Section 68 Cannot Be Invoked Mechanically: Gujarat High Court Says One-to-One Matching of Bank Credits with Sales Is Not Mandatory   Assessing Officer Must Give Cogent Reasons Before Treating Business Receipts as Unexplained Cash Credits Section 68 of the Income-tax Act is one of the most frequently invoked provisions during assessments and reassessment proceedings. Whenever…

Online Rummy Loss Cannot Be Taxed as Gross Winnings: Hyderabad ITAT Deletes ₹3.54 Crore Addition   Assessing Officer Cannot Ignore Buy-In Amount and Tax Gross Payout Under Section 115BB The rapid growth of online gaming has opened a new frontier in income tax litigation. Questions surrounding the taxation of online rummy, poker, fantasy sports and…

No Form 10B? ITAT Delhi Clarifies: Charitable Trust Cannot Be Taxed on Gross Receipts Alone     Non-Filing of Form 10B May Deny Exemption Under Sections 11 & 12, But It Does Not Permit Taxation of Gross Receipts Without Allowing Expenditure Charitable trusts and institutions often believe that failure to comply with procedural requirements such…

CBDT Tightens Scrutiny of Unexplained Income Additions: Fresh Directions Issued on Sections 68 to 69D and Section 115BBE     C&AG Audit Findings Trigger Administrative Push for Uniform Tax Assessments The provisions dealing with unexplained cash credits, unexplained money, unexplained investments, unexplained expenditure and hundi transactions have always been among the most litigated provisions under…

CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI     The Central Board of Direct Taxes has issued a key order to bring offshore financial data into the regular tax compliance system. Key Order Details – Order No.: http://F.No. 225/73/2025-ITA-II – Date: July 8, 2026 – Issued…