MCA amends Indian Accounting Standard (Ind AS) – Classification of current liabilities and disclosure of supplier finance arrangements MCA vide Notification No. G.S.R. 549(E) dated 13.08.2025 has notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2025. The amendments shall come to effect from 19/08/2025. Indian Accounting Standards …

Vintage car held non personal effect of the assessee and sale thereof held liable to capital gain tax – High Court In a recent judgment, Bombay High Court has held that vintage car owned by the appellant assessee was not his personal effect and thus the gain arising …

ITAT deleted penalty u/s 271AAB as show cause notice did not specify limb of penalty applicable to the assessee. In a recent judgment, ITAT Chandigarh has deleted penalty under section 271AAB as the show cause notice issued did not specify applicable limb of penalty. ABCAUS Case Law Citation:4703 …

CBDT amends threshold of salaries and gross total income in respect of certain perquisites CBDT has notified Income tax (Twenty Second Amendment) Rules, 2025 vide Notification No. 133/2025 dated 18.08.2025 amending the rules relating to taxability of certain perquisites in the hands of employees. As per section 17(2)(iii) …

Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …

When assessee had already repaid unsecured loans along with the interest no addition can be made under Section 68 treating them accommodation entries. In a recent judgment, ITAT Jaipur held that where assessee had already repaid unsecured loans along with the interest no addition can be made under …