CACommunityIndia

Benami Link Confirmed: Tribunal Orders Re-Adjudication on Property Nexus https://taxguru.in/rbi/benami-link-confirmed-tribunal-orders-re-adjudication-property-nexus.html The Tribunal confirmed that a benami transaction occurred when ₹43.5 lakh of unaccounted cash was routed through a third-party firm as an accommodation entry. However, due to inconsistent evidence regarding the link between this benami cash and the attached property, the case was remanded for a new adjudication. The post Benami Link Confirmed: Tribunal Orders Re-Adjudication on Property Nexus (https://taxguru.in/rbi/benami-link-confirmed-tribunal-orders-re-adjudication-property-nexus.html) appeared first on TaxGuru (https://taxguru.in/).

Mind is King – Ponzi Funds – Tribunal Upholds ₹5.5 Crore PMLA Attachment https://taxguru.in/rbi/mind-king-ponzi-funds-tribunal-upholds-rs-5-5-crore-pmla-attachment.html Rejecting claims of legitimate book payments, the Tribunal found that amounts received from Future Maker Life Care were linked to money laundering. It upheld the ED’s attachment orders against Mind is King and its partners. The post Mind is King – Ponzi Funds – Tribunal Upholds ₹5.5 Crore PMLA Attachment (https://taxguru.in/rbi/mind-king-ponzi-funds-tribunal-upholds-rs-5-5-crore-pmla-attachment.html) appeared first on TaxGuru (https://taxguru.in/).

Money is an Asset Under FEMA: Penalty Upheld in Fraudulent Export Case https://taxguru.in/rbi/money-asset-fema-penalty-upheld-fraudulent-export-case.html Appellate Tribunal confirmed that money is a liquid form of asset under FEMA Section 3(d), rejecting the exporter's argument to the contrary in a fraudulent export scheme. The Tribunal confirmed the contravention but reduced the cumulative penalty from Rs.12 lakh to Rs.6 lakh. The post Money is an Asset Under FEMA: Penalty Upheld in Fraudulent Export Case (https://taxguru.in/rbi/money-asset-fema-penalty-upheld-fraudulent-export-case.html) appeared first on TaxGuru (https://taxguru.in/).

Singapore Property Purchase: Penalty Upheld in FEMA Contravention Case https://taxguru.in/rbi/singapore-property-purchase-penalty-upheld-fema-contravention-case.html The Appellate Tribunal dismissed the Union of India's appeal seeking enhancement of the ₹1 crore penalty imposed on two individuals for FEMA violations related to an overseas property purchase. The Tribunal affirmed the Special Director's decision, holding that the levied penalty was reasonable considering the facts, including the payment of a loan by the father despite the property being in the son's name. The post Singapore Property Purchase: Penalty Upheld in FEMA Contravention Case (https://taxguru.in/rbi/singapore-property-purchase-penalty-upheld-fema-contravention-case.html) appeared first on TaxGuru (https://taxguru.in/).

Rethinking Education: Can Schools Be Replaced by Vocational and Practical Learning Institutes? https://taxguru.in/corporate-law/schools-replaced-vocational-practical-learning-institutes.html Traditional schooling's 19th-century model often fails to teach essential life skills like finance, communication, and adaptability. A shift to a vocational and practical learning system, focusing on real-world skills and curiosity-driven exploration, is necessary to prepare students for the 21st-century economy and foster genuine innovators. The post Rethinking Education: Can Schools Be Replaced by Vocational and Practical Learning Institutes? (https://taxguru.in/corporate-law/schools-replaced-vocational-practical-learning-institutes.html) appeared first on TaxGuru (https://taxguru.in/).

Unlocking Invisible Gold: A Deep Dive into Intangible Assets & Their Valuation https://taxguru.in/finance/unlocking-invisible-gold-deep-dive-intangible-assets-valuation.html Intangible assets like patents, brands, and software are critical non-physical resources fueling competitive advantage and market valuations in today's economy. Their recognition and valuation must adhere to IAS 38, typically using Income-based methods like Relief from Royalty. The post Unlocking Invisible Gold: A Deep Dive into Intangible Assets & Their Valuation (https://taxguru.in/finance/unlocking-invisible-gold-deep-dive-intangible-assets-valuation.html) appeared first on TaxGuru (https://taxguru.in/).

Real Estate Outperforms Precious Metals for Wealth Creation https://taxguru.in/finance/bricks-bullion-building-wealth-real-estate.html Real estate is a superior long-term investment compared to gold and silver due to its potential for steady rental income, capital appreciation, tax efficiency, and strong financial leverage through loans. The post Real Estate Outperforms Precious Metals for Wealth Creation (https://taxguru.in/finance/bricks-bullion-building-wealth-real-estate.html) appeared first on TaxGuru (https://taxguru.in/).

