Supreme Court Clarification on Eligibility of Chartered Accountants for ITAT Membership
Supreme Court has clarified that Chartered Accountants are eligible for appointment as Technical Members of the Income Tax Appellate Tribunal (ITAT) without the previously prescribed requirement of 25 years of experience under the Tribunal Reforms Ac...
Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]
Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]Section 158BE of the Income tax Act, 1961 provides the time-limit for completion of block assessment as 12 months from end of ...
Disallowance for marked-to-market loss [Section 40A(13)]
Disallowance for marked-to-market loss [Section 40A(13)] “Marked to market” (MTM) is an accounting and trading practice that updates an asset’s value to its current market price, rather than its original purchase (histori...
Reclassification of Business Loss as Speculation Loss and Its Impact on Penalty Under Section 270A
Whether the reclassification of business loss as speculation loss (due to contract settlement without actual delivery) constitutes “under-reporting of income” under section 270A justifying imposition of penalty, despite there being no change i...