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Day: May 31, 2026

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  • 2026
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ITAT Ruling Clarifies Tax Audit Errors Do Not Justify Automatic Disallowances
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ITAT Ruling Clarifies Tax Audit Errors Do Not Justify Automatic Disallowances

The Income Tax Appellate Tribunal (ITAT) recently issued a landmark ruling, determining that a tax audit report containing erroneous figures cannot serve as the sole legal basis for invoking disallowances…
Posted by Prasenjit Bhowmik May 31, 2026
Pune ITAT Caps Contract Profit Estimation at 8%, Providing Significant Relief to Taxpayers
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Pune ITAT Caps Contract Profit Estimation at 8%, Providing Significant Relief to Taxpayers

The Pune bench of the Income Tax Appellate Tribunal (ITAT) delivered a landmark ruling this week, declaring that an 18% net profit estimation on contract receipts is excessive without concrete…
Posted by Prasenjit Bhowmik May 31, 2026
ITAT Rules Cash Deposits in Medical Business Are Not Fully Taxable Under Section 69A
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ITAT Rules Cash Deposits in Medical Business Are Not Fully Taxable Under Section 69A

Clarifying Tax Treatment for Business Cash DepositsIn a significant ruling for small-scale retailers, the Income Tax Appellate Tribunal (ITAT) has clarified that cash deposits made into a medical store's bank…
Posted by Prasenjit Bhowmik May 31, 2026
Gujarat AAR Rules Fresh Isabgol Seeds Exempt from GST
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Gujarat AAR Rules Fresh Isabgol Seeds Exempt from GST

Clarifying Tax Liability for Agricultural CommoditiesThe Gujarat Authority for Advance Ruling (AAR) has officially clarified that Psyllium seeds, commonly known as Isabgol, are exempt from the Goods and Services Tax…
Posted by Prasenjit Bhowmik May 31, 2026
Navigating the Conversion of Limited Share Capital Companies into Guarantee Companies
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Navigating the Conversion of Limited Share Capital Companies into Guarantee Companies

Recent rulings by the National Company Law Tribunal (NCLT) have established a significant precedent for corporate restructuring, confirming that companies limited by shares can transition into companies limited by guarantee…
Posted by Prasenjit Bhowmik May 31, 2026
NCLT Allows Shares-to-Guarantee Conversion Despite Regulatory Hurdles
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NCLT Allows Shares-to-Guarantee Conversion Despite Regulatory Hurdles

The Allahabad Bench of the National Company Law Tribunal (NCLT) has issued a landmark ruling, permitting a company to proceed with the conversion of its share capital into a company…
Posted by Prasenjit Bhowmik May 31, 2026
Intelligent Assurance: Navigating the Future of Internal Audit Using AI
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Intelligent Assurance: Navigating the Future of Internal Audit Using AI

Internal audit departments across global enterprises are undergoing a fundamental transformation this year as artificial intelligence (AI) shifts the profession from manual, retrospective testing toward real-time, continuous risk monitoring. By…
Posted by Prasenjit Bhowmik May 31, 2026
Digital Transformation in Tax Audits: Excel-Based Solutions Streamline Compliance Reporting
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Digital Transformation in Tax Audits: Excel-Based Solutions Streamline Compliance Reporting

The Shift Toward Standardized Audit DocumentationAs the fiscal year concludes, tax professionals and business owners across India are increasingly adopting standardized Excel-based working sheets to navigate the complexities of tax…
Posted by Prasenjit Bhowmik May 31, 2026
ITAT Condonation Ruling: Prioritizing Substantial Justice Over Procedural Delays
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ITAT Condonation Ruling: Prioritizing Substantial Justice Over Procedural Delays

The Income Tax Appellate Tribunal (ITAT) recently issued a landmark ruling, condoning a nearly three-year delay in filing an appeal after the taxpayer cited erroneous professional advice as the primary…
Posted by Prasenjit Bhowmik May 31, 2026
Tax Audit Changes: Clause 47 Targets Unquoted Share Transactions
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Tax Audit Changes: Clause 47 Targets Unquoted Share Transactions

In a significant shift for corporate tax compliance, tax auditors are now required to report all purchases and sales of unquoted shares under Clause 47 of Form 3CD. This regulatory…
Posted by Prasenjit Bhowmik May 31, 2026

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Recent Posts

  • ITAT Limits Tax Authority Powers: Reassessments Require Independent Verification
  • ITAT Remands Section 270A Penalty Case if Quantum Appeal Was Still Pending
  • Calcutta High Court Ruling Establishes TDS Records as Legal Proof of Financial Relationships
  • CESTAT Ruling Strengthens CENVAT Credit Eligibility Based on Service Nexus
  • NCLAT Finalizes Resolution Plan Stance, Dismissing GNIDA Appeal

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