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Archive: January, 2026

Posts in January, 2026

IBBI Cancels Valuer Registration After Loss of Mandatory Eligibility

January 29, 2026 297 Views 0 comment Print

The regulator held that expulsion from a Registered Valuers Organisation results in loss of eligibility, justifying immediate cancellation of registration.

Customs Revises Tariff Values for Gold wef 28.01.2026

January 29, 2026 1746 Views 0 comment Print

The notification substitutes updated tariff tables for specified imports while retaining existing values. The key takeaway is valuation continuity for listed goods from 30 January 2026.

Reopening under Section 147 Invalid Where Search Material Triggers Section 153C

January 29, 2026 897 Views 0 comment Print

The Tribunal held that where reassessment is based solely on search material found during a third-party search, proceedings must be initiated under section 153C. Reopening under section 147 was held to be without jurisdiction and quashed.

Appeal Delays Linked to Administrative Overload, Not Income Tax Officer Negligence: ITGOA

January 29, 2026 714 Views 0 comment Print

Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalising individual officers.

Income Tax Officers Seek Relief From Penalties Caused by System-Driven Delays

January 29, 2026 1725 Views 0 comment Print

With repeated technical failures hampering compliance, officers requested formal absolution from blame. The letter emphasizes collective institutional responsibility over individual accountability.

Corpus Donations Allowed Despite Cash Collection and Minor Lapses

January 29, 2026 414 Views 0 comment Print

The Tribunal held that corpus donations cannot be denied merely due to technical lapses like student collection or minor PAN errors. Donor intent and consistent treatment in books were sufficient to allow exemption under section 11(1)(d).

ICAI Revises CPE Rules: Seminar Hours Capped, Shorter Technical Sessions Allowed

January 29, 2026 35739 Views 0 comment Print

The Council capped regional CPE seminar hours and allowed shorter technical sessions for major events, while empowering the CPE Chair to grant relaxations.

On-Money Additions Deleted: Loose Digital Data & Third-Party Statements Not Enough

January 29, 2026 1137 Views 0 comment Print

ITAT ruled that unverified electronic records recovered from a third party do not constitute reliable evidence of cash payments. Additions based solely on such data were deleted.

MP HC Orders Judicial Inquiry Into Indore Water Contamination

January 29, 2026 453 Views 0 comment Print

The High Court ordered a judicial inquiry after finding the State’s death audit on a water contamination incident vague and unsupported, stressing accountability and public health safeguards.

Section 80P Deduction Allowed on Interest From Co-operative Banks

January 29, 2026 468 Views 0 comment Print

The Tribunal held that interest earned from deposits with co-operative banks qualifies for deduction under section 80P. Such interest does not lose its character as business income of an eligible co-operative society.

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