Reassessment under the Income Tax Act should be grounded in solid evidence rather than speculation,

Failure to exercise professional judgement & perform appropriate audit procedures- NFRA Imposed fine on two more Auditors

Unauthorized transactions with related parties without the proper approval of Audit Committee, Board and Shareholders: NFRA slapped penalty of Rs. 2 crores on Auditor

Stamp Duty valuation of 2013 vis a vis 2016: Reopening quashed as income escaping assessment was below Rs. 50 Lakh & the statutory time limit of 3 years has expired.

Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority

Whether the power U/s  119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons

Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC

Extension of the validity of FCRA registration certificates

Banning of Unregulated Lending Activities Bill: Implications for Businesses and Individual Lenders

Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits?

Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC

Taxation in the wrong Assessment Year: ITAT deleted addition

ITAT agrees on the concept of Tax Loss Harvesting adopted by the Taxpayers.

Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT

“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement

New law to curb unregulated and fraudulent private money lending practices

GST Council cannot impose a wrong classification of Goods