Judgement

The court had held that when purchases are treated as bogus, only the income or the benefit portion can be brought to tax, and the entire purchases cannot be disallowed.

Only Income Component of the Alleged Bogus Purchases Can be Taxed, Not the Entire Purchases: High Court

ITAT rejects Revenue’s appeal, holds ad hoc disallowance unsustainable and allows matching interest expenditure

Ad hoc Expense Disallowance and Interest Expenditure Linked to Court-Ordered Receipts Deleted

ITAT holds assessment order erroneous and prejudicial where AO failed to properly apply Rule 8D and ignored Insight Portal information

Revision Upheld for Inadequate Inquiry on Section 14A Disallowance and Alleged Accommodation Entries

News

The department suggested that the profit recorded by the company during the period by the Securities and Exchange Board of India (SEBI) must be taxed in India as a capital gain.

Income Tax Department to Invoke GAAR Against Jane Street for Alleged Tax Evasion

The CBDT has prepared the Draft Income Tax Rules and Forms, 2026, scheduled to take effect along with the New Income Tax Act 2025 from April 01, 2026.

Income Tax Breaking: CBDT Releases Draft Income Tax Rules and Forms 2026

Reopening under Sections 148A and 148 struck down as AO travelled beyond show-cause notice

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Only Income Component of the Alleged Bogus Purchases Can be Taxed, Not the Entire Purchases: High Court

Ad hoc Expense Disallowance and Interest Expenditure Linked to Court-Ordered Receipts Deleted

Revision Upheld for Inadequate Inquiry on Section 14A Disallowance and Alleged Accommodation Entries

Income Tax Department to Invoke GAAR Against Jane Street for Alleged Tax Evasion

Income Tax Breaking: CBDT Releases Draft Income Tax Rules and Forms 2026

HC Quashes Income Tax Reassessment for Alleged GST Component in Bogus Purchases