Streamlining GST Compliance: Faster Registrations for Businesses https://taxguru.in/goods-and-service-tax/streamlining-gst-compliance-faster-registrations-businesses.html Effective November 1, 2025, CBIC's Fourth Amendment Rules introduce automated GST registration (Rule 9A) within three days using risk-based data analysis. Rule 14A offers a simplified, optional registration path for small taxpayers with monthly liability below Rs.2.5 lakh. The post Streamlining GST Compliance: Faster Registrations for Businesses (https://taxguru.in/goods-and-service-tax/streamlining-gst-compliance-faster-registrations-businesses.html) appeared first on TaxGuru (https://taxguru.in/).

Section 271(1)(c) Penalty Quashed as Quantum Appeal Pending: ITAT Mumbai https://taxguru.in/income-tax/section-2711c-penalty-quashed-quantum-appeal-pending-itat-mumbai.html ITAT Mumbai held that a penalty under Section 271(1)(c) was premature when the related quantum appeal was still pending, remitting the matter back for fresh consideration. The post Section 271(1)(c) Penalty Quashed as Quantum Appeal Pending: ITAT Mumbai (https://taxguru.in/income-tax/section-2711c-penalty-quashed-quantum-appeal-pending-itat-mumbai.html) appeared first on TaxGuru (https://taxguru.in/).

FEMA Requires Actual Transaction, Not Mere Attempt https://taxguru.in/rbi/fema-requires-actual-transaction-mere-attempt.html The Appellate Tribunal held that an attempted foreign exchange transaction is not a contravention under FEMA Section 3(d), as the Act requires an actual financial transaction. The Tribunal dismissed the Enforcement Directorate's plea for confiscation of ₹89.70 lakh and ordered the refund of the balance after adjusting the penalties. The post FEMA Requires Actual Transaction, Not Mere Attempt (https://taxguru.in/rbi/fema-requires-actual-transaction-mere-attempt.html) appeared first on TaxGuru (https://taxguru.in/).

PPT Provisions Inapplicable Without MLI Notification in India-Ireland Tax Treaty https://taxguru.in/income-tax/ppt-provisions-inapplicable-mli-notification-india-ireland-tax-treaty.html PPT provisions inapplicable in absence of separate notification incorporating MLI provisions into India-Ireland tax treaty Background The Mumbai ITAT in Sky High Appeal XLIII Leasing Company Limited v. ACIT (2025) 177 taxmann.com 579 (Mum)/ TS-1085–ITAT-2025(Mum)  and the Delhi ITAT in Kosi Aviation Leasing Ltd. v. ACIT [ITA No. 994/Del/2025, dated 30-9-2025] have held that operating […] The post PPT Provisions Inapplicable Without MLI Notification in India-Ireland Tax Treaty (https://taxguru.in/income-tax/ppt-provisions-inapplicable-mli-notification-india-ireland-tax-treaty.html) appeared first on TaxGuru (https://taxguru.in/).

Late Claim Withdrawal or Fresh Claims via Time-Barred Revised Return not allowed: SC https://taxguru.in/income-tax/late-claim-withdrawal-fresh-claims-time-barred-revised-return-allowed-sc.html Supreme Court rulings in Wipro and Shriram Investments mandate strict adherence to return filing deadlines: fresh claims/withdrawals of exemptions (like Sec 10B) via revised returns filed after the original due date are invalid. Appellate authorities retain power to admit new claims. The post Late Claim Withdrawal or Fresh Claims via Time-Barred Revised Return not allowed: SC (https://taxguru.in/income-tax/late-claim-withdrawal-fresh-claims-time-barred-revised-return-allowed-sc.html) appeared first on TaxGuru (https://taxguru.in/).

Rights Entitlements Exempt Under India-Ireland DTAA: ITAT Mumbai https://taxguru.in/income-tax/rights-entitlements-exempt-india-ireland-dtaa-itat-mumbai.html ITAT Mumbai ruled that gains from rights entitlement transfers are exempt under Article 13(6) of the India-Ireland DTAA because they are distinct from shares, not covered by Article 13(5). The Tribunal also affirmed that short-term capital losses from STT-paid shares can be set off against short-term capital gains from non-STT-paid shares. The post Rights Entitlements Exempt Under India-Ireland DTAA: ITAT Mumbai (https://taxguru.in/income-tax/rights-entitlements-exempt-india-ireland-dtaa-itat-mumbai.html) appeared first on TaxGuru (https://taxguru.in/).

