Banking tax computation allows net depreciation on restructured equity and preference shares where valuation follows RBI guidelines. Appellate enhancement cannot disallow depreciation on security receipts that was not examined in assessment, as it would introduce a new source of income. Bad-debt and qualifying technical write-offs on non-rural advances need not be adjusted against the rural-advance provision. Section 14A and Rule 8D do not produce further expenditure disallowance for banks' stock-in-trade securities. Stale draft balances and advance receipts remain liabilities rather than taxable income. Rural-branch provision deduction uses month-end aggregate average advances, while business ex-gratia payments are deductible.

Statutory penalties imposed for contraventions of the Banking Regulation Act are not deductible as business expenditure where the taxpayer does not establish that the levy is compensatory; absence of prima facie money-laundering evidence does not alter the statutory character of the penalty. The payment is therefore barred by Explanation 1 to section 37(1). The book-profit computation mechanism under section 115JB does not apply to a nationalised bank, following the statutory framework and the Finance Act 2012 amendment. Accordingly, the penalty disallowance stands, while the bank remains outside the minimum alternate tax regime.

Limitation for final assessment pursuant to DRP directions - Authentication of faceless assessment order by digital signature and DIN Validity of the final assessment order pursuant to DRP directions where it was digitally authenticated and assigned a DIN after expiry of the prescribed period - HELD THAT: - A final assessment order pursuant to DRP directions must be passed within one month from the end of the month in which the directions are received. The order was authenticated through digi... ... ...

Ex parte assessment - opportunity of hearing - Unexplained money addition - fresh adjudication Addition for unexplained money, assessed at the prescribed rate, where the assessee had not responded to statutory notices or substantiated the nature and source of deposits before either the Assessing Officer or the appellate authority - HELD THAT: - As the assessee had neither participated before the Assessing Officer nor furnished the requisite details before the appellate authority, the matter r... ... ...

Unexplained investment in land - assessment in the hands of the real investor HELD THAT: - The sale deeds recorded receipt of consideration by the purchaser, whose statements consistently acknowledged the purchase and explained its sources without attributing any funding to the assessee. Further, the investment had been assessed in the cases of the purchaser and the company. There was consequently no justification for sustaining the addition in the assessee's hands. [Paras 5] The addit... ... ...

Failure to adjudicate legal ground in penalty appeal - Penalty for acceptance of cash loan u/s 271D - Non-adjudication of the legal ground challenging the penalty for alleged acceptance of a cash loan otherwise than through prescribed banking modes HELD THAT: - The appellate authority treated the assessee's legal ground concerning the requisite approval for levy of penalty as a general ground not requiring adjudication. The Tribunal held that this approach was incorrect. It did not decide... ... ...

Rejection of charitable registration applications without considering uploaded submissions - admissibility of submissions uploaded after the stipulated date but before closure of the e-filing window HELD THAT: - Though the submissions were delayed, they had been uploaded on the departmental e-filing portal and were available on record. As the applications were rejected at the threshold for want of information and not decided on merits, the applications required fresh consideration after takin... ... ...

Deduction of interest income from co-operative banks under section 80P(2)(d) Whether a co-operative housing society is entitled to deduction under Section 80P(2)(d) for interest earned on deposits with co-operative banks? - HELD THAT: - Following the co-ordinate Bench decision on materially similar facts in Ashok tower "D" Co. Op. Housing Society Ltd. [2024 (7) TMI 84 - ITAT MUMBAI], the Tribunal held that interest earned by a co-operative housing society from deposits with co-operative banks... ... ...

Unexplained investment in agricultural land u/s 69A - Interest expenditure disallowed under the head "Income from Other Sources" Unexplained investment in purchase of agricultural land - Verification of subsequent payments - Addition for alleged unexplained investment in the purchase of agricultural land in the context of pending civil disputes and subsequent payments by the assessee - HELD THAT: - The purchase transaction had become the subject of civil disputes, and the material on record s... ... ...

Unexplained cash credit - loan from co-operative credit society - Burden of proof u/s 68 - HELD THAT: - Section 68 requires the assessee to establish the identity and capacity of the lender and the genuineness of the transaction prima facie; once the apparent transaction is so established, the onus shifts to the Revenue to show that it is not real. The loan approval, loan agreement, receipt through RTGS and repayment reflected in the bank statements constituted sufficient evidence to discharge t... ... ...

