The Government of India has withdrawn the Income-tax Bill, 2025, citing drafting errors and a need for corrections. A new bill will be introduced to replace the Income-tax Act, 1961.
ITAT Bangalore deletes ₹25.8L penalty under Section 271D as AO failed to record satisfaction in assessment order. Procedural lapse proved fatal.
An appellate tribunal upheld a penalty on an NRI for purchasing agricultural land, dismissing arguments on the ‘omission vs. repeal’ of a key FEMA provision.
The ITAT Delhi quashed a reassessment where a Section 148 notice was sent to a deceased person, reinforcing that notice must be served on the legal heir.
The Mumbai ITAT upheld TNMM for Firmenich Aromatics, deleting transfer pricing adjustments on exports and royalties, and allowed an 80G deduction on CSR donations.
Understand the impact of Section 194T, which mandates a 10% TDS on payments to partners by firms and LLPs, effective from April 1, 2025. This summary covers its applicability, rates, and challenges.
Learn about GST Rule 37A for ITC reversal and re-availment. This summary explains deadlines, compliance requirements and what happens when suppliers delay GSTR-3B filings.
A comparison of AS 18 and Ind AS 24 related party accounting standards. Learn key differences in definitions, disclosures, and how they impact financial reporting.
A summary of AS 2 and Ind AS 2 for inventory accounting. Learn about valuation methods, cost formulas, and key differences in these standards.
The Supreme Court in Vishnoo Mittal v. M/s Shakti Trading Company quashed proceedings against a director under Section 138 of the NI Act, due to the cause of action arising after an IBC moratorium was in place.
