ICAI to Establish Committee for Promoting Work-Life Balance Among CAs, says new President
The Institute of Chartered Accountants of India ( ICAI ) is to establish a committee for promoting work life balance among the Chartered Accountants...
Relief to BCCI: Bombay HC quashes Revenue Order Prohibiting Income Tax Exemption for Lack of Statutory Power [Read Order]
The Bombay High Court delivered a significant ruling on Tuesday (18 February, 2025), quashing an order by the Commissioner of Income Tax (Exemptions) ( CIT(E) ) which deemed the Board of...
![Relief to BCCI: Bombay HC quashes Revenue Order Prohibiting Income Tax Exemption for Lack of Statutory Power [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Bombay-High-Court-BCCI-Income-tax-Relief-to-BCCI-Income-Tax-Exemption-TAXSCAN.jpg "Relief to BCCI: Bombay HC quashes Revenue Order Prohibiting Income Tax Exemption for Lack of Statutory Power [Read Order]")
Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to verify the commencement of business in the case of the assessee regarding the disallowance of ₹50.05...
![Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Disallowance-ITAT-AO-verify-Business-Commencement-taxascan.jpg "Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]")
Any dispute even Pending Arbitration does not Prohibit Financial Creditors to avail remedy u/s 7 of IBC: NCLAT [Read Order]
The National Company Law Appellate Tribunal ( NCLAT ) New Delhi has ruled that a financial creditor's ability to seek redress under Section 7 of the law is not in any way restricted by a dispute that...
![Any dispute even Pending Arbitration does not Prohibit Financial Creditors to avail remedy u/s 7 of IBC: NCLAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Pending-Arbitration-Prohibit-Financial-Creditors-Financial-Creditors-dispute-even-Pending-Arbitration-avail-remedy-section-7-of-IBC-IBC-taxscan.jpg "Any dispute even Pending Arbitration does not Prohibit Financial Creditors to avail remedy u/s 7 of IBC: NCLAT [Read Order]")
Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made due to the alleged undervaluation of stock, ruling that the assessee’s practice of applying an ageing effect for...
![Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Stock-Undervaluation.jpg "Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]")
![Penalty on Co-Noticee not Sustainable when Main Case Settled under SVLDRS: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/CESTAT-CESTAT-Ahmedabad-Excise-and-Customs-CESTAT-on-co-noticee-penalty-TAXSCAN.jpg "Penalty on Co-Noticee not Sustainable when Main Case Settled under SVLDRS: CESTAT [Read Order]")
![Late Submission of Form 56F for S.10AA Deduction: ITAT Restores Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-ITAT-Ahmedabad-Form-56F-Form-56F-Late-submission-Section-10AA-of-Income-Tax-Act-Taxscan.jpg "Late Submission of Form 56F for S.10AA Deduction: ITAT Restores Deduction [Read Order]")
ITAT grants Rs. 4.07 Crore Tax Exemption Despite Procedural Delay in Form 10BB Validation [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a tax exemption of Rs. 4.07 crore to a public charitable trust, despite a procedural delay in the validation of Form 10BB. ...
![ITAT grants Rs. 4.07 Crore Tax Exemption Despite Procedural Delay in Form 10BB Validation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-4.07-Crore-Tax-Exemption-Despite-Procedural-Delay-Form-10BB-Validation-taxscan.jpg "ITAT grants Rs. 4.07 Crore Tax Exemption Despite Procedural Delay in Form 10BB Validation [Read Order]")