ITAT Mumbai held that goodwill arising from slump sale of a going concern is a depreciable intangible asset under section 32(1)(ii) for AY 2020-21, deleting disallowance.
The traditional Halwa Ceremony marks the start of the confidential lock-in phase for Budget officials. It confirms that preparations for the Union Budget 2026–27 have entered their final stage.
The Board of Studies announced two structured virtual revision series for CA Final students. The initiative aims to enhance exam preparedness through expert-led sessions across all papers.
The Tribunal held that overseas shares acquired from reinvested dividends cannot be taxed as undisclosed assets when the source is known and accepted. Mere omission of dividend income does not trigger the Black Money Act’s harsh provisions.
The Board of Studies has released the schedule for two mock test series for CA Final students. The initiative enables candidates to practice under exam-like conditions and assess their readiness.
The issue was whether revision under Section 263 was valid when the AO allowed Section 80P deduction after enquiry. The tribunal held that a plausible and correct view cannot be revised.
Courts have held that once TDS is deducted from salary, the employee cannot be asked to pay tax again merely because the employer failed to deposit it. Recovery must be pursued only against the employer.
The case examined whether customer advances reported in service tax returns constituted taxable revenue. The Tribunal ruled that revenue accrues only on execution of conveyance deeds, and advances cannot be treated as under-reported turnover.
The ruling clarifies that limitation for appointing an arbitrator starts only when negotiations fail and arbitration is clearly invoked. Mere existence of disputes does not trigger limitation.
The court held that tax authorities cannot rely on earlier findings already set aside by appellate bodies. Each Section 197 application must be examined independently.
