In case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed – ITAT In a recent judgment, ITAT Ranchi has held that in case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed ABCAUS …

RBI has relaxed directions related to requirement and limits of collateral security for lending to Micro, Small & Medium Enterprises (MSME) Sector RBI has issued Lending to Micro, Small & Medium Enterprises (MSME) Sector (Amendment) Directions, 2026 to modify requirements related to collateral security by MSME as under: a. …

In absence of any requirement in law to maintain details of PAN of creditors, no adverse conclusion may be drawn for non-furnishing PAN details of such sundry creditors – High Court In a recent judgment, High Court has held that in the absence of no prior stipulation in …

Form 26 shall replace Form 3CD of tax audit report format from Tax Year 2026-27 (AY 2027-28) Draft Form 26 has been issued which is to substitute existing Tax Audit Report Format 3CD from Tax Year 2026-27 onwards.  Income Tax Department has issued Draft Income Tax Rules 2026 …

When AO do not make any addition on the basis of the reasons on which the reopening was done, the reopening is bad in law – ITAT In a recent judgment, ITAT Cuttack has held that when the AO do not make any addition on the basis of …

Under MV Act separate compensation can not be granted under the head “loss of love and affection” – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that under Motor Vehicle Act a separate compensation can not be granted under the head “loss of love and …