Utilisation of loan amount would not constitute failure to discharge onus caste u/s 68 in absence of any defect in the documentary evidence produced by the assessee – ITAT In a recent judgment, ITAT Hyderabad has held that where the Assessing Officer had not made out any defect …

Addition on the basis of third party information in form of unsigned excel sheet can not be sustained – ITAT In a recent judgment, ITAT Rajkot has held that addition made on the basis of third party information in form of unsigned excel sheet can not be sustained. …

Shagun money received on marriage of individual cannot be considered as income in the year of its receipt – ITAT In a recent judgment, ITAT has held that receipt of shagun money without consideration on the occasion of the marriage of the individual cannot be considered as the …

ITAT deleted addition towards cash deposited in bank account observing that there is no statutory requirement to maintain cash book for salaried individual. In a recent judgment, ITAT Delhi has deleted addition u/s 69A towards cash deposited in bank account and held that there is no statutory requirement …

RBI has notified the Foreign Exchange Management (Authorised Persons) Regulations, 2026. The Regulation becomes effective from 06.05.2026  A person seeking authorisation as an authorised person may apply to the Reserve Bank through the PRAVAAH portal (https://pravaah.rbi.org.in) to the regional office concerned of the Reserve Bank under whose jurisdiction …

ITAT allows benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment u/s 10(10AA)(ii) In a recent judgment, ITAT Lucknow has allowed benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment amount u/s 10(10AA)(ii) of Act holding that increased limit is applicable with …