No Sec. 69 Addition Where Sale Deed Cancelled and No Consideration Paid: ITAT Visakhapatnam

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, in its decision dated 3 September 2025, examined whether an addition under Section 69 of the Income-tax Act, 1961 could be sustained in respect of a land transaction where the registered sale deed was subsequently cancelled, …

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Calcutta High Court Quashes GST Registration Cancellation for Curable Lapses; Orders Portal Reopening for Filing Returns – Dinesh Biswas v. State of West Bengal & Ors. (2 September 2025)

The Calcutta High Court in the case of Dinesh Biswas v. State of West Bengal & Ors. (WPA No. 1737 of 2025, decided on 2 September 2025) examined the legality of cancellation of GST registration on account of non-filing of returns. The …

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PFRDA Proposes Major Changes in NPS Exit and Withdrawal Rules; Seeks Feedback by October 17, 2025

The Pension Fund Regulatory and Development Authority (PFRDA) has released a draft proposal seeking to overhaul the exit and withdrawal framework of the National Pension System (NPS), inviting public comments by October 17, 2025. The proposed amendments aim to provide greater flexibility, liquidity, and choice to …

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ICAI Announcement: Relaxation on Guidance Notes for Non-Corporate Entities & LLPs (FY 2024-25)

Date: September 19, 2025 Issued by: Accounting Standards Board, The Institute of Chartered Accountants of India (ICAI) The Institute of Chartered Accountants of India (ICAI) has announced a significant update regarding the Guidance Note on Financial Statements of Non-Corporate Entities …

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Private Trust with Identified Beneficiaries is Eligible to claim Capital Gains Exemption under Section 54F: ITAT Delhi

Introduction The Income Tax Appellate Tribunal (ITAT), Delhi Bench, in its order dated 9 September 2025, delivered an important ruling on the availability of capital gains exemption under Section 54F of the Income-tax Act, 1961 to a private trust. The Tribunal held that where …

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Latest Updates on Tax Audits, Especially under Section 44AB, and related compliance/deadline issues

Introduction Tax audit under section 44AB of the Income-tax Act, 1961 is a critical compliance requirement for businesses and professionals crossing prescribed turnover or gross receipt limits. Every year, the Central Board of Direct Taxes (CBDT) notifies due dates and …

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Revaluation of Assets in Non-Corporate Entities under the New Compliance Framework

Introduction With effect from 1 April 2024, the Institute of Chartered Accountants of India (ICAI) has issued a revised Guidance Note on Financial Statements of Non-Corporate Entities. The new framework prescribes fresh disclosure formats and compliance requirements for proprietorships, partnerships, LLPs, and …

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Bombay High Court Grants Unconditional Stay on Tax Demand Found Contrary to ITAT’s Orders – Narendra I. Bhuva (Legal Heirs) v. ACIT [14 August 2025]

Introduction On 14 August 2025, the Bombay High Court delivered its judgment in the case of Narendra I. Bhuva (Legal Heirs) v. ACIT, Circle 13(1), Mumbai concerning the taxability of gains arising from the sale of a vintage car. While dismissing the main appeal and …

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GST Department Barred from Raising Claims After NCLT-Approved Resolution Plan: Allahabad High Court Ruling (21 August 2025)

Introduction The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted to provide a time-bound framework for resolution of distressed companies and to ensure certainty for resolution applicants by giving them a “clean slate.” A recurring issue, however, has been the …

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