Payment made by the assessee as non-compete fee was an allowable revenue expenditure under Section 37(1) of the Act –Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-compete fee payment made to essentially keep a potential competitor out of the same business cannot be …

Assessee is entitled to claim deduction of interest on borrowed funds invested in sister concern for acquiring controlling interest – Supreme Court In a recent judgment, Hon’ble Supreme Court allowed deduction of interest on borrowed funds u/s 36(1)(iii) of the Act which was utilized for investment in a …

ICAI has notified that next ISA Course Assessment Test shall be held on 7th February 2026 online through Computer ICAI has notified that the next Information Systems Audit (ISA) Course Assessment Test (3.0 Syllabus) which is open to the members of the Institute will be held on 7th …

In the absence of enquiry on discrepancy in turnover between tax audit report vis-à-vis turnover disclosed in P&L account, order of AO was erroneous and prejudicial to the interest of the revenue. In a Recent judgment, ITAT Surat has held in view of discrepancy in the figure of …

Registration u/s 12A cannot be rejected simply on the basis of mentioning of a wrong section code which is a curable defect – ITAT  In a recent judgment, ITAT Amritsar has held that registration under section 12A cannot be rejected simply on the basis of mentioning of a …

ICAI reduces verification/certified copies fee of Chartered Accountants examinations  The Examination Committee of ICAI has decided to revise and reduce the verification & Certified Copies fee of answer books of the Chartered Accountants Examinations. In its latest announcements, ICAI has stated that candidates intending to apply for verification …