The Telangana High Court held that an assessee cannot file an updated return under Section 139(8A) once assessment proceedings have commenced or are completed. The ruling clarifies that the third proviso to Section 139(8A) bars updated returns after issuance of scrutiny notices.
RBI has introduced a concessional forex swap facility allowing eligible PSUs to hedge ECB and OFCB exposures at a fixed 1.50% cost. The move significantly reduces exchange rate uncertainty and improves borrowing cost predictability.
The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. The key takeaway is that professionals still face uncertainty over presumptive taxation and audit eligibility.
The Department argued that Section 292BC validated the approval despite alleged deficiencies, but the Tribunal rejected this contention. It held that the amendment could not apply to approvals granted before 1 April 2021. The ruling clarified that subsequent legislative changes could not cure defects in earlier approvals.
The NCLAT held that winding-up proceedings transferred to the NCLT must satisfy the threshold applicable under the IBC at the time of consideration. Since the operational debt claims were below Rs. 1 crore, the petitions were held to be non-maintainable.
The High Court set aside the Order-in-Original after noting the petitioner’s grievance that submitted documents were not considered due to formatting issues. The matter was remanded for fresh adjudication with an opportunity to present all records.
The Court held that denial of input tax credit cannot be justified solely because the selling dealer failed to deposit tax, where the purchasing dealer acted bona fide and complied with statutory requirements.
The Chennai ITAT restored the matter to the CIT(A), holding that the appellate authority failed to examine a prior Tribunal decision in the assessee’s own case involving similar issues.
The Chandigarh ITAT ruled that interest received on enhanced compensation is taxable under Section 56(2)(viii), holding that post-2009 amendments govern the issue despite claims for exemption under Section 10(37).
The Delhi ITAT held that Fees for Technical Services cannot be taxed under Article 22 of the India-Thailand DTAA merely because the treaty lacks a specific FTS clause. In the absence of a Permanent Establishment in India, such business income was held not taxable.
