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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...
Since the reassessment itself was quashed, the addition treating long-term capital gains as unexplained cash credit under section 68 automatically failed. Jurisdictional defects were fatal to the assessment.
The Tribunal ruled that maintaining a temple or holding festivals does not disqualify a trust if substantial funds are spent on public welfare. Authorities must examine actual expenditure patterns, not assumptions.
ITAT Cuttack held that reassessment proceedings fail when no addition is made on the very reasons recorded for reopening. If the original ground disappears, the entire reassessment becomes invalid.
The Tribunal ruled that the PCIT lacked jurisdiction to revise an assessment when the very issue was already under challenge before the appellate authority. Parallel revision proceedings were held to be impermissible.
The proposals extend due dates for non-audit taxpayers and allow revised returns up to 12 months with late fees. The takeaway is more time to comply without forfeiting correction rights.
Additions based on survey-time valuation of machinery were deleted as the Assessing Officer had not rejected the books of account. Prior binding orders in the same case were followed, reaffirming settled law.
The Tribunal ruled that interest earned on Government grants parked under official directions cannot be divorced from the original grant. Denial of exemption was found to defeat the purpose of section 10(23C)(iiiab), leading to relief for the assessee.
The issue was whether late filing of Form 10AB mandates rejection of registration. The Tribunal held that bona fide delay can be condoned and remanded the matter for fresh consideration.
The tribunal held that indexed cost of acquisition must be allowed while computing LTCG of a charitable trust. Indexation under Section 48 applies even when gains are treated as application of income under Section 11(1A).
The tribunal deleted penalty where the quantum addition was restricted to an estimated profit element. It held that penalty cannot survive without a clear finding of concealment.
