Judgement

ITAT Mumbai allows 10% variation between purchase price and stamp duty value for AY 2017-18, granting retrospective relief under Section 56(2)(vii)(b).

ITAT Allows 10% Variation in Property Value for AY 2017-18 Under Section 56(2)(vii)(b)

HC interprets “a residential house” in Section 54 to include more than one unit before 2014 amendment; assessee is entitled to full relief on seven row houses

Income Tax: Bombay HC allows Exemption under Section 54 Allowed for Multiple Houses Purchased Before 2015

Articles

The IT department has identified cases of some Jewellers switching from the approved FIFO to the Prohibited LIFO method for inventory valuation.

IT Dept. Crackdowns Jewellers Who Disobey Accounting Rules

IT Dept. Crackdowns Jewellers for manipulating Accounting Rules

HC applies the “purpose test” to hold sales tax incentives for industries in backward areas as capital receipts, not taxable as revenue income

Victory for Bajaj Auto & Reliance: Bombay HC Rules Sales Tax Incentives for New Units in Backward Areas Are Capital Receipts, Not Taxable

News

ICSI advocates for the inclusion of Company Secretaries in the Income Tax Bill 2025, highlighting their vital role in governance, compliance, and tax transparency in India.

Include Company Secretaries In Definition of ‘Accountant’ Under Income Tax Bill, 2025: ICSI

A 75 year old individual receives a tax demand order connected to a ITR filed in AY 2013-14, now the individual has no idea about the Form 16 and other documents that were submitted 10 years ago.

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ITAT Allows 10% Variation in Property Value for AY 2017-18 Under Section 56(2)(vii)(b)

Income Tax: Bombay HC allows Exemption under Section 54 Allowed for Multiple Houses Purchased Before 2015

IT Dept. Crackdowns Jewellers for manipulating Accounting Rules

Victory for Bajaj Auto & Reliance: Bombay HC Rules Sales Tax Incentives for New Units in Backward Areas Are Capital Receipts, Not Taxable

Include Company Secretaries In Definition of ‘Accountant’ Under Income Tax Bill, 2025: ICSI

75 Years Old Man Receives Tax Demand Notice After 10 Years of Filing ITR