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Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
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 : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Delhi High Court ruled on the validity of re-assessment proceedings in PCIT-04 vs Ganesh Ganga Investments Pvt Ltd, focusing on bo...
Income Tax : Bombay High Court directs tax revision for an AI-generated invalid return order lacking reasoning, stressing natural justice and h...
Income Tax : ITAT Kolkata rules in favor of Anindya Sarkar, allowing Foreign Tax Credit despite delayed Form 67 filing, citing DTAA provisions ...
Income Tax : During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Pate...
Income Tax : ITAT Hyderabad held that addition on the basis of loose papers and documents found from the premises of third party is not tenable...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Unveiling the intricacies of black money law. Understand the provisions, procedures, and rationale behind this substantive law on undisclosed foreign income and assets.
Lakhwinder Singh Panag Vs ITO (ITAT Chandigarh) A perusal of the record shows that in the quantum proceedings the explanation of the assessee that addition u/s 40A(3) on facts was not warranted, was rejected. The addition stood made. The issue was carried in appeal before the CIT(A) who also confirmed the addition by his order […]
Shivaji Bhimaji Gaikwad Vs ITO (ITAT Pune) No section 40A(3) disallowance for Cash payment for land as part of sale consideration which is incorporated in purchase deed Brief facts relating to the issue on hand are that the assessee is an individual and derives income from land deals and construction. The assessee filed return of […]
It is seen from the record that the assessee had filed various evidences in the form of affidavit etc. The learned CIT(A) has brushed aside those evidences without even verifying the veracity of such affidavit. Merely stating that the affidavit was procured subsequent to marriage, in my considered view is not justified.
M. Prabaharan Vs ITO (ITAT Chennai) Before us, the Chartered Accountant Shri Jeevarathinam categorically admitted in writing that the duplication of assets has happened while calculating the depreciation as per Income Tax Act while computing the tax computation sheet by his staff. He admitted that while doing so, the staff has wrongly computed the deprecation value […]
Vikas Jain Vs ITO (Delhi High Court) In view of the report of DDIT (Inv.) Unit-7(1) and 7(3) Mumbai, shared with the AO which suggests that the LTCG earned by the petitioner in AY 2014-15 was bogus and since, the said LTCG was claimed as exempt income, the AO at this stage, concluded that the […]
Arsha Vijnana Trust Vs Central Board of Direct Taxes (Supreme Court of India) During the course of hearing, learned senior advocate appearing for the appellant states that he has instructions not to press the present appeal as the denial of grant of exemption/benefit under Section 80G of the Income Tax Act, 1961 even if set […]
ITO Vs Solid Machinery Co Pvt Ltd (ITAT Mumbai) It was noticed that the assessee has made purchases of textile items, i.e. fabrics, worth Rs 19,22,05,946 from a large number of entities, and sold all these goods to three entities- namely Global Softech Limited, Ravi Raj Industries, and Tayal Energy Limited, for amounts aggregating to […]
Gujarat High Court held that the expression or word sufficient cause’ occurring in section 5 of Limitation Act, 1963, cannot be construed in a static form. Delay in filing of an appeal on account of rectification application and Lockdown duly condoned.
Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court) The question before the learned Customs, Excise & Service Tax Appellate Tribunal [for short ‘the Tribunal’] was whether the service tax was payable on a premium in terms of the insurance policy covering the future period at revised rates, if […]
