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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...
This article explains how Section 2(24) adopts an inclusive definition of income, covering monetary, non-monetary, and even illegal gains. It highlights key judicial doctrines that determine taxability.
ITAT deleted ₹60 lakh addition as the Revenue relied solely on a third-party confession without independent verification. Documentary evidence such as confirmations, ITRs and bank statements discharged the assessee’s onus.
ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot survive. MAT demand under Section 115JB was therefore struck down as unlawful.
Emphasizing judicial consistency, the Tribunal dismissed the Revenues appeal on referral fees and reimbursements. Identical issues decided in earlier years were followed, leading to deletion of all additions.
ITAT held that penalty under Section 271(1)(c) cannot survive where tax is ultimately levied under Section 115JB. Additions under normal provisions did not result in tax evasion.
The Tribunal deleted ₹2 lakh cash addition as no incriminating material directly linked the assessee to alleged on-money. Reliance solely on pen drive data and third-party statements without cross-examination was held insufficient.
ITAT quashed reassessment as approval under Section 151 was granted by PCIT instead of PCCIT. Notice issued after three years was held void for lack of proper jurisdiction.
ITAT ruled that mere endorsement stating “Yes, I am satisfied” does not constitute valid sanction under Section 151. Mechanical approval without independent application of mind invalidated the reassessment.
ITAT Mumbai deleted ₹13.32 lakh penalty u/s 270A, holding bona fide exemption claim by charitable trust not misreporting; 200% penalty unsustainable.
ITAT deleted ₹14.74 lakh addition as identical source was accepted in spouse’s case. Alleged on-money payment lacked corroborative evidence.
