The Bangalore ITAT held that Section 54 relief cannot be denied when capital gains are invested in a new residential house before filing the return under Section 139(4). The Tribunal ruled that such investment satisfies the statutory requirement even without a prior deposit in the Capital Gains Account Scheme.
The Bangalore ITAT held that an assessee need not prove that a debt has actually become irrecoverable to claim a bad debt deduction. The Tribunal ruled that a proper write-off in the books of account is enough to qualify for the deduction.
The CCI found a prima facie case against restrictive contractual clauses that allegedly prevented participants from joining competing pageants and controlled their professional activities. The matter has been referred to the Director General for investigation.
CAAR declined to entertain an advance ruling application on roasted areca nut classification after finding that the issue had already been decided by the Madras High Court. The Authority held that judicial precedent barred re-examination of the same question.
This article explains how the green card test and substantial presence test determine whether a foreign individual is taxed as a resident or non-resident alien in the United States. It highlights key filing obligations and compliance requirements.
IBBI has prescribed a mandatory format for filing complaints under its Grievance and Complaint Handling Procedure Regulations. The circular aims to streamline complaint submissions by requiring detailed disclosures, supporting evidence, and prescribed fee payment.
IBBI has prescribed a standardized format for filing claims arising from orders passed under Section 220(4) of the Insolvency and Bankruptcy Code. The circular aims to ensure consistency, transparency, and efficient processing of compensation claims.
The Bangalore ITAT held that a Section 40A(3) disallowance cannot be made on the assumption that cash payments might have exceeded statutory limits. The Tribunal deleted the addition after finding that records showed payments were made through banking channels.
IBBI has prescribed standardized forms for registration, information submission, records of default, and dispute reporting by Information Utilities. The circular seeks to ensure consistency, transparency, and reliability in insolvency-related information management.
The 2026 amendments significantly expand disclosure requirements for operational creditors and corporate applicants. The changes aim to provide resolution professionals and creditors with more comprehensive information during insolvency proceedings.
