The circular resolves confusion between CPC Bengaluru and jurisdictional authorities regarding condonation powers. It clearly assigns this power to the jurisdictional PCIT/CIT. This ensures that delayed Form 10A filings can be regularized upon showing reasonable cause.
The new ECB framework removes rigid conditions and introduces flexibility in borrowing and repayment. It significantly improves ease of access to global funding.
The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper verification and legal compliance.
A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling highlights that documentation is crucial even for exempt transactions under tax law.
The law places the responsibility of TDS deduction on the buyer, not the seller. Failure to comply can lead to penalties, interest, and legal consequences.
Learn how Form 121 helps eligible taxpayers stop TDS on bank interest. The key is ensuring your estimated tax liability is nil and conditions are satisfied.
The issue concerns repeated extensions of limitation periods for SCNs and orders under Sections 73 and 74. The framework shows timelines were shifted through notifications, with deadlines extending up to 2025 and beyond.
The scheme allows companies to clear pending filings at reduced cost. It provides a major compliance relief with only 10% additional fees payable.
The Court held that indirect share transfers deriving value from Indian assets are taxable. Treaty benefits were denied due to tax avoidance structure.
The Court held that a failed relationship cannot be criminalised without proof of deceit at inception. It quashed proceedings citing absence of criminal intent.
