Judgement

BMA charges are applicable on a foreign asset in the year it “comes to the notice of the AO".

Black Money Act applies in year in which such asset comes to notice of AO: ITAT

Tribunal Allows Relief on Commission and Interest Issues; Confirms Gratuity Disallowance Due to Non-Compliance with Section 36(1)(v).

ITAT Deletes Commission & Interest Disallowances; Upholds Gratuity Addition

Tribunal holds that ample interest-free funds negate allegation of diversion; non-cash diminution entry cannot erode partners’ capital for Section 36(1)(iii) purposes.

ITAT Deletes Rs. 2.88 Crore Interest Disallowance: Partners’ Withdrawals Cannot Be Treated as Diversion of Borrowed Funds

ITAT Delhi deleted the credit card expense addition and sent the salary mismatch issue back to the tax authorities for fresh verification.

ITAT Delhi Remands Salary Addition for Fresh Check, Deletes Credit Card Expense Addition

High Court upholds validity of Section 148 notices issued by Jurisdictional Assessing Officers post-2022 and rejects challenge based on faceless assessment rules.

Gujarat High Court Upholds Jurisdiction of JAO in Reassessment; Petitioner’s Challenge Under Faceless Regime Fails

High Court Upholds Jurisdiction of JAO in Reassessment; Petitioner’s Challenge Under Faceless Regime Fails

News

The government is preparing simplified and updated ITR forms for AY 2026-27 under the new Income Tax Act 2025, with release expected before FY 2027-28.

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Black Money Act applies in year in which such asset comes to notice of AO: ITAT

ITAT Deletes Commission & Interest Disallowances; Upholds Gratuity Addition

ITAT Deletes Rs. 2.88 Crore Interest Disallowance: Partners’ Withdrawals Cannot Be Treated as Diversion of Borrowed Funds

ITAT Delhi Remands Salary Addition for Fresh Check, Deletes Credit Card Expense Addition

High Court Upholds Jurisdiction of JAO in Reassessment; Petitioner’s Challenge Under Faceless Regime Fails

Simplified ITR Forms as per New Income Tax Act 2025 to be notified before FY 2027-28