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Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...
Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : ITAT Delhi held that revisionary proceedings under 263 of the Income Tax Act justifiable since related-party expenses were accepte...
Income Tax : The Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled tha...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
Subsequently, the petitioner submitted a representation/application dated 05.09.2024 and 24.10.2024 seeking the respondents for the refund of the adjust amount along with interest for which the petitioner neither received a reply nor the refund.
Delhi High Court held that prior approval u/s. 151 for issuance of notice under section 148 of the Income Tax Act beyond period of three years mandatory even in case of extended limitation under TOLA. Accordingly, notice and order thereon set aside.
ITAT Hyderabad held that adhoc disallowance under section 40A(2)(a) of the Income Tax Act merely on the basis of suspicion and surmises without adequate evidence not sustainable in law. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
CBDT notifies tax exemption for Forum of Regulators on govt grants, fees, and interest income, applicable retrospectively from FY 2011–12 to 2015–16.
ITAT Nagpur rules against arbitrary 10% cash deposit addition under Section 69A, stating no income can be deemed if explanations are credible.
Delhi High Court held that penalty imposed under section 276B of the Income Tax Act is liable to be set aside on account of section 278AA of the Income Tax Act as reasonable cause shown. Accordingly, petition by revenue dismissed.
CBDT grants income tax exemption to Kerala Toddy Workers’ Welfare Fund Board for specific income, effective from AY 2022–23 to 2026–27.
The fact that the AO had in fact did not claim any carry forward of loss in the next assessment year would not be destructive of the petitioner’s right to exercise its option in terms of Rule 9(1) of the DTVSV Rules. Hence, the present petition is allowed.
Calcutta High Court dismisses Income Tax Department’s appeal regarding unexplained cash credit from share capital, citing a previous binding decision.
Bombay High Court quashes tax re-assessment notice and order against a dissolved company, citing a non-existent entity cannot be assessed. Cites Supreme Court rulings.
