ICAI releases draft panel for statutory auditors of Co-op banks for 2025–26. Complaints accepted until June 7, 2025. Final list to go to NABARD.
ITAT Pune rules excess stock found at Kolhapur Timber during survey is business income, not unexplained, directing normal tax rates. Cites multiple precedents.
India’s Income Tax Bill 2025 classifies Virtual Digital Assets (VDAs) and cryptocurrencies for taxation at 30%. It simplifies tax laws and aims for financial transparency.
On the other hand, it was submitted by the that the state-of-the-art Auditorium is used for conducting seminars, workshops which is integral part of scientific research work by IISc, Bangalore and therefore, assessee is eligible for deduction u/sec.35(1)(ii).
The Supreme Court ruled that bail, once granted, cannot be canceled mechanically. Supervening circumstances are essential for bail revocation.
ITAT Chennai held that waiver of amount of loan, whether principal or interest component, cannot be brought to tax under section 41(1) of the Income Tax Act. Accordingly, appeal of assessee allowed and addition directed to be deleted.
ITAT Pune rules excess stock declared during survey is business income, not unexplained income under 115BBE, if linked to regular business activities.
ITAT Delhi held that foreign share holding duly disclosed with Income Tax Department and hence the same cannot be taxed under the Black Money Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
Supreme Court quashes HC order in Jaipur Vidyut vs MB Power. Stresses using statutory remedy under Electricity Act before writ. HC mandamus against public interest.
CESTAT Delhi held that penalty under section 114 of the Customs Act, 1962 cannot be imposed in the absence of any evidence that there was fraudulent export of goods. Accordingly, appeal allowed and penalty set aside.
