Judgement

ITAT allowed deduction of Rs. 50.91 lakh interest expense under Section 57 after finding a clear link between the borrowed funds and the interest income earned.

Interest Expenditure Allowable u/s 57 Against Income from Other Sources

ITAT allowed the assessee’s Rs. 2 lakh Section 80GGC deduction, holding that the department failed to prove the donation was bogus or that any cash was returned.

ITAT allows Deduction for Donation to Political Party, Dismisses ACIT Appeal for Lack of Evidence

Articles

As per the new regulation, taxpayers submitting FTC claims through Form 44 must now receive a verification by a certified chartered accountant.

Draft IT Rules, 2026: CA Verification Required for Foreign Tax Credit

High Court holds delay beyond 120 days under Section 107 CGST Act is uncondonable; writ jurisdiction cannot dilute legislative limitation

Gujarat HC Refuses to Interfere with GST Registration Cancellation Filed Beyond Statutory Appeal Period

Reassessment proceedings vitiated for breach of prior court directions and principles of natural justice

Fresh Section 148A(b) Notice Without Supplying Material Held Unsustainable by Gujarat HC

Scheme-level PAN does not defeat pass-through status where AIF registration exists at trust level; denial leads to impermissible double taxation

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Interest Expenditure Allowable u/s 57 Against Income from Other Sources

ITAT allows Deduction for Donation to Political Party, Dismisses ACIT Appeal for Lack of Evidence

Draft IT Rules, 2026: CA Verification Required for Foreign Tax Credit

Gujarat HC Refuses to Interfere with GST Registration Cancellation Filed Beyond Statutory Appeal Period

Fresh Section 148A(b) Notice Without Supplying Material Held Unsustainable by Gujarat HC

ITAT Allows Section 10(23FBA) Exemption to Edelweiss Despite Separate PAN