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Judiciary

Deemed Dividend U/s 2(22)(e) Largely Deleted & Sec.54 Deduction Allowed

February 13, 2026 777 Views 0 comment Print

ITAT Delhi held that Section 2(22)(e) cannot apply where the assessee held less than 10% shareholding in the lending company. As statutory thresholds were not met, the deemed dividend addition was largely deleted.

Rule 46A Violation — Matter Remanded to CIT(A) as Additional Evidence Accepted without Giving AO Opportunity

February 13, 2026 795 Views 0 comment Print

Holding that Rule 46A mandates recording reasons and giving the Assessing Officer a chance to rebut new evidence, the Tribunal set aside the appellate order and remitted the issue.

Assessment Order Quashed due to Invalid Service U/s 282 & Limitation

February 13, 2026 861 Views 0 comment Print

ITAT Delhi held that the assessment order was invalid as it was not served in accordance with Section 282 and Rule 127. In absence of proof of proper service within limitation, the entire assessment was quashed as void.

Repaid Advance via Banking Channel Not Cash Credit: ITAT Kolkata

February 13, 2026 513 Views 0 comment Print

The Tribunal found that advances of ₹50 lakh each were duly recorded, confirmed, and repaid. With no unexplained credit involved, the addition of ₹90 lakh was deleted and the appeal allowed.

Penalty U/s 271AAB Modified — 30% Applicable Where Income Declared in Return Search Questions Not Properly Asked: ITAT Kolkata

February 13, 2026 528 Views 0 comment Print

Holding that the search team did not examine the source of cash properly, the Tribunal directed bifurcation of penalty—30% on declared income and 60% on unexplained income.

ITAT Mumbai Sets Aside 12AB Rejection as Trust Initiated Amendment of Overseas Fund Clause

February 12, 2026 2022 Views 0 comment Print

The Tribunal held that the scope of enquiry at the registration stage is limited to objects and genuineness of activities. The application was remanded after the trust undertook to delete clauses permitting overseas fund use.

Attachment Under PMLA Cannot Be Quashed in Writ When Statutory Process Is Underway

February 12, 2026 1104 Views 0 comment Print

The Calcutta High Court set aside the Single Judge’s order quashing a provisional attachment, holding that the matter had become academic after confirmation under Section 8(3) of the PMLA. The Court emphasized that parties must pursue statutory appellate remedies.

Delhi HC Sets Aside GST Cancellation After Physical Verification Confirms Business Existence

February 12, 2026 807 Views 0 comment Print

The Court partly allowed the writ petition, noting that the petitioners claim was found genuine upon verification. Authorities were directed to reconsider restoration of GST registration from the original date.

ITAT Pune Allows Section 54B Exemption Despite Delay in Registration of Agricultural Land

February 12, 2026 1008 Views 0 comment Print

Observing that the assessee invested the entire share of sale proceeds within two years and obtained possession, ITAT Pune allowed Section 54B exemption. The addition under Section 69A was consequently deleted.

AP HC Dismissed GST Writ Due to Unexplained Delay and Laches

February 12, 2026 546 Views 0 comment Print

The High Court dismissed the petition challenging GST assessment orders due to unexplained delay. It held that lack of timely action bars relief under writ jurisdiction.

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