Updated list of banks authorised by Reserve Bank of India to import only gold for FY 2025-26 with effect from 01,04.2025 and valid upto 31,03.2026  Amendment in Appendix 4B of Handbook of Procedures 2023  In exercise of the powers conferred under paragraphs I .03 &2.04 of the Foreign …

Under percentage completion method, selling/Admin costs are allowable despite no revenue declared as per guidance note of ICAI. In a recent judgment, ITAT Delhi has held that under percentage completion method, selling costs like advertisement, business promotion and commission expenses are allowable despite that assessee had not declared …

AO cannot use reverse computation of gross payment using TDS amount to determine the amount disallowable u/s 40(a)(ia) – ITAT In a recent judgment, ITAT Delhi has held that the AO cannot resort to reverse mechanism using TDS amount to determine the gross amount of payment to workout …

Once loans were repaid in subsequent assessment years with cogent evidences then the addition u/s 68 of the Income Tax Act cannot be made – ITAT Guwahati In a recent judgment, ITAT Guwahati has held that once the assessee has established that loans were repaid in the subsequent …

Viksit Bharat Guarantee for Rozgar & Ajeevika Mission (Gramin), In short VB-GRAM-G notified Government has notified Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin), In short VB-GRAM-G The VB-GRAM-G which replaces popular Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) 2005. It is notable that the said …

Once PCIT restores assessment to AO for denovo consideration, AO is obliged to independently apply mind without influenced by the remarks of PCIT – ITAT In a recent judgment, ITAT Jabalpur has observed that once PCIT restores matter back to the file of the AO for denovo consideration, …