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KPMG had to pull a massive report praising the future of AI because it was full of fake, AI-generated lies. https://x.com/ndtv/status/2066694750112043345

ILLEGAL INCOME, MORALITY, EQUITY, AND INCOME TAX By ANADI VARMA https://itatonline.org/digest/articles/illegal-income-morality-equity-and-income-tax/

CBDT launches KAR SAATHI, an AI-powered Tax Assistant. https://www.youtube.com/watch?v=t5cbUitgyN4

S. 68 : Cash credits-Cash deposits during demonetization-Addition cannot be made merely because cash-in-hand as on 08.11.2016 was substantially higher than the preceding year when books of account were not rejected, sales were duly recorded, supported by stock records and accepted in VAT returns. Cash deposits out of recorded business receipts cannot be treated as unexplained money on suspicion alone. [S. 69A, 145(3)] Paaneri Exim Pvt. Ltd. v. DCIT (ITAT Mumbai) https://itatonline.org/digest/verdicts/paaneri-exim-pvt-ltd-v-dcit/

S. 69A : Unexplained money-Alleged on-money paid for purchase of flat-Addition based solely on statements of builder Cosmos Group and unverified Excel sheets seized during search-No incriminating material supplied to assesse-No opportunity of cross-examination-Addition deleted. [S. 132(4), 147, 148, 254(1)] Prakash Bhaguji Katkade v. ITO (ITAT Mumbai) https://itatonline.org/digest/verdicts/prakash-bhaguji-katkade-v-ito/

This judgement explains the scheme of taxation of Category II Alternative Investment Funds (AIF). It held that income from interest and capital gains earned by a Category II Alternative Investment Fund (AIF) was exempt under section 10(23FBA) of the Act. An AIF could not be treated as a Venture Capital Fund (VCF) and such a treatment given by the AO was held to be improper. Furthermore, merely because a receipt was labelled as ‘processing fee’, the same would not partake the nature of business income so as to tax it in the hands of the AIF. The processing fee was held to be intrinsically connected with the investments made by the assessee-AIF in NCDs and found to represent an additional return earned on such investments to compensate for the underlying investment risk. Thus, the classification of the said income as ‘income from other sources’ as done by the assessee-AIF was upheld and the exemption under section 10(23FBA) was held to be allowable on the same. DCIT v. Sundaram Alternative Opp Series High Yield Secured Debt Fund (ITAT Chennai) https://itatonline.org/digest/verdicts/dcit-v-sundaram-alternative-opp-series-high-yield-secured-debt-fund-itat-chennai/

Centre Notifies Permanent Appointments For 6 Additional Judges Of Bombay High Court https://www.livelaw.in/high-court/bombay-high-court/centre-notifies-notifies-permanent-appointments-for-6-additional-judges-of-bombay-high-court-537131

Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration https://m.economictimes.com/wealth/legal/will/man-sold-unlisted-shares-bought-rs-5-65-cr-house-faced-income-tax-scrutiny-he-fought-back-and-won-in-itat-delhi-despite-low-income-declaration/articleshow/131531252.cms

Retired Bombay HC Judge GS Patel, Family Face Threats And Attack Over Dawoodi Bohra Succession Verdict https://www.livelaw.in/top-stories/retired-bombay-hc-judge-gs-patel-family-face-threats-and-attack-over-dawoodi-bohra-succession-verdict-537106

The Income-Tax (Amendment) Ordinance, 2026 https://itatonline.org/digest/wp-content/uploads/2026/06/Ordinance-5-6-2026.pdf

CBDT Guidelines for compulsory selection of returns for complete scrutiny during the financial year 2026-27: https://itatonline.org/digest/wp-content/uploads/2026/06/Guidelines-for-complete-scrutiny-selection-04062026.pdf

Download INTERNATIONAL TAX DIGEST (MAY 2026) by Dr. Sunil Moti Lala, Advocate, CA, LL. B, Ph.D. https://itatonline.org/archives/digest-of-important-case-laws/

In a first, India now has four women serving as Chief Justices of High Courts simultaneously, marking a significant milestone for gender representation in the higher judiciary. https://www.livelaw.in/top-stories/in-a-first-four-women-high-court-chief-justices-in-india-536903

Madras High Court criticises Supreme Court for ignoring its own observations on early disposal of election disputes https://www.thehindu.com/news/national/tamil-nadu/madras-high-court-criticises-supreme-court-for-ignoring-its-own-observations-on-early-disposal-of-election-disputes/article71063828.ece

Supreme Court Rejects Plea Seeking Guidelines Regulating Adjournments, Timelines For Case Disposals https://www.livelaw.in/top-stories/supreme-court-rejects-plea-national-guidelines-adjournments-case-timelines-536846

Aftermath of Checkmate Law as laid down by Hon’ble SC- Disallowance made by Income Tax Officer on account of delay in deposit of employees contribution to PF/ESI under Section 36(1)(va) of Income Tax Act, 1961 deleted when intimation order under section 143(1) were issued prior to the date of decision of Hon’ble SC in case of Checkmate Services. RK & Company Manpower Pvt. Ltd. (ITAT Delhi) https://itatonline.org/digest/verdicts/rk-company-manpower-pvt-ltd-itat-delhi/

Assessee was a SEBI-registered foreign portfolio investor (FPI) who invested in shares of International Conveyors Limited (ICL) in 2010 and sold the shares in 2018-19. The purchase and sale transactions are duly supported by contract notes, Demat statements and custodian records placed before the authorities. The assessee retained the said investment for nearly eight years, which militated against the allegation of a pre-arranged accommodation entry transaction. Apart from placing reliance on the generalized findings contained in the investigation report, no evidence had been brought on record to establish any nexus whatsoever between the assessee and the alleged operators/ entry providers or beneficiaries. There was nothing on record to suggest that the assessee had any role in the alleged price manipulation activities or had entered into any arrangement designed to generate artificial capital gains. Even the financial statements of ICL did not support the sweeping allegation that it was merely a shell or paper company devoid of business activity. The material on record indicated that ICL possessed substantial fixed assets, including freehold land, generated revenue of approximately Rs. 99.15 crores during the relevant period, earned profits of approximately Rs. 5.23 crores and reported positive cash flows. Mere suspicion, however strong, could not take the place of evidence, particularly where the Assessee had furnished complete documentary evidence supporting the genuineness of the transactions. Hence, the additions were directed to be deleted. India Max Investment Fund Limited v. DCIT (International Taxation) (ITAT Mumbai) https://itatonline.org/digest/verdicts/india-max-investment-fund-limited-v-dcit-international-taxation-itat-mumbai/

10. In the present case before us, the reasons recorded by the AO nowhere connect with the escapement of income or quantify the same or give any reasonable or rational nexus, reasons cannot be sustained. Accordingly, we are of the view that the issued notice u/s. 148 of the Act is invalid and bad in law, thus the same is quashed and consequently the reassessment is also quashed and accordingly, ground raised by the assessee in the cross objection are allowed and resultantly, the cross objection filed by the assessee stand allowed. ACIT vs. Shiv Kumar Gupta (ITAT Delhi) https://itatonline.org/digest/verdicts/acit-vs-shiv-kumar-gupta-itat-delhi/