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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...
ITAT Ahmedabad rules Section 56(2)(x) applies to agricultural land. Assessee’s dispute on stamp duty valuation mandates DVO reference. Case remanded for re-evaluation.
The Income Tax Return (ITR) filing for FY 2024–25 now mandates an active Aadhaar number. Learn why Aadhaar-PAN linking is crucial, who is exempt, and how to link your documents to avoid an inoperative PAN and filing issues.
ITAT Raipur held that the appeal is treated as withdrawn due to initiation of proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1. Thus, present appeal dismissed as withdrawn.
ITAT Chandigarh held that addition by applying gross profit rate on alleged bogus purchases not justified since it was proved that alleged purchases were made at par and were not under-valued or inflated. Thus, appeal of assessee allowed.
ITAT Mumbai held that addition is unjustified and liable to be deleted since adjustment was made in between interest paid and interest received thus the entire adjustment had no tax effect i.e. it is tax neutral.
This is an appeal filed by the assessee against the order of Commissioner of Income Tax (Exemptions), New Delhi [CIT(E)] dated 28.06.2023 for cancellation of registration granted u/s 12A and u/s 12AB(4) of the Income Tax Act, 1961 (the Act).
ITAT Chennai held that liability to deduct Tax Deduction at Source [TDS] arise only on the amount of actual payment and not on the provision made. Accordingly, TDS liability reduced to that extent and appeal partly allowed.
Chhattisgarh High Court held that reasonable cause has been shown for non-compliance with the provisions contained in Section 269T of the Act and further it is not disputed that the transaction is genuine and bona fide.
The present appeal has been filed by the assessee against order passed by the Commissioner of Income Tax (Exemption), Ahmedabad, dated 20.08.2024, denying grant of approval u/s. 80G(5) of the Income Tax Act, 1961.
Delhi High Court held that addition towards unexplained credits against companies used as a conduit for routing accommodation entries is not justified since they are not ultimate beneficiaries. Accordingly, appeal of revenue dismissed.
