Can Non-Specified Professionals Use Section 44AD? A Hidden Loophole or Legislative Gap in Presumptive Taxation?     Mere Increase in Cash Sales During Demonetisation Is Not Enough for Addition Under Section 68 The demonetisation period continues to generate tax disputes even years after the withdrawal of ₹500 and ₹1,000 currency notes. One of the most…

Advance Tax: The Tax EMI You Can’t Afford to Miss Today, 15th June, marks the first advance tax installment falling due under the new Income Tax Act, 2025. While many taxpayers are still settling into the new tax year, the tax law has already reached its first checkpoint. Missing this deadline may not immediately invite a…

Foreign Travel Under the New Income Tax Act, 2025: Is Form 156 Mandatory Before Every Overseas Trip?   The new Income Tax Act, 2025, effective from 1 April 2026, introduces a significant compliance requirement for individuals travelling abroad. One of the notable changes is the replacement of the old Form 30C with a new Departure…

Section 69A Addition Cannot Survive Without Proof of Ownership of Unaccounted Cash: Important Tribunal Ruling   In a significant ruling on unexplained money under Section 69A of the Income Tax Act, the Tribunal has held that merely because an assessee is a key decision-maker in a company does not automatically establish personal ownership of unaccounted…

ITAT Mumbai: Business Expenditure Cannot Be Disallowed Merely on Suspicion, Assumptions, or Surmises     In a significant ruling reinforcing the principles of consistency and evidence-based taxation, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT Mumbai) has held that business expenditure cannot be disallowed merely on doubts, assumptions, or surmises when: •  Supporting…