RBI amended NBFC capital adequacy norms to allow a zero percent risk weight for specified portions of ECLGS 5.0 exposures. The decision recognizes the reduced credit risk arising from government-backed guarantees.
RBI amended capital adequacy norms for Small Finance Banks by allowing a zero percent risk weight on specified ECLGS 5.0 exposures. The move recognizes the credit protection provided through the government-backed guarantee mechanism.
The Tribunal ruled that third-party WhatsApp messages and decoded chat entries lacked evidentiary value against the assessee without corroborative material. The Revenue failed to prove that any cash was actually paid over and above the registered sale consideration.
The provisions of Sections 55A and 142A empower Assessing Officers to refer assets, properties, or investments to a Valuation Officer when there is a variance between the declared value and fair market value. The key takeaway is that valuation references can be made in specified circumstances, including cases involving registered valuer reports, significant valuation differences, or where the nature of the asset warrants independent valuation.
The Tribunal ruled that technical lapses in e-verification cannot override a taxpayer’s lawful entitlement to a refund. Once the delay was condoned and the return accepted, denial of the refund was held unjustified.
The Tribunal ruled that reopening proceedings cannot survive where the mandatory sanction under Section 151 is not obtained from the prescribed authority. The defect was held to be jurisdictional, rendering the notice invalid.
Delhi ITAT held that donations qualifying under Section 80G do not lose eligibility merely because they form part of Corporate Social Responsibility (CSR) expenditure.
The Tribunal ruled that addition of the entire amount of bogus purchases as unexplained expenditure was unwarranted in the facts of the case. It reaffirmed that only the estimated profit arising from such purchases should be brought to tax.
Delhi ITAT ruled that delayed deposit of employees’ PF/ESI contributions attracts disallowance under Section 36(1)(va). The decision reinforces that such adjustments are permissible during summary processing of returns.
The applicant sought clarification on the applicability of Notification No. 16/2021-Central Tax (Rate) and the related GST rate. The Maharashtra AAR allowed withdrawal of the application without examining the merits.
