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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 new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but co...
Income Tax : The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ...
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 government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : The Tribunal upheld deletion of expense disallowance after finding that occupation charges were settled during the relevant year. ...
Income Tax : The case addressed whether charging fees negates charitable status. The Tribunal held that this alone cannot justify rejection and...
Income Tax : The Tribunal set aside the appellate order as the assessee sought another chance to prove the genuineness of expenses. It directed...
Income Tax : The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of ...
Income Tax : The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting err...
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 issue was whether purchases could be treated as bogus based on investigation reports. ITAT held that when documentary evidence and asset existence are proven, additions cannot be sustained.
The issue was whether machinery replacement qualifies as current repairs. The Court held that replacement creating enduring benefit constitutes capital expenditure.
The Court held that rejecting condonation solely because the assessment year was not mentioned in the circular is unjustified. It ruled that beneficial circulars must be applied liberally to address genuine hardship.
The Tribunal held that purchases cannot be treated as bogus when supported by invoices, bank payments, and GST records. It ruled that absence of adverse evidence makes such additions unsustainable.
The Court held that a 21-month delay in recording the satisfaction note violates the requirement of immediacy. It ruled that such delay renders proceedings time-barred and invalid.
The new law replaces the 1961 Act without introducing new taxes or changing tax policy. It simplifies provisions, reduces complexity, and improves compliance efficiency.
The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance while ensuring stricter reporting and digital tracking requirements.
ITAT held that once an assessee adopts a prescribed valuation method under Rule 11UA, the AO cannot change or substitute it. The ruling reinforces taxpayer autonomy in selecting valuation approaches.
Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax benefit for taxpayers earning capital gains.
Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authority as prior approval must mandatorily be obtained from the authorities specified under Section 151(ii) and approval by the Principal Commissioner was not valid in such cases.
