AO was not justified in assessing income as per ITR processed by CPC Bangalore u/s 143(1)(a) without giving effect to the rectification application u/s 154 – ITAT In a recent judgment, ITAT Varanasi has held that AO was not justified in assessing the income of the assesse as …

RBI invites application for scholarship Scheme 2026 for Faculty Members from Academic Institutions  The Reserve Bank of India has invited application from full-time faculty members, teaching economics or finance in any University Grants Commission (UGC) or All-India Council for Technical Education (AICTE) recognised Universities/ Colleges in India to …

Term ‘scholarship’ and ‘stipend’ though different serve one purpose and exempt u/s 10(16) of the Income Tax Act – ITAT In a recent judgment, ITAT Raipur has allowed exemption u/s 10(16) towards stipend holding that term ‘scholarship’ and ‘stipend’ though different but the purpose is one and same …

SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2026-27 SBI Concurrent Auditor Empanelment of CA Firms for FY 2026-27 Applications are invited from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the Bank branches / CPCs / special outfits Eligibility Criteria:Those firms which satisfy …

When IBC proceedings are used for as recovery mechanism, it amounts to an abuse of the insolvency process – Supreme Court In a recent judgment, Hon’ble Supreme Court upheld that when IBC proceedings are used for as recovery mechanism, it amounts to an abuse of the insolvency process …

Reopening notice u/s 148 quashed as notice was not issued by ITO but issued by ACIT in violation of CBDT Instruction In a recent judgment ITAT Delhi quashed reopening notice u/s 148 because as the notice was issued by ACIT but as per CBDT Instruction, the notice u/s …