DDIT(Inv.) Lacked Jurisdiction Beyond ₹5 Lakh Limit – Only Regular AO Can Levy Higher Penalty under BMA https://taxguru.in/income-tax/ddit-inv-lacked-jurisdiction-rs-5-lakh-limit-regular-ao-levy-higher-penalty-bma.html ITAT Mumbai quashed a Rs.10 lakh penalty under Black Money Act, ruling that DDIT(Inv.) lacked necessary pecuniary jurisdiction to impose penalties exceeding ₹5 lakh. Decision strictly enforces CBDT guidelines, which reserve penalty proceedings requiring JCIT approval for regular Assessing Officer, deeming DDIT(Inv.) order as being without jurisdiction. The post DDIT(Inv.) Lacked Jurisdiction Beyond ₹5 Lakh Limit – Only Regular AO Can Levy Higher Penalty under BMA (https://taxguru.in/income-tax/ddit-inv-lacked-jurisdiction-rs-5-lakh-limit-regular-ao-levy-higher-penalty-bma.html) appeared first on TaxGuru (https://taxguru.in/).

Search Assessments Must Rely on Seized Material, Not Fishing Expeditions – Additions Quashed https://taxguru.in/income-tax/search-assessments-rely-seized-material-fishing-expeditions-additions-quashed.html ITAT Chennai deleted additions made in search assessments (u/s 153A), ruling that Income Tax Department cannot make additions without specific, incriminating material seized during search. Following Supreme Courts ruling in Abhisar Buildwell, Tribunal held that search assessments are not fishing expeditions and must be strictly limited to evidence found post-search. The post Search Assessments Must Rely on Seized Material, Not Fishing Expeditions – Additions Quashed (https://taxguru.in/income-tax/search-assessments-rely-seized-material-fishing-expeditions-additions-quashed.html) appeared first on TaxGuru (https://taxguru.in/).

ITAT Delhi Quashes ₹20.33 Cr Penalty for Invalid Omnibus 271(1)(c) Notice https://taxguru.in/income-tax/itat-delhi-quashes-rs-20-33-cr-penalty-invalid-omnibus-2711c-notice.html ITAT Delhi deleted a Rs.20.33 crore penalty under Section 271(1)(c), ruling that penalty notice was invalid because it failed to specify exact charge: concealment of income or furnishing inaccurate particulars. Ruling reinforces that an ambiguous, omnibus notice is a jurisdictional defect that vitiates penalty, even if assessment order records satisfaction. The post ITAT Delhi Quashes ₹20.33 Cr Penalty for Invalid Omnibus 271(1)(c) Notice (https://taxguru.in/income-tax/itat-delhi-quashes-rs-20-33-cr-penalty-invalid-omnibus-2711c-notice.html) appeared first on TaxGuru (https://taxguru.in/).

ITAT Allows Withdrawal of Appeals as CIT(A) Relief Goes Unchallenged in BMA Cases https://taxguru.in/income-tax/itat-withdrawal-appeals-cita-relief-unchallenged-bma-cases.html The ITAT Mumbai dismissed appeals under the Black Money Act as withdrawn after the assessee received full relief from the CIT(A), who deleted the additions on the merits of beneficial ownership. Since the Department did not challenge the relief, the assessee chose not to pursue the technical and jurisdictional grounds before the Tribunal. The post ITAT Allows Withdrawal of Appeals as CIT(A) Relief Goes Unchallenged in BMA Cases (https://taxguru.in/income-tax/itat-withdrawal-appeals-cita-relief-unchallenged-bma-cases.html) appeared first on TaxGuru (https://taxguru.in/).

7 Important Points to be keep in mind before filing October 2025 GST Return! https://taxguru.in/goods-and-service-tax/7-important-points-mind-filing-october-2025-gst-return.html October 2025's GST return is the final window for crucial adjustments for FY 2024-25, including claiming pending ITC, reconciling GSTR-2B, issuing credit notes, and making classification amendments. The post 7 Important Points to be keep in mind before filing October 2025 GST Return! (https://taxguru.in/goods-and-service-tax/7-important-points-mind-filing-october-2025-gst-return.html) appeared first on TaxGuru (https://taxguru.in/).

ITAT Mumbai Quashes Section 263 PCIT’s Revision Order As AO Had Made Due Enquiry on ESOP Claim https://studycafe.in/itat-mumbai-quashes-section-263-pcits-revision-order-as-ao-had-made-due-enquiry-on-esop-claim-398158.html ITAT Mumbai Quashes Section 263 PCIT’s Revision Order As AO Had Made Due Enquiry on ESOP Claim The present appeal has been filed by Nuvama Wealth Management Limited (Appellant) in the Income Tax Appellate Tribunal (ITAT), ‘B’ Bench Mumbai, before Shri Amit Shukla (Judicial Member) and Ms Padmavathy S (Accountant Member), against DCIT, Pratishtha Bhavan, […]

Bank Holiday Alert: RBI Releases November 2025 Holiday Schedule https://studycafe.in/bank-holiday-alert-rbi-releases-november-2025-holiday-schedule-398161.html Bank Holiday Alert: RBI Releases November 2025 Holiday Schedule As we have entered into November, and with it the festive season has also started. Therefore, the Reserve Bank of India (RBI) has announced its holiday list on which banks will be closed due to festivals and other regional events. Bank Customers must know this holiday […]