High Court allows capital gain exemption u/s 54(1) on purchase of seven row houses before the amendment brought w.e.f. 01.04.2015. In a recent judgment, Hon’ble Bombay High Court has held that the words ‘a residential house’ in unamended Section 54(1) of the Income Tax Act would not mean …

ICAI w.e.f. 01.04.2026 puts a limit of 60 number of tax audit assignments u/s 44AB of the Income Tax Act, 1961 by a chartered accountant. The Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025. ICAI w.e.f. 01.04.2026 has notified a limit of 60 as the number …

Uncorroborated WhatsApp message, in the absence of any independent supporting evidence, cannot constitute a valid basis for initiating proceedings under section 153C of the Act – ITAT In a recent judgment, ITAT Mumbai deleted addition under section 69A of the Act on account of alleged cash received over …

Income-tax (Twentieth Amendment) Rules, 2025. Amendment to Rule 21AK CBDT notifies Income-tax (Twentieth Amendment) Rules, 2025. Amendment to Income Tax Rule 21AK- Conditions for the purpose of clause (4E) of section 10. Under clause (4E) of section 10 of the Act, transfer of non-deliverable forward contracts or offshore …

Relaxation of time for processing of e filed ITR filed upto 31.03.2024 erroneously invalidated by CPC. CBDT has issued Circular No. 10/2025 dated 28.07.2025 giving relaxation of time limit for processing of returns of income filed electronically upto 31.03.2024 which have been erroneously invalidated by CPC F. No.225/30/2025/ITA-IIGovernment …

Time for compliance of notice is to be calculated not by the clock but by the calendar. – order u/s 148A(d) quashed Time for compliance of a notice is to be calculated not by the clock but by the calendar. In a recent judgment, Hon’ble Jharkhand High Court …