Tax Guru

Income Tax Exemption for Rajasthan Seed Certification Agency

CBDT notifies the Rajasthan State Seed and Organic Certification Agency for income tax exemption under Section 10(46A) of the Income-tax Act, 1961, effective from AY ...
Tax Guru

Interconnect usage and roaming charges paid to FTO are not royalty hence not taxable in India

ITAT Mumbai held that the interconnect usage charges and roaming charges paid to Foreign Telecom Operators [FTOs] are not in the nature of royalty and hence not taxable in India. Thus, disallowance ...
Tax Guru

Exposure Draft of SIA 120, Terms of Internal Audit Engagement

SIA 120 requires internal audit terms to be formalized in a Charter (in-house) or Engagement Letter (outsourced). This ensures clear scope, authority, deliverables, and the nature of assurance ...
Tax Guru

A clerical mistake in Form 3CD cannot lead to addition without hearing assessee

This ruling addresses a massive tax demand raised by CPC under Section 143(1) based solely on a clerical error in the original Form 3CD. The ITAT set aside the orders, holding that natural justice ...
Tax Guru

One Commission, Two Tax Demands? ITAT Says: Verify First – No Double Taxation

The ITAT remanded the assessment for an individuals commission income, ruling that the Assessing Officer (AO) must first verify if the income was already offered to tax by the company of which the ...
Tax Guru

Revenue Cannot Reopen Closed Cases on Previously Verified Share Capital

The core issue was whether the Revenue could make a Section 68 addition when the same share investors and identical facts were previously validated by the ITAT in earlier years. The Delhi ITAT upheld ...
Tax Guru

Seized amount prima facie proceeds of crime cannot be treated as income before conclusion of PMLA trial

Delhi High Court held that seized amounts prima facie being proceeds of crime cannot be termed as income of accused as trial in PMLA case is yet to be conclude. Accordingly, it is erroneous to treat ...
Tax Guru

SEBI Extends Deadline for Angel Funds’ Allocation Disclosure

SEBI extended deadline for existing Angel Funds to disclose their investment allocation methodology in PPMs from October 15, 2025, to January 31, 2026, for ease of ...
Tax Guru

Provisional release order concerning a consignment of imported PVC coated fabrics to the extent of furnishing bank guarantee

Provisional release order by substituting the bank guarantee requirement with a bond of equivalent amount, while retaining other conditions. The Court emphasized that onerous financial conditions ...
Tax Guru

Assessment u/s. 153A quashed as based on common approval u/s. 153D

ITAT Delhi held that assessment under section 153A of the Income Tax Act based on common approval under section 153D of the Income Tax Act is non-est in the eye of law. Hence, the same is liable to be ...
Tax Guru

RBI Allows Exporters to Open Foreign Currency Accounts in IFSC

RBI amended FEMA regulations to permit Indian exporters to hold Foreign Currency Accounts in IFSC banks (like GIFT City). This move facilitates trade, reduces transaction costs, and manages exchange ...