No fault in invoking Revisionary jurisdiction u/s 263 to direct AO to issue correct penalty notice by modifying the reassessment order – ITAT  In a recent judgment, ITAT Ahmadabad has held that the revisionary jurisdiction invoked u/s 263 by directing the Assessing Officer to issue correct penalty notice …

Agricultural land cannot be taken out of the purview of section 56(2)(x) of the Income Tax Act, 1961 (the Act) which uses the term “immovable property”.  In a recent judgment, ITAT Ahmedabad has held that agricultural land cannot be taken out of the purview of section 56(2)(x) of …

Institute of Actuaries of India Expression of Interest for Empanelment of Chartered Accountant Firm for the statutory audit for F.Y. 2025-26 to F.Y. 2027-28 IAI has invited EoI for Empanelment of Chartered Accountant Firm for the statutory audit of Institute for FY 2025-26 to FY 2027-28 IAI is …

High Court declined to interfere with acquitting the assessee from prosecution u/s 278AA launched by Income Tax Department for non deposit of TDS within due dates.  In a recent judgment, Hon’ble Delhi High Court declined to interfere with Trial Court judgment acquitting the assessee from prosecution under section …

Limitation to issue notice 148 to legal representative do not apply from the first notice issued to deceased father  – Allahabad High Court In a recent judgment, Hon’ble Allahabad High Court has held that limitation to issue notice 148 of the Income Tax Act, 1961 to the legal …

CAG is inviting EoW from CA firms for audit of various bodies from July 2025 to March 2027  Engagement of CA firms to work with CAG teams for financial audit of financial statements of the Autonomous, Local or other Bodies received by CAG for audit during July 2025 …