Revenue cannot approbate and reprobate at the same time-ITAT deleted addition of commission on alleged bogus sale and purchase In a recent judgment, ITAT Delhi held that the Revenue cannot approbate and reprobate at the same time and deleted addition of commission on alleged bogus sale and purchase. …

Borrower’s consent not required for credit information sharing by banks. RBI issues the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 The Reserve Bank of India (the RBI) has issued the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 (CICRA). …

ICAI debars seven chartered accountants for charges of professional misconduct ICAI has held seven Chartered Accountants guilty of committing Professional Misconduct as defined in CA Regulations and has debarred them for prescribed period by ordering removal of their name from the register of members and also penalising them …

ITAT allows deduction for employment of new workmen u/s 80JJAA by way of submission despite not filing revised return of income.  In a recent judgment, ITAT Rajkot has upheld the order of the CIT(A) allowing deduction respect of employment of new workmen u/s. 80JJAA claimed by way of …

Addition u/s 68 for cash collection from exhibition of films in the theaters deleted as the amount was duly recorded in books of account.  In a recent judgment, ITAT Chennai has deleted the addition u/s 68 towards cash collection from exhibition of films in the theaters as the …

ITC for goods  delivered  by  supplier  at  his  place  of business under Ex-Works Contract CBIC has issued Circular No. 241/35/2024-GST dated 31.12.2024 clarifying availability of input tax credit as per clause (b) of sub-section (2) of section 16 of the Central Goods and Services Tax Act, 2017 in …