Hon'ble Mumbai ITAT: once the assessee discharged its onus by furnishing confirmations, PAN, ITRs, bank statements, and proof of repayment within the same year, reliance by AO/CIT(A) solely on the statement of an entry operator was unsustainable—particularly when the statement was retracted and cross examination was denied. 📂 Facts • Assessee received unsecured loans of ₹50 lakh from… Read More ...

Hon'ble Mumbai ITAT: 📌 Penalty under Section 271(1)(c) unsustainable when basis of levy altered — ITAT Mumbai deletes penalty on estimated addition. ________________________________________ 📰 Compliance Bulletin Case: Amish Anantrai Modi vs DCIT [I.T.A No.6281/Mum/2025] Forum: Hon’ble ITAT, Mumbai Issue: Validity of penalty u/s 271(1)(c) when the foundation of addition changes ⚖️ Facts • Addition made u/s 68 on… Read More ...

Hon'ble Mumbai ITAT: • Hon’ble Mumbai ITAT while dealing with section 43 of Black Money Act in case of Sanjana Sanjay Arora (D Décor Exports, Mumbai) held that inadvertent error in disclosing the add-on account number in the return as against main account number does not attract penalty. ________________________________________ 📜 Facts • Assessee held a GBP account (No.… Read More ...

By Shreyam Shah, B.Com. F.C.A.,DISA, Partner - B S Shah and Co.: Like the Union Budget itself, our attempt to analyze its proposals under the Direct Tax Laws and GST has also been a yearly phenomenon since last many years. We attempt to make our Analytical Note on Budget Highlights, a unique and comprehensive piece of work, in the sense that, with respect to each important amendment… Read More ...

By Adv. Aaditya Bhatt and Adv. Chandni Joshi: Finance Minister Nirmala Sitharaman presented India's Union Budget 2026-27 on February 1, 2026, centering it around three kartavyas (duties): accelerating economic growth, expanding opportunities, and empowering citizens. The budget allocates ₹40,000 crore for semiconductors, ₹10,000 crore for biopharma, and establishes rare earth corridors, positioning India as a global manufacturing powerhouse while maintaining fiscal discipline with… Read More ...

By Vanshika Godbole: The article discusses the Direct Tax Code(DTC) 2025, which has replaced the old Income Tax Act 1961. The article discusses how the new DTC Act came into existence and all the key changes that it has brought. The article highlights the advantages of bringing this new act and how it will ease out the complications… Read More ...