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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 : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
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 : 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 : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
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...
The Tribunal accepted that the deposits represented funds withdrawn earlier for house construction. Since the explanation was supported by loan records and confirmations, the addition was removed.
ITAT ruled that addition under Section 68 requires a fresh credit in the books during the relevant year. Where loans represent opening balances from earlier years, they cannot be treated as unexplained income.
The Tribunal ruled that penalty for non-response to notices cannot survive when the assessee later participates in the assessment proceedings. Since the final assessment was not completed ex-parte, the penalty was deleted.
The Tribunal held that cash deposits cannot be treated as unexplained when they fall within accepted business turnover declared under the presumptive taxation scheme. Once turnover is accepted under Section 44AD, separate additions for such deposits are generally not justified.
ITAT Pune held that creation of artificial intangible asset i.e. goodwill in intra-group merger is merely a colourable transaction out between the Holding Company and the subsidiary company. Accordingly, depreciation claimed thereon deserves to be disallowed.
Draft Rules 276 and 277 of the Income-tax Rules, 2026 introduce electronic reporting requirements for eligible investment funds and clarify the method for calculating taxable interest on provident fund contributions exceeding specified limits.
Draft Rule 275 of the Income-tax Rules, 2026 provides a process for investment funds to obtain optional CBDT approval confirming eligibility for tax benefits under section 9(12).
The High Court held that reassessment proceedings must follow proper procedure when the assessee is deceased. The tax authority must issue notice to the legal representative before initiating proceedings.
The Tribunal held that failure to consider additional evidence submitted during appellate proceedings violates principles of natural justice. The matter was remanded to the Assessing Officer for verification and fresh adjudication.
Draft Rule 274 of the Income-tax Rules, 2026 sets guidelines for investment funds to qualify for tax benefits under section 9(12) by prescribing look-through provisions, compliance relaxations, and minimum fund manager remuneration.
