Provisional B/S Referring to Position as on 30-09-2005 Can’t Be Said to Be Incriminating Material for AY 2004-05 & 2005-06
Case Details: Principal Commissioner of Income-tax (Central)- 3 vs. Ridgeview Construction (P.) Ltd – [2025] 172 taxmann.com 52 (Delhi) Judiciary and Counsel Details Yashwant Varma & Harish Vaidyanathan Shankar, JJ. Indruj Singh Rai, SSC, Sanjeev Menon, Rahul Singh, JSCs, Anmol Jagga & Gaurav Kumar, Advs. for the Appellant. Gautam Jain & Manish Yadav, Advs. for the Respondent. Facts of the Case […]
CBDT Notifies ‘Delhi Building and Other Construction Workers Welfare Board’ for Sec. 10(46) Exemption
Notification no. 18 /2025, dated 06-03-2025 The Central Board of Direct Taxes (CBDT) has notified ‘Delhi Building and Other Construction Workers Welfare Board’, for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The exemption is available for the following incomes: a) Cess received. b) Registration & Renewal fee received/collected from […]
Single Judge Justified in Issuing Directions to RBI for Intervention as Regulator Overlooked Company’s Wrongdoing | HC
Case Details: Achal Kumar Jindal v. Evaan Holdings (P.) Ltd. – [2025] 171 taxmann.com 827 (HC-Delhi) Judiciary and Counsel Details Chandra Dhari Singh & Anoop Kumar Mendiratta, JJ. Ms. Ranjeeta Rohtagi, Avishkar Singhvi, Keshav Sehgal, Shivam Gaur, Kshitiz Joshi, Aryan Kumar & Ms Nandita Kumar, Advs. for the Appellant. Rajiv Nayyar, Sr. Adv., Ms Devika Mohan, Ms Manya Chandok, Prabhav Bhaguna, Saurabh Seth, Ramesh Babu & Ms […]
MHA Mandates Recording of Non-Cognizable Offence Information Report u/s 174 of BNSS in the Crime Tracking System
Notification No. F. No. 1/2/2025/HP-I/Estt./436 to 444; Dated: 28.02.2025 The Ministry of Home Affairs (MHA) has notified Non-Cognizable Offences Report Rules, 2025. As per the rules, every information received u/s 174 of the Bharatiya Nagarika Suraksha Sanhita, 2023, must be converted to a Non-Cognizable Offence Information report (NCR) on Crime & Criminal Tracking Network and […]
[Opinion] Income Tax Bill 2025 | A Simplified Code or a Stricter Tax Regime?
Vishal Gupta & Shahrukh Kamal – [2025] 172 taxmann.com 77 (Article) The Income Tax Bill 2025 represents a bold attempt to modernize and simplify India’s income tax framework by replacing the Income Tax Act, 1961 (ITA 1961), a law that has been in place for over six decades. While this overhaul is positioned as a […]
ICMAI Issues Advisory to Members on Unauthorized Activities and Ethical Compliance
The ICMAI issued an advisory on February 27, 2025, warning members against unauthorized activities that could harm the Institute’s reputation and governance. It strictly prohibits the formation of unauthorized associations, unapproved communication with government bodies, and illegal activities for personal branding. Members are barred from misusing the Institute’s name, logo, or influence without approval and […]
Order Imposing Penalty to Be Set Aside as E-Way Bill Was Produced Before Seizure Order Was Passed and There Was No Intention to Evade Tax | HC
Case Details: Osr Creation vs. State of U.P. – [2025] 171 taxmann.com 745 (Allahabad) Judiciary and Counsel Details Piyush Agrawal, J. Pranjal Shukla, for the Petitioner. Facts of the Case The assessee, a proprietorship concern engaged in the manufacturing and trading of furniture, operated from Krishna Nagar, East Delhi, under GSTIN No. 07AKFPRF921G1Z2. In the normal […]
SEBI Mandates Timely Deployment of NFO Funds by AMCs Within 30 Business Days
Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/23, Dated: 27.02.2025 To ensure timely deployment of funds raised in NFOs, SEBI has notified timelines for deployment of funds collected by AMCs in New Fund Offer (NFO) as per asset allocation of the scheme. The AMC shall deploy the funds garnered in an NFO within 30 business days from the date of […]
Provisions of Code of Criminal Procedure Would Also Apply for Search, Seizure, and Arrest Under GST Act and Customs Act | SC
Case Details: Radhika Agarwal vs. Union of India – [2025] 171 taxmann.com 832 (SC) Judiciary and Counsel Details Sanjiv Khanna, CJI., M.M. Sundresh & Bela M. Trivedi, JJ. Facts of the Case The assessee was taken into custody under Section 104(1) of the Customs Act, 1962, as well as Sections 69 and 70 of the […]
Non-Registration of Trust Under State Trust Act Not a Hurdle for Registration Under Income Tax Act | ITAT
Case Details: APJ Abdul Kalam Education and Welfare Trust vs. Commissioner of Income-tax, Exemption – [2025] 171 taxmann.com 569 (Jaipur-Trib.) Judiciary and Counsel Details Dr. S. Seethalakshmi, Judicial Member & Gagan Goyal, Accountant member Deepak Sharma, Adv. for the Appellant. Ms Alka Gautam, CIT, Ld. DR for the Respondent. Facts of the Case The assessee-trust applied for […]