FRRB of ICAI releases Study on Compliance with Ind AS Framework – Volume III FRRB of ICAI has released Volume III of its study on compliance with the Ind AS Framework, focusing on non-compliance issues in financial statements. It covers key areas such as assets, liabilities, equity, profit and loss, cash flows, auditor reports, and… Read More »
FAQs on UDIN 2025 : ICAI releases Revised Edition 2025 update Q1. The data type for capturing figure has been changed from alphanumeric to numeric. What are the effects of this change? Ans. The data type for capturing figure of the parameters has been changed from alphanumeric to numeric under all categories, namely, Certificate, GST… Read More »
22 IMPORTANT INCOME TAX CASE LAWS 12.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Notification No. 15/2025 Dated 10-02-2025 Bhaikaka University, Anand, Gujarat notified as a scientific research institution. Click Here SECTION 35(1)(ii) Income Tax Act, 1961 2 Initiating officer v. Ponnaganti Karunakara Properties held by alleged benamidars not… Read More »
Reopening of Assessment Barred Due to Change of Opinion and Delay in Filing SLP Issue: Whether the reopening of an assessment under Section 148 of the Income-tax Act, 1961, is permissible when the Assessing Officer had already considered the relevant information during the original assessment proceedings, and whether the delay in filing the Special Leave… Read More »
Dismissal of Appeal for Non-Prosecution Without Considering Merits is Invalid Issue: Whether the Commissioner (Appeals) can dismiss an appeal for non-prosecution without considering the merits of the case, especially when the assessee has raised valid grounds challenging the assessment order. Facts: The assessee sold an immovable property. The Assessing Officer, based on information from the… Read More »
Housing Finance Company’s Varied Deduction Claims and Tax Disputes Resolved Addition cannot be made solely based on ITS/AIR information without further evidence Overall Theme: The case revolves around a housing finance company (assessee) and its disputes with the tax authorities regarding the eligibility and computation of various deductions claimed under the Income-tax Act, 1961. The… Read More »
Condonation of Minor Delay in Form 10B Filing Granted to Charitable Trust Issue: Whether a 15-day delay in filing Form 10B by a charitable trust under Section 12A of the Income-tax Act, 1961, should be condoned, considering the reasons provided by the trust and the principles of a liberal approach in such cases. Facts: The… Read More »
Sale is incomplete due to partial payment and the lack of a completed sale deed, the property could not be considered as being held benami Issue: Whether an agreement of sale, where only partial payment was made and ownership transfer was conditional upon full payment and execution of a sale deed, constitutes a benami transaction… Read More »
Incomplete Property Sales and Lack of Evidence Prevent Benami Transaction Designation Issue: Whether immovable properties, where partial payments were made by alleged benamidars and the title was not transferred, can be considered as held benami, and whether mere cash infusions into the benamidars’ accounts, without proof of the beneficial owner’s source, are sufficient to establish… Read More »
Bhaikaka University, Anand, Gujarat notified as a scientific research institution NOTIFICATION S.O. 673(E) [NO.15/2025/F.NO. 203/27/2024/ITA-II], DATED 10-2-2025 In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961), read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby… Read More »