Clipped from: https://economictimes.indiatimes.com/wealth/tax/faceless-tax-assessment-lost-its-way-why-budget-2026-must-fix-trust-not-expand-compliance-burden/articleshow/127267051.cms Listen to this article in summarized format Union Budget 2026 comes at a critical juncture for India’s tax administration. With the Income-tax Act, 2025 (the “New
Author: Anil R Tikotekar
मी यापूर्वी बँक ऑफ महाराष्ट्र मध्ये क्षेत्रीय अधिकारी म्हणून काम करत होतो. मुंबई, पुणे, सोलापूर, कोल्हापूर व लातूर येथे काम करण्याचा अनुभव आहे . १६ वर्षे मनेजर म्हणूनही काम केले आहे तसेच बँक ऑफ महाराष्ट्र मधील ट्रेनिंग कॉलेज मध्ये शिकवण्याचा देखील अनुभव आहे. माझा इमेल aniltikotekar@gmail.com असा आहे. माझी website अजून चांगली कशी होईल याबाबत सूचनांचे स्वागतच आहे. कोणत्याही आर्थिक फायदा मिळवावा अशा हेतूने ही website सुरु केलीली नाही याची नोंद वाचकांनी घेणे गरजेचे आहे. तसेच या संकेतस्थळावर दिला गेलेला सल्लाअमलात आणण्याआधी आपल्या आर्थिक बाबी माहित असण्याऱ्या व्यक्तींचा [ जसे की CA ] सल्ला घ्यावा. समाजातील काही घटनांना थोडीशी जरी मदत झाली तरी हा प्रयत्न थोडाफार तरी यशस्वी झाला असे म्हणता येईल.
*******Change of Opinion: ITAT Pune Quashes Reassessment; Section 68 & 40(a)(ia) Additions Fail
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-change-opinion-evidence.html Vatsalabai Kabhari Deore Vs ITO (ITAT Pune) ITAT Pune Quashes Reassessment as Change of Opinion: Section 68 & 40(a)(ia) Additions Fail Without New
*******ITAT Pune Remands Capital Gains to AY 2011-12; Revised Computation Allowed
Clipped from: https://taxguru.in/income-tax/capital-gains-shifted-jv-transfer-occurred-earlier-year.html Popatrao Dashrathrao Suryawanshi Vs ITO (ITAT Pune) JV Transfer Took Place in AY 2011-12; ITAT Pune Allows Revised Computation and Remands Capital Gains
*******ITAT Kolkata Allowed Section 54 Exemption Despite Incomplete House Construction
The Kolkata Bench of the ITAT allowed the appeal of Ramautar Saraf (HUF) for AY 2016-17, holding that deduction under section 54 cannot be denied
Insolvency tribunals can’t decide disputed ownership issues, says SC | India News – Business Standard
Clipped from: https://www.business-standard.com/india-news/insolvency-tribunals-can-t-decide-disputed-ownership-issues-says-sc-126012201474_1.html SC rules insolvency tribunals cannot decide contested trademark ownership; parties must pursue IP rights in civil or commercial courts Allowing GCL’s appeal on
*Meity may cut compliance timeline for key DPDP rules to 12 months
Clipped from: https://www.business-standard.com/technology/tech-news/meity-may-cut-compliance-timeline-for-key-dpdp-rules-to-12-months-126012201293_1.html Proposed move to shorten implementation time to 12 months from 18 months is likely to face resistance from industry players Meity may shorten
Single GST SCN for Multiple Years Wrongly Aggregates Different Tax Periods with Different Due Dates & Limitations: Bombay HC Quashes Notice [Read Order]
Clipped from: https://www.taxscan.in/top-stories/single-gst-scn-for-multiple-years-wrongly-aggregates-different-tax-periods-with-different-due-dates-limitations-bombay-hc-quashes-notice-1442202?TRN300=cVKGJqCuSADlKEeaEaxMcBggaCJUguMbVVAeAhPXgzxMEUfsiMCbZyuMbMCAsh&LKD333=3364712 The High Court noted that each financial year constitutes a distinct tax period, and a consolidated notice for multiple years violates the statutory
‘Bunching’ of GST notices across Multiple FYs Not Permissible: Madras HC; Holds Section 74A applicable from FY 2024-25 [Read Order]
Clipped from: https://www.taxscan.in/top-stories/bunching-of-gst-notices-across-multiple-fys-not-permissible-madras-hc-holds-section-74a-applicable-from-fy-2024-25-1442199?TRN300=cVKGJqCuSADlKEeaEaxMcBggaCJUguMbVVAeAhPXgzxMEUfsiMCbZyuMbMCAsh&LKD333=3364731 The GST department’s notice under Section 73 for FY 2024-25 and FY 2025-26 was without jurisdiction due to the statutory omission of Sections
