Author: administrator

CBDT specifies work allocations and zonal charges of its members CBDT has issued an office memorandum dated 03/12/2025 giving details of charge allocation along with work allocation and zonal charges. The CBDT is headed by a Chairperson. In addition to the Chairperson, there are six Members on the …

Addition quashed as alleged manipulation in share prices was merely a speculation and assumption of Assessing Office In a recent judgment, Hon’ble Rajasthan High Court has quashed addition made on account of bogus and dubious share transaction observing that shares have been manipulated was merely a speculation and …

When assesee did not deduct TDS on account of interim stay of High Court, it can’t be regarded as assessee in default under section 201(1) of the Income Tax Act. In a recent judgment, Hon’ble Kerala High Court has held that when assessee did not deduct TDS on …

Penalty u/s 271B is not attracted in a case where books of account have not been maintained In a recent judgment, ITAT Allahabad has held that penalty under section 271B of the Income Tax Act, 1961 is not attracted in a case in which books of account have …

NALCO invites RFP for empanelment of Chartered Accountant Firms for verification of Stores/Spares and movable assets.  NALCO has invited Request for Proposal (RFP) for Empanelment/Appointment of Chartered Accountant / Cost Accountant Firms for Conducting Physical Verification of Stock of Stores/ Spare Parts, Raw Materials, Finished Products and Movable …

Sending or bringing currency of Nepal and Bhutan – RBI revises exiting regulations  RBI has notified the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2025 to specify revised limit on sending or bringing currency of Nepal and Bhutan The Regulation No. 8 of the Foreign …

Entire manufacturing process though by distinct units relevant for exemption from excise duty on account of manufacture without aid of power. In a recent judgment, Hon’ble Supreme Court has held that entire manufacturing process of conversion of grey fabrics into cotton fabrics though by distinct units is to …

High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the Trust. In a recent judgment, Hon’ble madras High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the Trust. …

Penalty u/s 270A quashed as there was no satisfaction in the penalty order on what exactly was under reporting of income and what was misreporting of income by the assessee In a recent judgment, ITAT Raipur deleted penalty under section 270A observing that there was no satisfaction brought …

Small Company threshold of paid-up capital increased to Rs. ten crores and turnover to Rs. hundred crores w.e.f. 1st December 2025. What is a small company? Answer: Before the amendment, as per section 2(85) of the Companies Act 2013, to pass the test of a small company it …