From Published Accounts

Accounting of Sale of Fertilizers and Related Subsidy

Leveraging AI for Enhanced Ca Practice: A Practical Guide To Publicly Available Models

Paradigm Shift in Drafting of Various Documents in Chartered Accountants’ Office Using Artificial Intelligence

Challenges and Considerations of AI Adoption (Issues in Ethics, Privacy, Dependency)

LLMs in Audit – A Double-Edged Algorithm

The AI Revolution in Indian Accounting: A Landscape Analysis and Future Trends

Artificial Intelligence (AI) and the Future of Chartered Accountancy

Allied Laws

Part A | Company Law

Guardianship of Persons with Intellectual Disabilities

Redefining IPO Frameworks: A Detailed Exploration of SEBI’S March 2025 ICDR Amendment

Applicability Of Section 56(2)(X) To Receipt Of Rural Agricultural Land

Glimpses of Supreme Court Rulings

Income — Valuation of shares — Shares allotted as part of employee stock purchase scheme — Lock-in period during which shares could not be transferred — Valuation of shares taking into account restrictive condition:

Income — Interest — Capital or revenue receipt — Precedents — Purchase of property in auction paying full consideration — Auction subsequently nullified by Court order — Interest received on amount by direction of Court not compensation — Amount Bonafide receipt by Assessee as successful auction bidder and not as compensation from order of Court — Held, interest receipt capital in nature and not assessable as income from other sources:

Penalty — Share Application Money — Share application money otherwise than by account payee cheque or bank draft — Neither loan nor deposit but for participation in capital of company — Share application money is neither repayable after notice nor repayable after a period of time — Provisions of s. 269SS or s. 269T or consequential penalty provisions u/s. 271D or s. 271E not applicable:

Reassessment — Procedure for initiation of proceedings — Objections of assessee for re-opening to be disposed of in separate order — Assessing Officer passing consolidated order disposing of objections and completing re-assessment simultaneously — Violation of principles of natural justice — No reasonable opportunity given to assessee to challenge rejection of objections — Writ petition maintainable — Held, notice and order without jurisdiction and hence quashed:

Reassessment — Validity — Undisclosed income — Evidentiary value of photocopy of document — Addition on basis of photocopy of sale agreement received by way of complaint for which original document not produced — Burden to prove authenticity of evidence on AO — No evidence of undisclosed income except photocopy of alleged sale agreement of property — Held, addition to income unsustainable and assessment order invalid:

Reassessment — International transactions — Arm’s length price — Condition precedent — Notice after four years — Failure to disclose material facts necessary for assessment — Unless assessee shown to be aware of facts, it cannot be said to have failed to disclose them — Nothing to show assessee was aware of third party prices — Transfer pricing study of assessee accepted by Transfer Pricing Officer and assessment completed on basis thereof — Presumption that query raised was considered in assessment — Assessment on basis of change of opinion — Notice not valid:

Section 2(15): Charitable activity – commercial activity – violation of section 13(2) – ITAT is the last fact-finding authority: [section 260A]

Section 144C(5): Document Identification Number [‘DIN’] – Circular No.19/2019 [F.No.225/95/2019-ITA II] dated 14.08.2019 – DIN has to be generated for DRP proceedings :

Non-filing of Form 68 is only a technical or venial breach which should not snatch away the substantive right to claim immunity from levy of penalty, which assessee got vested with on fulfilment of substantive conditions mandated in Clause (a) & (b) of sub-section (1) of section u/s. 270AA of the Act.

Where assessee is otherwise eligible to claim deduction and has submitted computation, mere typographical error in claiming deduction under section 54 instead of section 54F does not disentitle the assessee from getting relief under section 54F. Limitation of allowing deduction only if claimed in the return of income applies only to the AO and not to the Appellate Authority which can allow correct claim if facts on record support the claim being made.

The expression “on the occasion of marriage” used in proviso to section 56(2)(vii) cannot be given restricted meaning. When the gift is associated with the event of marriage, the immediate reason or cause for the gift is the marriage of the recipient, it would be covered by the said expression and the relationship between the gift and the marriage is the relevant factor and not the time of making the gift.

S. 56 – The term “immovable property” in section 56(2)(x) includes agricultural land. S. 56 – Where the assessee disputes the stamp duty value, the Assessing Officer is required to refer the matter to District Valuation Officer (DVO).

S. 70 – Short-term capital loss (on which STT was paid) can be set off against short-term capital gains (on which STT was not paid) as per section 70(2).

S. 54F – Capital gain arising out of surrender of tenancy rights is eligible for exemption under section 54F if the developer-builder has allotted a residential flat without any consideration against such surrender by executing Permanent Alternate Accommodation Agreement. S. 56 – Once an income from a source falls within a specific head, the fact that it may indirectly be covered by another head will not make the income taxable under the latter head.

Sec 145 – Percentage Completion Method (PCM) – Rejection of consistently followed method of accounting without any defects or inconsistencies – Addition of entire actual sale value led to double addition as income had already been recognised on accrual basis under PCM in earlier years – Not permissible – Once accepted, accounting method cannot be altered without just cause.

Sec 56(2)(vii)(b)(ii): Addition on account of difference between stamp duty value and purchase consideration for agricultural land made under a provision which was introduced subsequently – AO could not apply amended provision retrospectively – Further, payment of actual consideration duly established – Addition unsustainable.

Editorial – One Last Time… ADIEU.. SAYONARA.. PHIR MILENGE..

From The President

To ERR Is Human, To Forgive Divine

Goods And Services Tax

Recent Developments in GST

यदल्पमपि तद्बहु ! (A little gain is also abundant)

Announcement of Award Winners – BCA Journal

BCAS Foundation Annual Activities Report – 2024-2025

ICAI and Its Members

Letter to the Editor

“Mera Naya Article Clerk Ek Algorithm Hai” (By A CA Who Misses Paper Vouchers But Loves AI Sarcasm)

Miscellanea

Regulatory Referencer

Learning Events at BCAS

Tech Mantra