The Tribunal quashed an unexplained investment addition based purely on a digital ledger retrieved from a mobile phone, as it was not corroborated by any evidence of actual cash payment or movement. Following its own prior ruling, the ITAT confirmed that digital evidence like WhatsApp messages must comply with Section 65B to be est in law.
Gifts exceeding Rs.50,000 are taxable for the receiver under Income Tax, except those from relatives or received on marriage. TDS applies to business perquisites over Rs.20,000.
Key circulars and rulings from October 13-19, 2025, covering Income Tax exemptions, GST return deadline extensions, SEBI RPT disclosure changes, MCA filing extensions, and significant IBC judgments.
Summary of key Income Tax benefits for Individual and HUF taxpayers for AY 2026-27, covering basic exemption limits, Section 87A rebate, and major deductions under Section 80C.
Madhya Pradesh High Court rules that share of profit from taxable AOPs cannot be taxed again in the member’s hands, upholding ITAT’s order in Principal Commissioner vs. Ramesh Chandra Rai.
Learn why businesses can claim input tax credit on GPA insurance under GST, as it is classified as general insurance, not life or health insurance.
The Supreme Court restored the ITAT’s order, ruling that a temporary lull in business due to the absence of a contract does not constitute cessation if the intention and efforts to continue (like correspondence and bidding) exist. The decision allows the non-resident company to claim business expenditure under Section 37(1) and set-off unabsorbed depreciation under Section 32(2).
CBIC extends the due date for filing GSTR-3B for September 2025, providing relief to monthly and quarterly filers. Returns can now be filed until 25th October 2025.
Bombay HC grants Akshay Kumar ad-interim relief, restraining misuse of his name, image, and voice against deepfakes and unauthorized AI content, citing public safety concerns.
GSTN portal wrongly calculates interest on delayed GSTR-3B by including pre-existing ECL funds. Taxpayers must manually compute interest per Rule 88B to avoid overpayment.
