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Income Tax : The note highlights gaps in existing tax provisions affecting families, seniors, and small investors. It suggests targeted reforms...
Income Tax : Disallowance made in an ex parte order was overturned after evidence showed a clear borrowing-to-lending link. The ruling affirms ...
Income Tax : The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, makin...
Income Tax : Businesses are seeking a cap on dividend taxation for resident shareholders to address double taxation concerns. The proposal aim...
Income Tax : ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be det...
Income Tax : Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalisin...
Income Tax : With repeated technical failures hampering compliance, officers requested formal absolution from blame. The letter emphasizes coll...
Income Tax : Net direct tax collections recorded an 8.82% increase despite moderate gross growth. Lower refunds played a key role in boosting n...
Income Tax : The issue concerns high-pitched additions proposed under faceless scrutiny even where agricultural income is exempt and fully docu...
Income Tax : Authorities cannot insist on adding an irrevocable clause in trust deeds for Section 12A renewal when the trust is otherwise legal...
Income Tax : The Tribunal confirmed deletion of additions where the AO made no effort to verify consignees, transporters, or stock movement. Pr...
Income Tax : ITAT Ahmedabad held that addition made on the basis of third-party WhatsApp chat without any incriminating material is unsustainab...
Income Tax : The Tribunal examined whether lease rent and allied charges from an IT Park were business income or property income. It held that ...
Income Tax : The issue was whether section 68 could be invoked for alleged on-money payments absent direct evidence. The Tribunal ruled that in...
Income Tax : The issue was whether the full value of alleged bogus purchases could be added to income. The Tribunal upheld that only the profit...
Income Tax : The government has granted time-bound approval under section 35(1)(ii) enabling eligible donations to scientific research to quali...
Income Tax : The notification exempts defined categories of income of a legal services authority, while warning that violations may lead to pen...
Income Tax : The government has approved an institution for scientific research under section 35(1)(ii), enabling donors to claim tax deduction...
Income Tax : The notification exempts specified non-commercial e-governance income such as government grants, service charges, and consultancy ...
Income Tax : The government has granted Section 10(46) tax exemption to a welfare board for cess, fees, and interest income. The relief applies...
ITAT Mumbai ruled that detailed records, including Demat statements and contract notes, proved the genuineness of penny-stock transactions, nullifying additions under Sections 68 and 69C.
ITAT Surat allowed a company to avail concessional tax rates under Section 115BAA despite a minor delay in filing Form 10-IC due to portal issues, emphasizing a practical approach.
Chennai ITAT ruled that a 148 notice issued by JAO post-CBDT faceless scheme notification is invalid, quashing reassessment and penalty. The tribunal confirmed that only notices issued by the Faceless Assessment Unit are legally valid.
ITAT Chennai annulled the Section 148-based reassessment for AY 2018-19 because the notice contravened the e-assessment scheme under Sec.151A. The ruling reinforces mandatory compliance with faceless notice issuance.
ITAT Pune held that the CIT(A) failed to adjudicate key legal grounds, including wrong AO jurisdiction and missing Document Identification Number. Entire order under Section 144 r.w.s. 263 was set aside for reconsideration with proper hearing.
Madras High Court held that the provisions of section 153C of the Income Tax Act will not apply in case of initiation of search initiated on or after 01.04.2021. Accordingly, notices issued u/s. 153C are liable to be quashed and set aside.
The ITAT ruled that a Section 148 notice issued by a Jurisdictional AO after 29.03.2022 is invalid because, under the Faceless Reassessment Scheme, only the Faceless Assessing Officer can issue such notices. The entire reassessment was therefore quashed as without jurisdiction.
ITAT Jaipur held that addition towards unexplained cash deposit during demonetization under section 68 without rejection of books of accounts is unwarranted. Further, addition is also not warranted as genuineness of cash sale duly proved.
The ITAT held that the alleged bogus purchases could not stand when the assessee produced complete documentary evidence showing genuine procurement and consumption. With no contrary evidence from the AO, the 69C addition was removed.
ITAT Kolkata held that addition under section 56(2) towards receipt of gift from HUF to be re-considered for exemption under section 10(2) of the Income Tax Act. Accordingly, matter restored back to AO with specific direction.
