Category Archives: Home

Carry Forward of Demerger Losses: Section 72A(4) Applies; PCIT’s Revision Based on Amalgamation Conditions u/s 72A(2) Held Invalid   ISSUE Whether the Principal Commissioner of Income Tax (PCIT) was justified in invoking revisionary jurisdiction under Section 263 by applying the conditions of Section 72A(2) (which requires the transferor entity to exist for 3+ years) to… Read More »

Transfer Pricing: Re-characterization of Software Developer as ‘Contract R&D Provider’ Rejected; BAPA and Past TPO Orders Confirm ‘Software Development’ Status ISSUE Whether the Transfer Pricing Officer (TPO) was justified in re-characterizing the assessee as a “Software Research/R&D Service Provider” (instead of a “Software Development Service Provider”) based on US tax documents, despite a signed Bilateral… Read More »

Addition u/s 56(2)(vii)(b) Deleted: Allotment Letter Treated as Valid ‘Agreement’ for Determining Stamp Duty Value Date   ISSUE Whether an Allotment Letter issued by a builder can be treated as an “Agreement” for the purpose of the proviso to Section 56(2)(vii)(b), allowing the assessee to adopt the Stamp Duty Value (SDV) on the date of… Read More »

Key amendments in PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 Amendments primarily aimed at the non-government sector, also rationalize provisions for government sector Measures to provide subscribers greater flexibility, choice and autonomy in investment decisions and aid managing accumulated pension wealth Posted On: 19 DEC 2025 8:16PM by PIB Delhi In furtherance of… Read More »

Supreme Court to Decide: Can GST Circulars Override Statutory Ban on Parallel Proceedings? Supreme Court Stays High Court Order The Supreme Court has stayed the operation of the Bombay High Court’s judgment in the case of Sree UGCL Projects Ltd. v. Additional Director (DG GST Intelligence). The Court issued a notice to the Revenue Department… Read More »

CA Exonerated: No Prosecution for Form 15CB Certificates Issued on Unknowingly Forged Documents Supreme Court Upholds Discharge The Hon’ble Supreme Court, in the case of The Deputy Director V. Murali Krishna Chakrala, upheld the Madras High Court’s judgment discharging a Chartered Accountant from prosecution under the Prevention of Money Laundering Act (PMLA). The Court confirmed… Read More »

Migration of UDIN Portal to ICAI DigiCA Platform UDIN Directorate The Institute of Chartered Accountants of India 10th Dec 2025 The members are hereby informed that the Institute of Chartered Accountants of India (ICAI) is contemplating migration of the existing UDIN Portal to the ICAI DigiCA Platform on 20th December 2025. The upgraded system will provide improved… Read More »

Notification u/s 10(46) of the Income Tax Act, 1961 in the case of New Okhla Industrial Development Authority MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th December, 2025 S.O. 5779(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961… Read More »

Notification u/s 120(2)(1) of the Income Tax Act, 1961 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th December, 2025 INCOME-TAX S.O. 5799(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in continuation to… Read More »

Notification u/s 10(46A) of the Income Tax Act, 1961 Punjab Urban Planning And Development Authority MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th December, 2025 S.O. 5778(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961… Read More »