Month: April 2026
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying to evade the payment of tax – ITAT In a recent judgment, ITAT Rajkot has held that as per CBDT Circular, provisions u/s 40A(2) and particularly with regard …
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined to ‘sale’ of property only – ITAT In a recent judgment, ITAT Raipur has held that the word ‘transfer of property’ does not include ‘acquiring’ of property or …
AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient cash-in-hand in the books – ITAT In a recent judgment, ITAT Chandigarh has held that AO was not justified in questioning the cash withdrawals from the bank account …
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon’ble Supreme Court due to Covid-19 In a recent judgment, Hon’ble Allahabad High Court has set aside the order of CIT(Exemption) passed u/s 119(2(b) and order u/s 154 passed by the Assessing Officer …
Satisfaction Note u/s 153C – term “immediate” cannot be extended to defeats the purpose of cost effective, efficient and expeditious completion of search assessments. In a recent judgment the Hon’ble Supreme Court dismissed the SLP of the Revenue against the judgment of the High Court holding that the …
Addition for rental income on accrual basis deleted as assessee was pursuing a civil case against the tenant In a recent judgment, ITAT Agra has deleted addition of rental income holding that it was not justified when the assessee was pursuing a civil case against the tenant, the …
ITAT allows adjustment of credit balance for the purposes of addition of deemed dividend as per section 2(22)(e) In a recent judgment, ITAT Pune directed the Assessing Officer to re-compute the net debit balance for the purposes of addition of deemed dividend as per section 2(22)(e) of the …
Addition u/s 50C deleted based on FMV in CA report under Rule 11UA(1)(b) as AO applied wrong rule Rule 11UA(2) applicable for the valuation of the shares u/s 56(2)(viib) In a recent judgment, ITAT Delhi has upheld deletion of addition u/s 50C based on FMV as per CA …
Procedure to handle export cargo originating from SEZ in view of disruption in maritime routes due to closure of the Strait of Hormuz. CBIC had issued Circulars No. 09/2026-Customs dated 08.03.2026. and Circular No. 10/2026-Customs dated 10.03.2026, Circular No. 12/2026-Customs dated 17.03.2026 and Circular No. 15/2026-Customs dated 27.03.2026 …
ICAI Audit Quality Maturity Model (AQMM) review shall be applicable to Practice Units which are subject to Peer Review and auditing specified entities ICAI widens the scope of mandatory applicability of Audit Quality Maturity Model (AQMM) The ICAI’s Audit Quality Maturity Model (AQMM) is a mandatory self-assessment framework for …
