Author: administrator

Capital gain on sale of unlisted equity shares transferred pursuant to an arrangement impermissible under law, not entitled to exemption under DTAA – SC In a recent judgment, Hon’ble Supreme Court has held that capital gain on sale of unlisted equity shares which were transferred pursuant to an …

CBIC extends export incentives to shipments through Postal Export Bills from 15th January 2026 The Central Board of Indirect Taxes and Customs (CBIC) has extended export-related benefits under the Duty Drawback, Remission of Duties and Taxes on Exported Products (RoDTEP) and Rebate of State and Central Taxes and …

Supreme Court issues directions to Committee of Creditors for safeguard interests of homebuyers in Insolvency proceedings In a recent judgment, Supreme Court has issued directions to Committee of Creditors for safeguard interests of homebuyers in Insolvency proceedings against the Builder/Real Estate developer Corporate Debtor ABCAUS Case Law Citation:4994 …

Provisions of section 69C not applicable for addition made on account of disallowance of expenditure on employee salary and Wages – ITAT In a recent judgment, ITAT Varanasi has held that provisions of section 69C not applicable for addition made on account of disallowance of expenditure on employee …

High Court declines to direct ITD to investigate allegations of tax evasion as per Tax Evasion Petition due to limitation In a recent judgment, Hon’ble Chhattisgarh High Court declined to direct Income Tax Department to investigate Tax Evasion Petition filed by Petitioner being barred by limitation ABCAUS Case …

Condoning delay in filing audit report in Form 10B as CA of the assessee was not aware of newly introduced online filing – SLP of Revenue dismissed In a recent judgment, Hon’ble Supreme Court dismissed SLP of the Revenue against the judgment of the Bombay High Court in …

There is no bar in penalty u/s 271B for non-audit u/s 44AB if penalty u/s 271A is also levied for non-maintenance of books of accounts u/s 44AA – ITAT In a recent and interesting judgment, Guwahati ITAT has held that section 271B of the Income Tax Act does …

Cash book cannot be rejected when availability of stock in trade is not disputed as per stock register which is accepted. Sales out of available stock cannot be disregarded as ingenuine. In a recent judgment, ITAT Amritsar has held that cash book cannot be rejected when availability of …

Section 148 of Income Tax Act after 01.04.2021, does not even require recording reason to believe. In a recent judgment, Delhi High Court has held that language of section 148 of the Income Tax Act after 01.04.2021, does not even require recording reason to believe much less possession …

Income Tax Department, Lucknow is hiring Young Professional for assisting the Departmental Officers posted in various benches of ITAT, Lucknow With a view to augment departmental representation in ITAT, the Young Professional Scheme envisions engagement of Young Graduates in Law & Accountancy who are rich in domain knowledge. …