Capital Gains from an Asset Gifted by a Spouse are Taxable Only in the Hands of the Transferor Husband, Not the Wife Issue The central legal question is whether capital gains arising from the sale of a property, which was originally received by an assessee (wife) as a gift from her husband, should be taxed… Read More »
Revisionary Powers Under Section 263 Cannot Be Invoked When the AO’s Order is Based on a Plausible View Issue The primary legal issue is whether the Principal Commissioner (Pr. CIT) can exercise revisionary jurisdiction under section $263$ of the Income-tax Act, 1961, to set aside an assessment order by deeming it “erroneous,” when the Assessing… Read More »
Announcement providing relaxation in compliance with the ‘Guidance Note on Financial Statements of Non-Corporate entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’ for annual reporting period 2024-25. – (19-09-2025) Accounting Standards Board The Institute of Chartered Accountants of India September 19, 2025 ANNOUNCEMENT Announcement providing relaxation in compliance with the ‘Guidance Note… Read More »
Capital Gain Computation Upheld, but Disallowance of Expenses Without Reason Leads to Remand Issue The case presented two primary issues: Whether the Assessing Officer (AO) was correct in adopting the Stamp Registration Office (SRO) value for computing capital gains on the sale of land under section $50C$ of the Income-tax Act, 1961, especially when the… Read More »
Denial of Trust Registration Under Section 12A Is Unlawful if Based Solely on Object Clauses Without Evidence of Actual Income Misapplication Issue The central issue is whether the Commissioner (Exemption) [CIT(E)] can reject a trust’s application for registration under section 12A of the Income-tax Act, 1961, by citing a “specified violation” based merely on the… Read More »
Announcement inviting members to share experiences w.r.t. Income-tax Portal Direct Taxes Committee The Institute of Chartered Accountants of India 19th September,2025 Announcement The Direct Taxes Committee (DTC) of ICAI is receiving mails from members expressing concerns on account of the technical glitches in the Income-tax portal. In order to send appropriate representation to facilitate timely… Read More »