Depreciation on goodwill in the hands of amalgamated company upheld as Assessing Officer had taken a plausible view in line with supreme court judgment. In a recent judgment, Hon’ble Supreme Court has dismissed the appeal of the Revenue against the judgment of Gujarat High Court upholding depreciation on …

The ICAI has announced that provisions of the Income-tax Act, 2025 shall be applicable to CA exams conducted from 1st May 2027 Onward As per the announcement, ICAI has stated that the Income-tax Act, 2025 has received the assent of the Hon’ble President of India on 21st August …

Addition u/s 68 deleted as there was no cash trail, rotation of funds, or incriminating evidences, no enquiry conducted into records furnished by assessee In a recent judgment, ITAT Guwahati has deleted addition of unexplained cash credit u/s 68 as there was no cash trail, rotation of funds, …

In case of re-allotment of flat by builder, stamp duty valuation would be with reference to date of booking of original flat. In a recent judgment, ITAT Mumbai has held that when another flat was allotted by the builder in place of original booking, stamp duty valuation should …

When information contained in loose papers not corroborated with assessee, there is absolutely no room for presumption that it belongs to the assessee. In a recent judgment, ITAT Agra has held that information contained in loose papers if not corroborated with the assessee, there is absolutely no room …

When CIT(A) order to remand case to AO was set aside without interfering with direction to delete addition, order of AO did not automatically revive. In a recent judgment, Kolkata High Court has held that when High Court set aside CIT(A) order to remand the case but did …