Deduction on subsequent payment of tax deducted at source u/s 40(a)(ia) - Set-off of brought-forward losses and unabsorbed depreciation Deduction on subsequent payment of tax deducted at source - Failure to consider supporting evidence - Claim for deduction of expenditure earlier disallowed for non-compliance with tax-deduction requirements, upon subsequent payment of the tax deducted at source - HELD THAT: - The Assessing Officer did not dispute payment of the tax deducted at source, while t... ... ...

Unexplained cash credit u/s 68 - Penny-stock share transactions - consequential addition for alleged accommodation-entry commission HELD THAT: - The assessee substantiated the purchase, holding and sale of the shares through contract notes, bank records and demat statements. The transactions were effected through the stock-exchange platform and banking channels, and the assessee was a regular investor. Following the coordinate decision Krutika Rajendra Jain [2023 (7) TMI 1663 - ITAT MUMBAI... ... ...

Limitation for final assessment following DRP directions - Validity of the final assessment order passed after receipt of the DRP directions - HELD THAT: - The final assessment order was required to be passed within one month from the end of the month in which the Assessing Officer received the DRP directions. As the directions sent by email were received on 28.09.2024, the statutory deadline expired on 31.10.2024; the final assessment order passed thereafter was therefore barred by limitation. ... ... ...

Tax deduction at source on external development charges u/s 194C - Contractual payments to development authority Liability to deduct tax at source on external development charges paid to the Haryana Urban Development Authority - HELD THAT: - The jurisdictional High Court decision in M/s Puri Construction Private Limited [2024 (2) TMI 756 - DELHI HIGH COURT] had settled that external development charges are contractual payments attracting tax deduction at source u/s 194C. The assessee could no... ... ...

New Delhi, Sep 2 (PTI) Essel Group Chairman Subhash Chandra on Wednesday opposed the formation of a five-member bench by the NCLT to decide his personal insolvency case, contending that the tribunal does not have the power to constitute such a bench. Appearing for Chandra before the National Company Law Appellate Tribunal (NCLAT), Senior Advocate Sasmit Patra termed the NCLT order "faulty and wrong" and said, "they are not empowered" to form a five-member bench. Patra submitted that the ... ... ...

Activities or transactions for consideration between a person other than an individual and its members or constituents are retrospectively treated as supplies between separate persons. Input tax credit requires supplier-furnished outward-supply invoice or debit-note details to be communicated to the recipient. Annual returns may include self-certified reconciliation statements, while interest on delayed returns generally applies only to tax paid through the electronic cash ledger. Detention and seizure provisions are recast around penalty payment, notice and order timelines, disposal of goods on non-payment, and a pre-deposit requirement for appeals.

Clarification advance-ruling application was treated as infructuous and withdrawn after the applicant and its authorised representative failed to attend repeated personal-hearing notices. The non-attendance was construed as lack of interest in pursuing the requested clarification. The application was consequently dismissed as withdrawn, without any clarification being issued.

Repeated notices for personal hearing were issued in GST advance-ruling proceedings on a clarification application. Neither the applicant nor an authorised representative attended the hearings. Continued non-appearance was treated as lack of interest in pursuing the clarification request, and the application was regarded as infructuous and dismissed as withdrawn.

Goods and services tax amendments extend composition restrictions to supplies of goods or services, revise registration cancellation and revocation procedures, and permit specified invoicing alternatives for services. Penalty and offence provisions cover persons who cause specified wrongful transactions and retain their benefits, including fraudulent input tax credit availment without invoices. Transitional credit claims are made subject to prescribed time limits and procedures retrospectively. The Government may extend compliance deadlines affected by force majeure, with permissible retrospective effect, while the period for resolving implementation difficulties is enlarged.

Court-recorded assurances given through counsel on a party's instructions bind that party as undertakings. Wilful breach may constitute civil contempt under Article 129 and the Contempt of Courts Act, particularly where public advertisements or statements conflict with the assurance and promote prohibited claims of cures or permanent solutions for specified diseases. An apology coupled with justification does not demonstrate contrition. However, a later unconditional apology may purge the breach where supported by effective remedial action, including withdrawal of advertisements, public apologies, and cessation or recall of products affected by licence suspension. Strict future compliance with undertakings and applicable advertising law remains required.