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 …

Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a recent judgment, ITAT Chennai has held that assessee trust accredited by National Institute of Open Schooling (NIOS) and imparting education with aims to achieve fluency in Sanskrit with …

Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon’ble Supreme Court In a recent judgment, Hon’ble High Court has directed acceptance of Audit Report in Form 10B holding that Covid period to be excluded for the purposes of …

Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause in terms of section 273B of the Act In a recent judgment Agra ITAT has held that provisions of section 271AAB of income tax Act does not grant …