Learn about the changes to income tax reopening proceedings under the Finance Act, 2021. This summary explains the new Section 148A and its relationship with Section 135A, highlighting key procedural points and common issues.
The ITAT Pune has ruled that co-operative societies can claim tax deductions under Section 80P for interest income from deposits with co-operative banks. The decision confirms a consistent judicial view, restoring the full deduction for the assessee.
The ITAT Delhi ruled in Dalmia Bharat vs. DCIT that a company’s gain from canceling a forward contract for machinery imports is a capital receipt, not taxable as business income.
The ITAT Chennai ruled that an Indian employee’s salary for services rendered in the US is not taxable in India, upholding the India-US DTAA and clarifying that the place of service, not receipt, determines taxability.
The ITAT Raipur quashed a reassessment order, ruling that the mandatory requirement for a signed approval from tax authorities was violated, rendering the entire proceeding void.
Learn about India’s optional tax regime under Section 115BAC, which offers lower tax rates in exchange for giving up various exemptions and deductions.
ITAT annulled demands for AYs 2017-18 & 2018-19, holding that corpus donations, capital expenditure, and statutory accumulation by Rohilkhand Educational Charitable Trust qualify as charitable application, and cash deposits during demonetisation are not taxable under Section 68.
UltraTech Cement lowers cement prices by up to ₹50 per bag after GST on cement drops from 28% to 18%, effective September 22, 2025, providing major relief for homebuilders and construction projects.
The Pune Chartered Accountants’ Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing technical glitches and festive season disruptions.
The ITAT Ahmedabad deleted a Rs.30.5 lakh addition, ruling the loan was genuine and supported by bank records, while upholding the reopening of the assessment.
