Daily Archives: December 3, 2025

Cash deposits matching books of account cannot be taxed as unexplained money despite demonetization spike

By | December 3, 2025
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Cash deposits matching books of account cannot be taxed as unexplained money despite demonetization spike Issue Whether the Assessing Officer was justified in making an addition under Section 69A of the Income-tax Act, 1961, treating cash deposits made during the demonetization period as unexplained money, despite the assessee maintaining books of account reflecting corresponding cash… Read More »

Section 54F exemption allowed for construction using borrowed funds; AO can retain estimated tax liability upon CGAS closure

By | December 3, 2025
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Section 54F exemption allowed for construction using borrowed funds; AO can retain estimated tax liability upon CGAS closure Issue Borrowed Funds: Whether an assessee can claim exemption under Section 54F if the residential house is constructed using borrowed funds (bridge financing) with the intention to repay the loan using the Capital Gains Account Scheme (CGAS)… Read More »

Seized diary at husband’s premises justifies Section 158BD assessment of wife for undisclosed school investment

By | December 3, 2025
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Seized diary at husband’s premises justifies Section 158BD assessment of wife for undisclosed school investment   Issue Whether proceedings and additions under Section 158BD against the assessee (wife) are valid based on incriminating material found during a search at her husband’s premises, which indicated unaccounted investments in a family-run society. Facts Search Operation: A search… Read More »

Global AI Power Boost: Gemini 3 and Nano Banana Pro Expand in Google Search

By | December 3, 2025
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Global AI Power Boost: Gemini 3 and Nano Banana Pro Expand in Google Search Gemini 3 Global Expansion Google is rolling out its most intelligent model, Gemini 3, to AI Mode within Google Search in nearly 120 countries and territories where it will be available in English. Availability for Subscribers Starting immediately, Google AI Pro… Read More »

RBI Mandates Uniform Savings Interest: Clarity for Small Account Holders

By | December 3, 2025
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RBI Mandates Uniform Savings Interest: Clarity for Small Account Holders Standardized Interest Rate for Small Deposits The Reserve Bank of India (RBI) has directed all commercial banks to apply a uniform interest rate on savings account deposits up to ₹1 lakh. This new rule eliminates the interest rate difference among banks for small depositors, resolving… Read More »

Notification u/s 80G(2)(b) of the Income Tax Act, 1961 in the case of Shree Balakrishna Lalji and other deities temple Bhuleshwar, Mumbai managed by Mota Mandir Trust, Mumbai, Maharashtra

By | December 3, 2025
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Notification u/s 80G(2)(b) of the Income Tax Act, 1961 in the case of Shree Balakrishna Lalji and other deities temple Bhuleshwar, Mumbai managed by Mota Mandir Trust, Mumbai, Maharashtra MINSTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES ) NOTIFICATION New Delhi, the 2nd December, 2025 (INCOME –TAX) S.O. 5551(E).— In the exercise… Read More »