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It can never be the object of assessment proceedings to find an empirically, absolutely correct solution on every fact issue – High Court In a recent judgment, Hon’ble High Court has held that assessment proceedings are summary that must be concluded in a time bound manner. While full …
Penalty u/s 270A deleted as assesse filed revised computation during scrutiny correcting the mistake which was noticed only after the case was selected for scrutiny. In a recent judgment, ITAT has deleted penalty u/s 270A as the assesse filed revised computation during scrutiny and stated that due to …
Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous and preceding year deleted by ITAT In a recent judgment, ITAT has held that unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. …
Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment – ITAT In a recent judgment, ITAT Guwahati has held that merely rectifying computation without touching in the body of order without giving opportunity to the assessee does not nullify the …
Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts to AO to bring any evidence to the contrary – ITAT In a recent judgment, ITAT has held that once the assessee discharges his primary onus of providing …
CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified “384” as Cost Inflation Index for FY / Tax Year 2026-27. The increase in CII is only 2.12% or eight points as compared to increase of 3.58% or 13 points in the …
Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144 of the Act only. In a recent judgment ITAT has held that the power to remand case entrusted to CIT(A) under newly inserted proviso to section 251(1)(a) of …
ICAI (Global Networking) Guidelines, 2025 kept in abeyance In February 2026, ICAI had issued ICAI (Global Networking) Guidelines 2025 to promote Networking amongst one or more Chartered Accountant firm (s), Networks and other entities registered with ICAI with networks or entities established and registered outside India in their …
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 …
