Judgement

The ITAT Chennai held mere observation that penalty 'Will be Initiated Separately' does not constitute valid satisfaction under Section 271(1)(c)


ITAT Quashes Penalty as AO Failed to Validly Initiate Proceedings During Assessment

News

Bombay Burmah Trading Corporation Limited has approached the Supreme Court seeking removal of observations on alleged lease rent dues in the Singampatti tea estate matter.

Bombay Burmah Moves Supreme Court To Remove Lease Rent Observations In Singampatti Tea Estate Case

The ITAT held that observations recorded by authority during a lawful inquiry cannot be erased merely because the assessee later withdraws its application.

ITAT Holds Assessee Cannot Seek Removal of Observations Made During Statutory Inquiry After Withdrawing Registration Application

High Court clarifies future rent enhancement and GST claims require independent adjudication proceedings.

HC Clarifies Rent Enhancement Observations Do Not Create Automatic Liability.

HC Clarifies Rent Enhancement Observations Do Not Create Automatic Liability

Circulars

One-time relief is granted to issuers amid market volatility; it prevents the lapse of SEBI observation approvals.

SEBI Extends Validity of Observation Letters Under ICDR Regulations Till September 30, 2026

Based on the observations mentioned in the said communication, the court concluded that no income had escaped the assessment.

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ITAT Quashes Penalty as AO Failed to Validly Initiate Proceedings During Assessment

Bombay Burmah Moves Supreme Court To Remove Lease Rent Observations In Singampatti Tea Estate Case

ITAT Holds Assessee Cannot Seek Removal of Observations Made During Statutory Inquiry After Withdrawing Registration Application

HC Clarifies Rent Enhancement Observations Do Not Create Automatic Liability

SEBI Extends Validity of Observation Letters Under ICDR Regulations Till September 30, 2026

Gujarat High Court Quashes Reassessment Notice Under Section 148 for Lack of Proof