ITAT Delhi deleted a penalty levied under Section 272A(1)(d) against a Non-Resident Indian (NRI) for alleged non-compliance with a Section 142(1) notice.1 The court ruled that service of notice, not mere issuance, is mandatory, and lacking proof of service on the UK resident constituted a reasonable cause for non-compliance.
ITAT Delhi dismissed cross-appeals from the assessee and Revenue, citing the initiation of the Corporate Insolvency Resolution Process (CIRP). The ruling reaffirms that Section 238 of the IBC has an overriding effect on the Income-tax Act, mandating all tax claims be lodged with the Resolution Professional.
ITAT Delhi set aside 43 search assessments involving a business group and its associates, ruling that the mass approvals granted under Section 153D were invalid.1 The Tribunal held that approving 23 draft orders within 24 hours without proper review constitutes a mechanical, non-judicial exercise of power.
Tribunal held that charitable or religious trusts that have surrendered their registration and do not claim benefits under Section 11 are to be taxed at normal slab rates applicable to AOPs, not at the maximum marginal rate. The ruling relied on CBDT Circular No. 320 of 1982.
AI and ML are transforming GST administration in India. Learn how technology is used for real-time fraud detection, ITC verification, data reconciliation, and risk-based audit scoring.
CBDT extends the due date for furnishing the Income Tax Return for AY 2025-26 to Dec 10, 2025, and the audit report due date to Nov 10, 2025.
CBDT circular on C&AG report findings. Directs AOs to verify land records, sales, and expenses to ensure correct exemption of agricultural income.
Faceless Income-tax proceedings and e-assessments under Section 144B simplify taxpayer compliance. Use the e-filing portal for electronic communication, respond to notices and queries, manage outstanding tax demands (agree, disagree, pay), and file rectification requests for apparent errors.
A summary of prosecution offences under Chapter XXII of the Income Tax Act (Sections 275A to 280), detailing the rigorous imprisonment and fines for serious defaults, including wilful tax evasion, failure to remit TDS/TCS, non-compliance during search, and fraudulent property disposal.
RBI released a draft circular to streamline cross-border inward payments, aiming for faster credit to beneficiaries and improved efficiency under the Payments Vision 2025.