Why Most GST SCNs Are Legally Weak: Common Drafting Errors with Case Laws
Clipped from: https://www.taxscan.in/top-stories/why-most-gst-scns-are-legally-weak-common-drafting-errors-with-case-laws-1442198?TRN300=cVKGJqCuSADlKEeaEaxMcBggaCJUguMbVVAeAhPXgzxMEUfsiMCbZyuMbMCAsh&LKD333=3364740 Most GST Show Cause Notices fail because they lack proper allegations, evidence, computation, and adherence to natural justice, making them legally unsustainable. A Show
*****Why digital-arrest fraud is rising in India – The HinduBusinessLine
lipped from: https://www.thehindubusinessline.com/opinion/why-digital-arrest-fraud-is-rising-in-india/article70530555.ece Fraudsters are increasingly exploiting gaps in governance, banking infrastructure and citizens’ blind fear of authority India’s rapid digital expansion has not been accompanied
*Only 9.5% of Indian households invest in markets; 30 crore households still outside securities universe: SEBI survey – The HinduBusinessLine
Clipped from: https://www.thehindubusinessline.com/markets/only-95-of-indian-households-invest-in-markets-30-crore-households-still-outside-securities-universe-sebi-survey/article70529654.ece Urban–rural gap persists, but nearly one-fifth of aware non-investors plan to enter markets in a year Market participation remains sharply skewed towards urban
IT’s a new normal – The HinduBusinessLine
lipped from: https://www.thehindubusinessline.com/opinion/editorial/editorial-its-a-new-normal/article70529148.ece Even if the worst is over, IT sector needs to shape up The combined market cap of the big four tech companies as
*******Co-borrowers must be co-owners and contribute to EMIs to claim tax benefits | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/co-borrowers-must-be-co-owners-and-contribute-to-emis-to-claim-tax-benefits-126012000617_1.html The deduction claimed must be in proportion to their ownership share and actual EMI contribution Deduction on interest can be claimed only from
The human ‘factor’ – Opinion News | The Financial Express
lipped from: https://www.financialexpress.com/opinion/the-human-factor-2/4113899/ Health and education schemes must et more funds and better design Why Factor Reforms Need a Human Development Engine Reforms in factor markets—covering
*Lost your bank locker keys? Know how you can replace it, how much it will cost and your legal rights – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/lost-your-locker-keys-know-how-you-can-replace-it-how-much-it-will-cost-and-your-legal-rights/articleshow/126786821.cms Losing a bank locker key can be stressful, especially when important documents, jewellery or valuables are involved. Many customers are unsure whether banks
What’s the right way to gift my share of land to my sisters, gift deed or relinquishment deed? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/whats-the-right-way-to-gift-my-share-of-land-to-my-sisters-gift-deed-or-relinquishment-deed/articleshow/126791557.cms Listen to this article in summarized format These are a set of queries raised by ET Wealth readers, which have been answered by
Man sells Delhi property, shifts to Australia; tax dept adds Rs 40 lakh as unexplained cash credit, but he wins in ITAT Delhi – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/man-sells-delhi-property-shifts-to-australia-tax-dept-adds-rs-40-lakh-as-unexplained-cash-credit-but-he-wins-in-itat-delhi/articleshow/125710590.cms Listen to this article in summarized format Income Tax Appellate Tribunal (ITAT), Delhi, ruled that taxpayers can claim Section 54 capital gains tax exemption on
Reopening Invalid If Original Issue Not Added in Assessment: ITAT Delhi
Clipped from: https://taxguru.in/income-tax/reopening-invalid-original-issue-added-assessment.html Sonal Jain Vs CIT (Appeals) (ITAT Delhi) Reopening Fails When Original Issue Not Added — ITAT Delhi Deletes Section 68 Addition on Cash
aniltikotekar4sme.com 