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.
The High Court quashed recovery proceedings for ITC reversal, holding that mere non-deposit of tax by the supplier is insufficient without proof of collusion, fake invoices, or lack of bona fides.
The High Court ruled that GST adjudication orders must contain detailed facts and reasons. Summary notices and orders lacking particulars were set aside as legally unsustainable.
ITAT upheld revision under Section 263 after finding that the AO failed to verify the taxability of ₹669 crore received by a trust under Section 56(2)(x), rendering the assessment erroneous and prejudicial.
Holding that the Assessing Officer recorded a mechanical satisfaction note without concrete incriminating evidence, the Tribunal dismissed the Revenues appeals and confirmed invalid jurisdiction under Section 153C.
The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. However, it ruled that a plaintiff cannot be compelled to disclose his PAN number to defendants.
