Month: December 2025

FAQs on key accounting implications arising from the New Labour Codes Recently, Government consolidated existing labour laws into four new Labour Codes, viz., Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (New Labour Codes).  …

Filing audit report in Form 10CCB within due date is mandatory. The assessee cannot claim deduction u/s 80-IA(7) he ground that Form 10CCB was filed before passing of assessment order – ITAT In a recent judgment, ITAT Raipur has held that the audit report in Form 10CCB had …

CSR expenditure of companies is allowable under section 80G unless fall under the two exceptions specified. In a recent judgment, ITAT Ahmedabad has held that CSR expenditure of companies is allowable under section 80G as intention of the Legislature was clear when the same was clarified by the …

Jurisdiction of ITAT is determined not by the place of business or residence of assessee but by the location of the AO – ITAT In a recent judgment, Agra ITAT has dismissed the appeal of the assessee observing that the ordinary jurisdiction of the Bench will be determined …

Notice u/s 148 set-aside and remitted back since the assessee’s e-mail was inactive leading to all notices go un-noticed In a recent judgment, Karnataka High Court has set-aside notice u/s 148 and order passed u/s 147 since the assessee’s e-mail was inactive and therefore all notices went un-noticed …

AO after dropping an issue in assessment u/s 143(3) for lack of evidence is competent to re-open such issue upon gathering necessary information – Calcutta High Court In a recent judgment, Hon’ble Calcutta High Court has held that the jurisdictional assessing officer after having dropped an issue on …

Merely because jewellery is converted into solid gold / gold biscuits, it cannot be presumed to be unexplained or in excess of permissible limit – ITAT In a recent judgment, ITAT Ranchi has held that merely because the jewellery has been converted into solid gold / gold biscuits, …

Assessee cannot be given a second innings to make good its case – ITAT declines to remand the case second time In a recent judgment, ITAT Panji has held that a luxury litigant assessee cannot be given a second innings to make good its case and declined to …

When cash deposits represent business receipts, income to be estimated by applying a reasonable profit rate. In a recent judgment, ITAT Ranchi has held that when cash deposits represent business receipts, it would be appropriate to estimate income by applying a reasonable profit rate. ABCAUS Case Law Citation:4955 …

Every resolution plan to include a statement of beneficial-ownership of all natural persons who ultimately owns or controls the resolution applicant Insolvency and Bankruptcy Board of India Notification New Delhi, the 22nd December, 2025 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Seventh Amendment) …