ITAT Chandigarh deleted a Rs.20 lakh penalty levied under Section 271D for a cash deposit violating Section 269SS. The Tribunal ruled the deposit was a temporary parking of funds by the father for security, not a loan or deposit.
Key updates: CPC gets power to rectify AO orders; ITR due date extended; GST registration simplified, and returns barred after 3 years; Customs imposes 30% duty on yellow peas; SEBI amends Mutual Fund, REIT, and Anchor Investor norms.
Odisha Grameen Bank seeks CA Firms for Concurrent Audit (Rs. 7,500/month/branch) starting Jan 2026. Eligibility requires RBI registration, 3 years existence, 1 year of bank audit experience, and office within Odisha’s operational area. Applications due by Nov 10, 2025, via registered post.
SC ruled that courts must rectify inadvertent judicial errors, affirming maxim Actus Curiae Neminem Gravabit. Ruling compelled a party to yield property after receiving high compensation.
Join TaxGuru’s free live webinar on GSTR-9 and GSTR-9C with CA Sachin Jain on 9th Nov 2025. Learn practical reconciliation techniques, compliance strategies, and error-free GST filing methods.
Delhi HC rules increasing product quantity or base price instead of reducing MRP after a GST rate cut violates Section 171 of the CGST Act, confirming it as profiteering.
Section 194T, effective April 2025, mandates a 10% TDS on firms’ payments (salary, interest, etc.) to partners exceeding ₹20,000 annually. New rules create compliance and non-resident ambiguity.
Know about Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA — entities liable to file, reportable transactions, due dates, penalties, and compliance procedures.
ITAT allowed taxpayer’s appeal, holding AO erred by applying Section 50C to cash compensation received for extinguishment of a right to receive flats instead of an actual transfer of immovable property. The order directs deletion of confirmed LTCG addition of Rs. 80.32 lakhs.
ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, even if their income includes STCG under S 111A3 Court held that no statutory bar existed for Assessment Year 2024-25, invalidating system-driven denial by CPC.
