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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 held that late filing of Form 10B is a procedural lapse and cannot defeat exemption under Section 11. If the audit report is available before assessment or rectification, exemption must be allowed.
The dispute involved additions of partners capital treated as unexplained cash credits. The Tribunal did not rule on merits but remanded the matter due to procedural violation by the appellate authority. It highlights that appellate orders must be reasoned and speaking.
The tribunal held that taxing the full sale consideration as short-term capital gain without allowing cost of acquisition is legally incorrect. Capital gains must be computed on net gains, not gross receipts.
Although the Revenue followed the new reassessment procedure, the notice was issued beyond the allowable time. The Tribunal set aside the reassessment as void ab initio.
The tribunal held that reassessment under Section 153C cannot stand without valid satisfaction as mandated by law. Failure to examine this jurisdictional issue vitiates the proceedings.
The tribunal held that estimating commission income at 1% without verifying the existence of a genuine Shroff business was legally unsustainable. The matter was remanded for fresh examination by the Assessing Officer.
The tribunal held that refusal to condone delay defeats substantial justice when reasonable cause exists. Delay was directed to be condoned and appeal heard on merits.
Where funds were merely routed through the assessee’s bank account, the tribunal ruled that only commission income is taxable. The earlier 2% estimation was reduced to 1.5% as more reasonable.
The tribunal held that appellate orders passed ex-parte without examining merits violate natural justice. Matters were restored for fresh adjudication after giving proper hearing.
The tribunal held that adjustments made under section 143(1) solely on Form 3CD disclosures are not conclusive. Matters involving contingent liabilities and factual disputes must be verified by the Assessing Officer.
