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Sanction for Prosecution under Section 276B Cannot Be Mechanical Where TDS Is Paid with Interest – Karnataka High Court Sets Aside Sanction in M/s GM Infinite Dwelling India Pvt. Ltd. & Ors. VersusThe Commissioner of Income Tax (TDS), Bengaluru & Anr.
Sanction for
Prosecution under Section 276B r/w Section 278B — Requirement of Application of
Mind, Reasonable Cause, and Limits of Criminalisation of TDS Defaults Karnataka High
Court:-M/s GM Infinite Dwelling ...
Stock-in-Trade of Jeweller Recorded in Books and Supported by Contemporaneous Evidence Cannot Be Seized Under Sections 132/132A – Bombay High Court Orders Unconditional Release | Mahavir Jewellers NX LLP v. DDIT (Inv.) (2025)
Stock-in-Trade Recorded in Books and Supported by Contemporaneous Evidence Not Liable to SeizureThe Bombay High Court held that stock-in-trade of a jeweller, duly recorded in the books of account and explained through co...
Depreciation on Block of Assets Cannot Be Denied for Non-Use of Individual Units – Madras High Court Dismisses Revenue Appeal in CIT v. Kothari Sugars and Chemicals Ltd. (AY 2003-04)
Depreciation on Block of Assets Not Deniable Due to Non-Use of Certain Units During the Relevant Assessment YearThe Madras High Court held that depreciation allowable on a block of assets cannot be denied merely because ...
Frequently Asked Questions (FAQs) for Health Security se National Security (HSNS) Cess Act, 2026 and HSNS Cess Rules, 2026
Frequently Asked Questions (FAQs) for Health Security se National Security (HSNS) Cess Act, 2026 and HSNS Cess Rules, 2026Posted On: 02 JAN 2026 5:03PM by PIB DelhiQ1. Who is required to get registered under the HSNS Ces...
Section 68 Addition Unsustainable Where Bank Trail & PAN Established: Patna High Court in Rajnandani Projects (P) Ltd. v. PCIT (2025)
Background and FactsThe Assessing Officer made an addition of ₹1.91 crore under Section
68 of the Income-tax Act, 1961, treating the amount as unexplained cash
credit. The assessee furnished complete documentary evid...
Supreme Court Holds Non-Compete Fee as Allowable Revenue Expenditure under the Income-tax Act (Sharp Business System v. CIT-III, 2025 INSC 1481)
FactsThe assessee, Sharp Business System, paid a non-compete fee to another corporate entity pursuant to a commercial arrangement restricting the latter from engaging in competing business activities for a specified peri...
Section 44C Applies to All Head Office Expenditure of Non-Residents—Common or Exclusive: Supreme Court Settles Law in DIT v. American Express Bank Ltd. (2025 INSC 1431)
The Supreme Court adjudicated a batch of appeals concerning the interpretation and scope of Section 44C of the Income-tax Act, 1961, in the context of deductions claimed by non-resident banking entities in respect of exp...
Tie breaker Rule in Double Taxation Avoidance Agreement (DTAA): Determination of Tax Residence in Dual Residency Cases with Key Judicial Precedents
Tie breaker Rule in Double Taxation Avoidance Agreement (DTAA)The Tie breaker rule for residential status refers to the criteria used to determine an individual’s primary place of residence, usually for tax purpos...
Unproved Bank Liabilities for Unpresented Cheques Treated as Bogus Credits; SLP Dismissed by Supreme Court – Harsha Associates (P) Ltd. v. DCIT
The assessee filed its return of income for Assessment Year 2007-08 declaring a total income of ₹28,71,047. The return was selected for scrutiny. During the assessment proceedings, the Assessing Officer observed that t...
Extension of last date of CPE hours’ compliance for the Calendar year 2025 - From 31st December, 2025 to 31st March, 2026
Dear Member,Greetings!!This is to inform you that the “Statement on Continuing Professional Education, 2023” (available at https://www.icai.org/post/issuance-of-cpe-statement-2023), which became effect...