Month: July 2026

Bank of India-Online Concurrent Audit Empanelment  FY 2026-27. Last Date to apply is 15.07.2026 Notice for CA firms applying for empanelment as Concurrent Auditors 1. Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit assignment for empanelment. 2. The Application should be …

  AO was not competent in valuing the share premium amount as he is not an expert to do the job – ITAT In a recent judgment, ITAT Calcutta has deleted addition made by the AO by calculating fair market value of shares premium by applying the NAV …

Under Dayabhag law there is nothing to prevent Bengalis to be in Hindu Joint Family (HUF) In a recent judgment, ITAT has held that Bengali have right to be in Hindu Joint Family (HUF) against the Assessing Officer (AO) holding that under Dayabhag law there is no concept …

There is no presumption of accuracy or truthfulness of any loose sheet found in search premises of a third party – ITAT In a recent judgment, ITAT has held that presumption u/s 132(4A) r.w.s. 292C is applicable only in case of searched person and cannot be raised against …

CBDT has issued 23 FAQs on transition provisions under Section 536 of the Income-tax Act, 2025  CBDT has issued 23 Frequently asked questions (FAQs) on Transition Provisions under Section 536 of the Income-tax Act, 2025 (Repeals and Savings). The FAQs are as under: A. Summons & Notices Q1. …

Respondent assesse, under Rule 27 not entitled to raise a ground which would work adversely to the appellant Revenue – ITAT In a recent judgment, ITAT Lucknow has held that the respondent assesse, under Rule 27 is not entitled to raise a ground which would work adversely to …

If judicial conscience of a final court of fact is not satisfied about the valid execution of the Will, it raises no substantial question of law – Supreme Court In a recent judgment, Supreme Court has held that when the testator was an illiterate person, the burden was …

SC laid downs guidelines for use of ITRS for assessing annual income of deceased person under Motor Vehicles Act 1988 In a recent judgment, Hon’ble Supreme Court has laid down guidelines for use of ITRS for assessing the annual income of a deceased person under the Motor Vehicles …

CBDT condones delay in filing Form No. 10AB furnished electronically between 01.10.2025 to 31.03.2026. CBDT has condoned the delay in filing Form No. 10AB electronically for approval under clause (ii) of the first proviso to section 80G(5) of the Income-tax Act, 1961 Section 80G of the Income-tax Act, …

Supreme Court expresses serious concerns over AI generated judgments/paragraphs relied upon by the NCLT/NCLAT In a recent judgment, the Hon’ble Supreme Court has expressed serious concerns over judgments relied upon by the NCLT which were non-existent, some AI-generated paragraphs wrongly attributed to genuine citations. ABCAUS Case Law Citation:5177 …