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Bank Passbook Not Regarded as 'Books of Account’: ITAT Rejects S. 68 Addition Made Without Assessee's Books [Read Order]

Navasree A.M

The Income Tax Appellate Tribunal, Delhi Bench held that a bank passbook cannot be treated as ‘books of account’ for the purpose of invoking Section...

Important Accounting Standards Every CA Should Know

Delay in Filing Income Tax Appeal Due to Assessment Order passed on Surrendered PAN: ITAT Condones...

Taxpayer's Statement Validates Dumb Document Found During Search: ITAT Upholds Unexplained...

Major GST Reforms for MSMEs: CBIC eases Registration and Filing Under QRMP Scheme

General Insurance Corp of India Hit with ₹90.42 Crore VAT Demand From Dubai FTA

General Insurance Corporation of India (GIC Re), the country’s largest reinsurance company, has reported that its Dubai branch has received a value-added tax (VAT) demand amounting to approximately...

Ravi Agrawal Reappointed as CBDT Chairman, Term Extended to June 2026

Senior Indian Revenue Service (IRS) officer Ravi Agrawal has been reappointed as the Chairman of the Central Board of Direct Taxes (CBDT). He will now continue in this top position until June 30,...

MCD extends Deadline for 10% Property Tax Rebate

The Municipal Corporation of Delhi (MCD) has decided to extend the 10% rebate on property tax payments till July 31. Earlier, the rebate was available only until June 30, but now people will get...

Customs Broker Not Liable for Verifying Importer's Document Correctness: CESTAT [Read Order]

In a significant ruling reinforcing the role of customs brokers, the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Allahabad Bench, has held that a customs broker cannot be...

Rental Income Not Taxed: Taxpayer Claims to Be Mere Rent Collector, ITAT Permits Fresh Hearing Conditionally [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai Bench, granted a fresh opportunity of hearing, which had failed to offer rental income to tax. The assessee submitted that it was merely a...

Where Does Your Tax Rupee Go? Unveiling India’s Consolidated Fund, Tax Devolution & Revenue Sharing

Every year, millions of Indians file their taxes, see deductions on their payslips, and move on — rarely stopping to wonder: where does that money actually go? Who manages it? How is it spent? And...

Himachal Pradesh HC directs State to Reimburse Rs 1.66 Crore SGST Incentive to Sylvan Greens by July 31, 2025, Interest at 6% Ordered on Delay [Read Order]

In one of its latest orders, passed on 24th January 2025, the Himachal Pradesh High Court directed the state to reimburse Rs. 1.66 crore in Central Goods and Services Tax (CGST) incentive to Sylvan...

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