, no prospective applicant, and no realistic prospect of resolution. The Tribunal recalled the admission orders and terminated the CIRP.
The Court held that the impugned statements regarding outstanding dues, recovery proceedings, and litigation history were supported by judicial records. It refused to grant an injunction and dismissed the defamation claim at the interim stage.
