1 .Failure of the Assessing Officer to issue Income Tax scrutiny notice in time couldn’t be cured by resorting to sec. 292BB
2. No Income addition can be done against the fictitious entry in the books of accounts. There was an interesting case before ITAT Delhi in the case of DCIT Vs Glass Tech India wherein a fictitious entry was passed in the books of accounts.
3. Finance minister Nirmala Sitharaman has flagged risks of cryptocurrencies being misused by unscrupulous elements for money laundering and terror financing, and has called for harnessing technology to effectively regulate them.
4. The trading hours for various markets regulated by the Reserve Bank were amended with effect from April 7, 2020 in view of COVID-19. It has now been restored to their pre-pandemic timing of 9:00 a.m.
5. Over the last six years, foodgrain production in the country increased by 25 per cent, while oilseed production went up by 42 per cent, a top Agriculture Ministry official said on Tuesday. Asserting that the country is maintaining an increasing trend in foodgrain production since 2015-16.