The alleged unexplained investment was based only on third-party statements and seized digital data. In absence of receipts, confirmations, or admission by the assessee, the addition of ₹50 lakh was deleted.
The Tribunal observed that merely using the term misreporting without linking it to any specific statutory limb is insufficient. It quashed the penalty, reiterating that penal proceedings must be precise and legally justified.
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
CBDT placed Draft Income Tax Rules and Forms 2026 in the public domain ahead of the new Act’s implementation. Stakeholders are invited to suggest simplification and compliance reforms.
The order held that failure to file DIR-12 within 30 days of resignation violated Section 170(2). The key takeaway is that administrative vacancy does not excuse statutory filing delays.
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.
