Manu Sharma

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In this episode of FO Talks, Atul Singh and Manu Sharma examine how the Iran war is triggering a global economic chain reaction,

Despite a judicial direction that income tax return filing utilities be made available from April 1 every year, the Income Tax Department on Friday (May 15) released the ITR-1 and ITR-4 utilities for Assessment Year 2026-27, formally opening the return filing season for salaried taxpayers and small businesses.

The Calcutta High Court has upheld the transfer of a civil suit over municipal tax liability arising from a property conveyance dispute to its Commercial Division. The court held that the dispute qualified as a commercial dispute because the immovable property was being used as office space when the suit was filed.

Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) on 18 May upheld the deletion of disallowance of interest expenditure claimed by South City Projects (Kolkata) Ltd. , holding that loans advanced to its subsidiary for overseas real estate projects were made on grounds of commercial expediency and qualified for deduction under the Income Tax Act.

Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) on 22 April held that an assessing officer cannot invoke Rule 8D under Section 14A of the Income Tax Act without recording dissatisfaction with the taxpayer's suo motu disallowance.

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has deleted a ₹28.92 lakh addition made against a taxpayer after finding that the Assessing Officer could not selectively treat only the year-end outstanding creditor balances as unexplained while accepting the rest of the same transactions as genuine.

In this episode of FO Talks, Rohan Khattar Singh and Manu Sharma examine the 2026 Indian state election results.

Rajasthan High Court on 22 May held that toll collection rights granted under a Build-Operate-Transfer (BOT) concession agreement constitute consideration for taxable works contract services and are not exempt from GST merely because toll collection itself enjoys exemption.

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) on 27 May held that tax authorities cannot deny a deduction under Section 80G of the Income Tax Act merely because a company made the...