RBI has notified the 2026 Kisan Credit Card Directions for Commercial Banks, introducing a comprehensive framework for crop and allied sector finance. The Directions simplify credit assessment, collateral norms, digital banking, and KCC operations.
The ITAT Bangalore held that, from AY 2018-19 onwards, Section 80AC makes timely filing of the return under Section 139(1) a mandatory condition for claiming deductions under Chapter VI-A. A return filed later in response to a Section 148 notice could not revive the claim for deduction under Section 80P.
ITAT Ahmedabad held that repayment of the entire loan with TDS-compliant interest payments undermined the allegation that the loans were accommodation entries. The additions towards interest and commission were deleted.
ITAT Chennai held that loose sheets and estimates alone cannot justify an addition under Section 69B without independent corroborative evidence. The Tribunal deleted the addition after finding no proof of investment outside the books of account.
The Bombay High Court directed revival of the assessee’s appeal after the Supreme Court remanded Section 151A reassessment matters for fresh consideration. The Court allowed the assessee to raise all legal and factual grounds, including limitation, before the Commissioner (Appeals).
Tribunal held that the estimated disallowance under Section 14A should be restricted and should not form part of book profits, following the Special Bench decision in Vireet Investments Pvt. Ltd.
ITAT Rajkot held that cash transactions between close family members do not constitute loans or deposits under Sections 269SS and 269T. Following the Gujarat High Court’s precedent, it deleted penalties under Sections 271D and 271E.
The ITAT Nagpur held that investments already disclosed in the balance sheet could not be treated as unexplained investments. It deleted the addition after finding that the Assessing Officer had added disclosed investments.
The ITAT set aside the rejection of registration under Section 12AB after noting that only one opportunity of hearing had been provided. The matter was remanded for fresh adjudication with directions to allow the assessee to submit supporting documents.
The NCLT Delhi held that salary dues relating to the period covered by Section 10A of the IBC could not be considered while computing the default amount. After excluding those dues and the interest claim, the alleged default fell below the statutory threshold, leading to dismissal of the insolvency application.
