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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’...
ITAT held that ITR is a sacred document prescribed in law and reporting-error cannot be pleaded so lightly. The prescribed forms of ITR have suitable columns to furnish the details of cash-balance, this law procedure has been in statute for several years and nobody can dispute it.
It is trite law that No addition can be made in the hands of power of attorney holder and further revenue has not brought on record any material evidence indicating that ownership of the said land belongs to appellant assesse. Therefore, we hold that the assessment order is passed without jurisdiction.
The determination of residency is first step in the whole process of finalizing tax aspect of certain transaction. One need to ascertain that if any income is accrue/arise or deemed to accrue/arise in India in terms of Section 4,5 and 9 of Income tax Act.
ITAT Mumbai held that sales tax subsidy received by the assessee is capital receipt and does not come within definition of income under section 2(24) of the Income Tax Act, 1961 and when, a receipt is not a in the nature of income, it cannot form part of book profit u/s 115JB of the Income Tax Act, 1961.
ITAT Mumbai held that assessee has duly discharged identity, creditworthiness and genuineness of the transactions of receipt of share premium of Rs. 2.25 crore received from 19 share subscribers and hence addition towards unexplained cash credit u/s 68 is unsustainable.
ITAT Delhi held that a solitary opportunity of one day to respond to show cause notice is in negation of overriding principles of natural justice accordingly revisionary order passed u/s 263 is liable to be quashed and set aside.
ITAT Mumbai held that action of AO in disallowing 50% of the depreciation and maintenance charges on the sports car is unsustainable as sports car was owned and used for the purpose of business and AO failed to establish that the sports car was not used fully for the purpose of business.
ITAT Rajkot held that department cannot take away rights of the assessee just by inadvertent mistake committed by the assessee at the time of return filing.
Delhi High Court held that as per Article 7(1) of DTAA attribution of profits to Permanent Establishment arises only if foreign enterprise is making a profit. The same is not applicable if foreign enterprise is making a loss.
ITAT Pune held that deduction under section 54B of the Income Tax Act is available only if the land was used for agricultural purpose in the immediate two preceding years. in absence of the same, deduction u/s 54B ineligible.
