Reassessment Quashed as Sanction for Reopening Notice Was Obtained from an Incorrect Authority Issue The central issue is whether a reopening notice issued under section $148$ of the Income-tax Act, 1961, is legally valid if the sanction for its issuance, as required by section $151$, is obtained from the Principal Commissioner instead of the statutorily… Read More »
Release of Bare Act: “INCOME TAX ACT, 2025 Including Tabular Mapping of Sections vis-a-vis Income-tax Act, 1961. Announcement Publication of the Income-tax Act, 2025 by DTC of ICAI Members may be kindly aware that the Income-tax Bill, 2025 has been passed by the Parliament and has received the assent of the Hon’ble President of India… Read More »
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 »
The GST treatment for a multi-specialty hospital’s supply of medicines and other items depends on whether the patient is an inpatient or an outpatient and how the services are billed. Supply to Inpatients is a Composite, Exempt Supply The supply of medicines, implants, and other consumables to inpatients during their treatment is exempt from GST.… Read More »
An assessment order without the signature of the Assessing Officer is invalid. The court ruled that the unsigned orders are legally void and set them aside, granting the department the liberty to conduct fresh assessments with proper signed notices. Issue Whether GST assessment orders that lack the signature of the Assessing Officer are valid, and… Read More »