19 Dec 2025, 06:51 pm
Income Tax - Section 68, Unexplained Cash Credit, Burden of Proof, Genuineness of Transaction, Creditworthiness of Creditor - The assessee company received a sum of Rs. 1,91,00,000 from a creditor during the relevant assessment year. The Assessing Officer treated this amount as unexplained cash cred...
Income Tax - Transfer Pricing, Resale Price Method (RPM), Transactional Net Margin Method (TNMM) - The assessee, engaged in the fashion retail business, imported finished goods from its Associated Enterprise (AE) for resale in India. For benchmarking the international transaction, the assessee selec...
Income Tax - Transfer Pricing, Working Capital Adjustment, Overdue Receivables - The assessee, a wholly owned subsidiary of its US entity, is engaged in the manufacture of power protection equipment and trading of UPS and accessories. The Transfer Pricing Officer (TPO) made an adjustment on account ...
Income Tax - Illiquidity discount, Valuation of non-cumulative redeemable preference shares, Section 56(2)(viib) of the Income Tax Act, 1961, Rule 11UA of the Income Tax Rules, 1962 - The assessee company issued non-cumulative redeemable preference shares at a premium. The Assessing Officer (AO) app...
Income Tax - Deduction of marketing intangible expenses, Allowability of ESOP expenses - The assessee is engaged in the business of wholesale distribution of various products as an e-commerce operator. For AY 2020-21 and 2021-22, the assessee filed its returns of income at nil, but the AO made addit...
Notification No. 62/2024 | 18-Jul-2024
Amendment to Notification No. 51/2021/F. No. 370142/43/2020-TPL , dated the 5th May, 2021
Notification No. 03/2025 | 17-Oct-2025
Approval of M/s Institute of Advanced Medical Research & Innovations Forum for Scientific Research under Section 35(1)(iia) of the Income Tax Act, 1961
Notification No. 155/2025 | 27-Oct-2025
Delegation of concurrent powers to the Commissioner of Income Tax, CPC Bengaluru for Rectification of Mistakes U/s 154 and issuance of Notices U/s 156 of Income Tax Act, 1961
Notification No. 02/2025 | 17-Oct-2025
Approval of M/s Mazumdar Shaw Medical Foundation for Scientific Research under Section 35(1)(iia) of the Income Tax Act, 1961
Notification No. 63/2024 | 18-Jul-2024
Amendment to Notification No. 52/2021/F. No. 370142/42/2020-TPL , dated the 5th May, 2021
Circular No. 15/2025 | 29-Oct-2025
Extension of timelines for filing of various reports of audit and Income Tax Returns (ITRs) for the Assessment Year 2025-26
F.No.225/215/2018/ITA-II | 21-Oct-2025
C&AG performance Audit report No.1 of 2019 on "Assessment of assesses in entertainment sector" - Verification of expenses in assessment of Entertainment sector
Circular No. 14/2025 | 25-Sep-2025
Extension of timelines for filing of various reports of audit for Financial Year 2024-25 (relevant to Assessment Year 2025-26) by auditable assessees
Circular No. 13/2025 | 19-Sep-2025
Waiver of Interest under Section 220(2) on Delayed Demand Payment Due to Incorrect Claim of Rebate under Section 87A - Order under section 119 of the Income-tax Act, 1961
Circular No. 12/2025 | 15-Sep-2025
Extension of due date for filing of ITRs for the Assessment Year 2025-26

Recent Updates

Income Tax - Delay in filing appeal, Corporate dispute, Sufficient cause - The assessee company filed a delayed appeal before the CIT(A) by 1012 days against the assessment order. The delay was due to serious disputes between the two promoter groups,...
Caselaws
Income Tax - Notice under Section 148, Approval under Section 148A, Revision under Section 263 - The assessee challenged the order passed under Section 263 by the PCIT on the ground that the notice issued under Section 148 was invalid due to lack of ...
Caselaws
Income Tax - Violation of principles of natural justice, Admission of additional evidence under Rule 46A, Contradictory findings by the CIT(A) - The assessee filed additional evidence along with a petition under Rule 46A before the CIT(A), but the CI...
Caselaws
Extension of timelines for filing of various reports of audit and Income Tax Returns (ITRs) for the Assessment Year 2025-26
Circulars
Waiver of Interest under Section 220(2) on Delayed Demand Payment Due to Incorrect Claim of Rebate under Section 87A - Order under section 119 of the Income-tax Act, 1961
Circulars

TAX VISTA | Your Weekly Tax Recap

  • vivek
    05-Nov-2025
    The expenses incurred during a ‘no-income period’ would be considered as allowable u/s 37(1) of ITA’61 or 34(1) of ITA’25
    As per both ITA’61 and ITA’25 the position remains the same that any expenditure laid out or expended wholly and exclusively for the purposes of...
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