ITAT Delhi held that no addition in respect of share premium under section 68 of the Income Tax Act since necessary evidence along with valuation certificate as per rule 11UA(2)(b) of the Income Tax Rules already furnished. Accordingly, appeal allowed.
ITAT Jaipur held that expenditure towards supply of food packets for employees which was subjected to GST shall not be considered as contract and hence provisions of section 194C shall not apply.
Rational connection postulates that there must be a direct nexus or live link between the material coming to the notice of the Income Tax Officer and his view that there has been escapement of income of the assessee from assessment in the particular year.
Govt extends Yellow Peas import exemption till March 2026; cuts customs duty on crude soya, sunflower, and palm oils from 20% to 10%.
India’s Ministry of Finance revises customs tariff values for palm oils, soybean oil, brass scrap, gold, and silver, effective May 31, 2025, via a new notification.
Vaishali Proficient Nidhi Ltd. penalized for failing to include DINs in filings from FY2015 to FY2019. Total penalties exceed Rs. 10 lakh.
Manikraj Motors and directors fined Rs 1.5 lakh by ROC Patna for failing to maintain a functional registered office, violating Companies Act.
Tilak Proficient Nidhi Limited and its directors fined by the Registrar of Companies for violating Section 118 of the Companies Act, 2013, regarding the non-maintenance of minutes books since incorporation.
A recent corrigendum to an Income Tax notification dated May 6, 2025, rectifies errors in Form ITR. It corrects a reference in Schedule CG from (4ca –biva) to (4a-biva) and expands Schedule 80IE to include Sikkim for deductions related to undertakings in North-East states, providing structured entries for up to two undertakings per state.
CBDT notifies Ten Year Zero Coupon Bonds of REC Ltd. under Income-tax Act for issuance by March 2027 with a maturity value of ₹5,000 crore.
