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THE MERCANTILE METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
THE MERCANTILE
METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
1. IntroductionThe method of
accounting adopted by an assessee forms the very foundation upon which taxable
income is comp...
Addition under Section 68 for Demonetisation Cash Deposits – Whether Possible When Books Are Rejected and Cash Sales Duly Recorded?
Addition under
Section 68 for Demonetisation Cash Deposits – Whether Possible When Books Are
Rejected and Cash Sales Duly Recorded? ITAT Mumbai –
Rakesh Jain v. DCIT (2025)ITA No.
546/Mum/2025 │ Order date...
CASE STUDY SERIES, Section 45(3), Section 45(4), Section 9B & Rule 8AB – Income-tax Act, 1961** (With conceptual integration through CBDT Circular No. 14/2021)
CASE STUDY
SERIES Section 45(3),
Section 45(4), Section 9B & Rule 8AB – Income-tax Act, 1961**(With
conceptual integration through CBDT Circular No. 14/2021) I. Conceptual
Framework1. Section
45(3) ...
Addition under Section 68 – Evidentiary Value of Statements under Section 131 – Scope of Provisos to Section 68 – Valuation under Section 56(2)(viib)
Addition
under Section 68 – Evidentiary Value of Statements under Section 131 – Scope of
Provisos to Section 68 – Valuation under Section 56(2)(viib)
Madras High
Court – PCIT, Central–1, Chennai v. Lalith...
Information Systems Audit – Assessment Test (ISA – AT), 7th February 2026
The
next ISA-AT (under Syllabus 3.0) will be held on 7 February 2026
(Saturday), 9:00 AM – 1:00 PM (IST).
The
exam will be conducted in Computer Based Test (CBT) mode only.
It
is open onl...
Applicability of the Income-tax Act, 2025 from May 2027 CA Exams Onwards
What the Announcement Says (from Institute of Chartered
Accountants of India — BOS)
The
Income-tax Act, 2025 has received Presidential assent on 21 August 2025.
The
Act will come into force from 1 Apr...
Merger, Demerger and Income-tax Applicability – A Brief Overview
Merger,
Demerger and Income-tax Applicability – A Brief Overview 1. Concept of
Merger (Amalgamation)In income-tax
law, a merger is treated as an “amalgamation” as defined in section 2(1B) of
the Income-tax...
Addition under Section 69 read with Section 115BBE – Cash Deposits During Demonetisation – Rate of Tax Prior to 01.04.2017 – ITAT Chandigarh Decision
Addition under
Section 69 read with Section 115BBE – Cash Deposits During Demonetisation –
Rate of Tax Prior to 01.04.2017 – ITAT Chandigarh Decision Shri Dilbag
Singh v. ITO Ward-1, KaithalITA No.
924/Cha...
Auto Suspension of GST Registration due to Non-Furnishing of Bank Account Details as per Rule 10A
Auto Suspension of GST
Registration due to Non-Furnishing of Bank Account Details as per Rule 10ADec 5th, 2025Dear Taxpayers,As per Rule 10A, taxpayers (except
those registered under TCS, TDS, or Suo-moto registrations...
RBI has issued a new notification regarding Reserve Bank of India (Payments Banks – Undertaking of Financial Services) (Amendment) Directions, 2025
RBI has issued a new
notification regarding Reserve Bank of India (Payments Banks – Undertaking of
Financial Services) (Amendment) Directions, 2025(Click here to view)
CASE LAW: - Income Tax Act,1961
...