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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...
Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in Vinod Nihalchand Jain case.
ITAT Pune ruled that Section 68 applies only to amounts credited in the relevant year. Addition of ₹10L as unexplained cash credit for AY 2016-17 was deleted.
Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income […]
Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material is not sustainable since retracted statement cannot be termed as incriminating material. Hence, appeal of revenue dismissed.
ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value without corroboration.
ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting property valuation disputes.
ITAT Bangalore upheld CIT(A)’s acceptance of additional evidence in local language, dismissing AO’s addition under Section 69A. Read the case details here.
ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to provide adequate response time.
ITAT Bangalore rules in favor of Udaya Ravi Arecanut Co., stating that tax retention without legal backing is unjust. Case remitted for fresh adjudication.
ITAT Mumbai quashes reassessment order in Raghunandan Bhomia vs DCIT case, citing failure to provide reasons for reopening assessment, violating legal precedents.
