The case examined rejection of registration without affording a proper opportunity of being heard. The Tribunal ruled that ...

The Tribunal found that the AO had examined land records, crop sale documents, and other evidence before making the assessment. Since due inquiry was conducted, the assessment order was neither ...

Mumbai ITAT held that additions cannot be sustained merely due to Form 26AS mismatches. The Assessing Officer must verify whether income was already taxed to avoid double ...

The PCIT sought to revise the assessment for lack of arms length determination. The Tribunal ruled that the Assessing Officer cannot be faulted when the TPO did not act. The decision reinforces limits ...

Interest was disallowed treating the loan as bogus. Once the loan itself was held genuine, the Tribunal allowed the interest deduction. The ruling confirms that business interest cannot be denied ...

Whether cash deposited during demonetisation could be taxed in the society’s hands. Ruling & Takeaway: The Tribunal held that once cash is admitted to belong to members, no addition under setion 68 ...

Whether interest earned on fixed deposits by a credit co-operative society qualifies for deduction under section 80P(2)(a)(i).Ruling & Takeaway: The Tribunal held that interest from depositing surplus ...

The Tribunal held that reassessment is invalid where the mandatory notice under Section 143(2) is issued beyond the prescribed time limit. Absence of a valid and timely notice strikes at the very ...

The Tribunal ruled that additions under section 69 cannot exceed the amount actually invested during the relevant year. Where most payments were loan-funded, only the year-specific payment required ...

ITAT Delhi quashed reassessment issued beyond three years where alleged escapement was only ₹35 lakh. Section 149 bars reopening unless the ₹50-lakh threshold is ...

The central bank has issued draft amendments clarifying capital computation norms for NBFCs and other regulated entities, ...

The central bank has proposed sweeping changes to foreign exchange risk computation, standardising Net Open Position ...