The Tribunal held that long-term capital gains could not be treated as bogus where documentary evidence supported the transactions and no material connected the assessee to price manipulation. The Revenue’s appeal was dismissed.
The Budget proposes removing buy-back from the definition of dividend and taxing it under capital gains. This aims to rationalise shareholder taxation and align treatment under the new Act.
Supplies to EOUs qualify as deemed exports, but failure to follow Circular 14/14/2017-GST can result in refund denial. Proper documentation is crucial to unlock GST benefits.
Registration was cancelled over doubts about a large NRI donation. The Tribunal held that receipt of donation alone does not constitute a specified violation without evidence of misuse or non-genuine activities.
The High Court confirmed life imprisonment for parents who poisoned their mentally ill daughter, ruling that personal hardship cannot justify murder. The judgment stresses absolute parental responsibility.
The Tribunal deleted addition under Section 69C, holding that payments made by company on behalf of director were properly explained through ledger records and imprest arrangement.
CAG opens 2026–27 empanelment under Sec 139(5)&(7). Online form, acknowledgement & hard copy by 10 March mandatory or application invalid.
The Tribunal upheld penalty for non-filing of return under Explanation 3 but ruled that computation must reduce TDS and self-assessment tax paid before notice. Penalty was reduced from Rs. 8.56 lakh to Rs. 85,992.
The Draft Income Tax Rules 2026 offer a number of welcome benefits and procedural clarity for taxpayers. These draft rules are open for public comments until 22 February, after which the Government is expected to notify the final rules for implementation.
The Tribunal ruled that undated, unsigned loose sheets lacking independent evidence cannot justify additions under Section 153A. Relying on Supreme Court precedent, it deleted additions exceeding ₹2.10 crore for want of corroboration.
