Judgement

The Tribunal held that any expenditure incurred by the partner only for the purpose of earning such business income is allowable expenditure under sections 32 and 37.

ITAT Allows Claim of Business Expenditure on Salary Received from Partnership Firm to Former ICAI President

News

The Income Tax Department will release the new, simplified ITR forms by January 2026 to give everyone enough preparation time.

New ITR Forms to Be Released Early for FY 2025-26: What Taxpayers Should Know

Income Tax Tribunal finds Chartered Accountant’s DCF valuation unsupportive and unrealistic; NAV-based valuation adopted by AO sustained

DCF valuation certificate by Chartered Accountant held wrong and defective by ITAT: ICAI Technical Guide on Share Valuation not considered

Notifications

CBDT has notified the Capital Gains Accounts (Second Amendment) Scheme, 2025, adding Section 54GA to the existing provisions of the 1988 scheme.

CBDT notifies revised Capital Gains Account Scheme with Major Changes

Court denies special oil-sector deductions and upholds reassessment since the issue was never examined in original scrutiny

Gujarat HC: No Section 42 Deduction for GSPC; Reopening of Assessment Held Valid

Articles

CBDT released an updated operational handbook to assist officers in planning, conducting, and supervising search and seizure actions.

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ITAT Allows Claim of Business Expenditure on Salary Received from Partnership Firm to Former ICAI President

New ITR Forms to Be Released Early for FY 2025-26: What Taxpayers Should Know

DCF valuation certificate by Chartered Accountant held wrong and defective by ITAT: ICAI Technical Guide on Share Valuation not considered

CBDT notifies revised Capital Gains Account Scheme with Major Changes

Gujarat HC: No Section 42 Deduction for GSPC; Reopening of Assessment Held Valid

Download Income Tax Search and Seizure Manual 2025