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Income Tax : Union Budget 2025-26 offers tax relief for individuals, senior citizens, and small businesses while simplifying compliance and pro...
Income Tax : Know how rebate under Section 87A and short-term capital gains u/s 111A apply under the new tax regime for FY 2024-25, with exampl...
Income Tax : As the new financial year begins, individual taxpayers must take note of several important amendments in the Income Tax Act that c...
Income Tax : Understand Form 29B and 29C under Sections 115JB & 115JC for MAT and AMT audits. Know applicability, filing, and compliance requir...
Income Tax : Understand tax benefits under Sections 80GGB & 80GGC for political donations, eligibility rules, compliance needs, and recent lega...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Ahmedabad overturns CIT(E)'s rejection of Indian Red Cross's 80G approval, citing ignored submissions and directs fresh adjud...
Income Tax : ITAT Raipur quashes Sec 147 reassessment in ITO Vs Bishambhar Dayal Agrawal. Held reopening based on change of opinion, not new ma...
Income Tax : The petitioner contends that the 1st respondent lacked jurisdiction to issue notice, as the 1st respondent is not the Assessing Of...
Income Tax : ITAT Pune held that satisfaction note is required to be recorded u/s.153C for each assessment year, thus, recording of consolidate...
Income Tax : ITAT Jaipur held that addition towards undisclosed income rightly sustained since assessee failed to explain the incriminating mat...
Income Tax : Finance Ministry exempts 80CCA withdrawals from TDS under Section 194EE. Individuals withdrawing after notification date are affec...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Notice under Section 148 of the Act pertaining to the Assessment Year (AY) 2013-14 was issued on 30th March 2021, i.e., prior to 1st April 2021. Also, it was beyond the period of six years after the expiry of the AY in question
Balaji Janakiraman Vs ACIT (OSD) (ITAT Chennai) In the case of Smt. NS. Lakshmi, the assessee had taken a sum of Rs.20 lakhs through bank, and out of Rs.20 lakhs, the AO has accepted a sum of Rs.6 lakhs as genuine, and the remaining amount of Rs.14 lakhs has been added as unexplained credit. The […]
ITAT held that expenses incurred for pre- operative nature cannot be set-off against the interest income. Held that, expenditure incurred by a company during the setting up of new business and its commencement can be allowed as deduction.
ITAT Mumbai held that approved sanctioned scheme of amalgamation is binding on the authorities and the same cannot be permitted to be challenged in a collateral proceeding.
ITAT Pune held that that the authorities under the Act are required to assist the assessee in the assessment proceedings by giving effect on the correct position of law even if the assessee makes wrong claim. Hence assessee is entitled to claim the same as exempted u/s. 10(37) of the Act instead of deduction u/s 54B of the Income Tax Act.
ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal it is held that deduction u/s 54 of the Income Tax Act is available in respect of more than one property
ITAT Delhi held that mere reflection of unexplained cash in the books of accounts without any supportive documents is not valid ground for deletion of the addition by CIT(A). Accordingly addition towards unexplained cash sustainable
ITAT Allahabad held that facts brought to the notice of this Tribunal are relevant and very crucial for deciding the issue under consideration. Since the facts were not produced before earlier authorities impugned order is recalled
Whether forfeiture of gratuity, under Payment of Gratuity Act, 1972, is automatic on dismissal from service, is issue for consideration in this case.
Calcutta High Court held that Income Tax authorities can initiate afresh proceedings if the previous proceeding were invalid as per law.
