Opening balance or existing Fixed Deposits if free from lien qualifies as accumulation of income under section 11(2) of the Income Tax Act, 1961 In a recent judgment, ITAT Bangalore has held that opening balance or existing Fixed Deposits which is free from any lien constitutes sufficient compliance …

Without establishment sale transaction as long term capital gain, assessee is not entitled for deduction u/s 54F of the Act – ITAT In a recent judgment, ITAT Mumbai has held that without establishment the sale transaction as long term capital gain, he is not entitled for deduction u/s …

Government appoints Shri Tuhin Kanta Pandey, IAS as Chairman, Securities and Exchange Board of India, for three years. MINISTRY OF FINANCE(Department of Economic Affairs)(Financial Markets Division) NOTIFICATION New Delhi, the 28th February 2025 S.O. 1018 (E). — In exercise of the powers conferred by sub-section (1)(a) and sub-section …

Order u/s 148A(d) quashed as show cause notice u/s 148A(b) was issued to the email address of demised director after his death In a recent judgment, Hon’ble Karnataka High Court quashed the order u/s 148A(d) and the show cause notice u/s 148A(b) of the Income Tax Act, 1961 …

Constitutional validity of GST arrest provisions upheld by Supreme Court together with power of courts to grant anticipatory bail  In a recent judgment, Hon’ble Supreme Court upheld the constitutional validity of arrest under GST Act and also upheld the powers of courts to grant anticipatory bail and prohibiting …

Adjustment under Section 50C of the Act is not possible in processing of return under section 143(1) of the Income Tax Act, 1961 – ITAT In a recent judgment, ITAT Guwahati has held that adjustment under Section 50C of the Income Tax Act, 1961 is not possible within …