Financial Audit – smeaccountant

ITAT Ruling Tightens Scrutiny on Section 80GGC Political Donation Deductions

The Ruling and Its Immediate ImpactThe Income Tax Appellate Tribunal (ITAT) recently upheld the disallowance of a ₹10 lakh deduction claimed by a taxpayer under Section 80GGC, following a direct…

Prasenjit Bhowmik June 17, 2026

Blog

Delhi ITAT Upholds Tax Addition in Landmark Ruling Against Fabricated LTCG Claims

Tribunal Rejects Disputed Share TransactionsThe Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently sustained a tax addition involving long-term capital gains (LTCG) after investigators uncovered systemic discrepancies in…

Prasenjit Bhowmik June 15, 2026

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Tax Compliance Hurdles: CESTAT Ruling Highlights Documentation Risks for Transport Services

The Ruling on Compliance ObligationsOn June 5, 2026, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in Alwar, Rajasthan, issued a significant decision regarding M/s Best Road Carrier, emphasizing…

Prasenjit Bhowmik June 9, 2026

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Tribunal Ruling Limits Tax Authorities’ Reliance on Third-Party Data for Extended Limitation Periods

A recent tribunal ruling restricts tax authorities from using unverified third-party data to extend tax demand limitation periods, protecting businesses.

Prasenjit Bhowmik June 9, 2026

Blog

Navigating the FCRA Compliance Landscape: A Strategic Guide for NGOs

Master FCRA compliance for NGOs in India with this strategic guide, avoiding common pitfalls and ensuring seamless foreign funding.

Prasenjit Bhowmik June 6, 2026

Taxation and Legal Insights

ITAT Reaffirms Opening Balances Cannot Be Taxed Under Section 68

The Income Tax Appellate Tribunal (ITAT) has delivered a landmark ruling reaffirming that tax authorities cannot tax opening balances carried forward from previous years under Section 68 of the Income…

Prasenjit Bhowmik May 22, 2026