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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 ruling holds that capital gains from offshore structures can be taxed in India when facts show substance over form. The key takeaway is that tax treaties do not protect arrangements leading to double non-taxation.
ITAT Bangalore held that disallowance of entire business losses by Assessing Officer without pointing out specific defects is not permissible. Accordingly, appeal of assessee allowed and order set aside.
The issue was whether interest earned from co-operative banks qualifies for deduction under section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies for this provision, making the interest fully deductible.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
ITAT Mumbai held that disallowance on account alleged fictitious trading loss in absence of any direct incriminating material is not sustainable. Accordingly, CIT(A) rightly deleted the disallowance and allowed the appeal of the assessee. Thus, the present appeal by revenue is dismissed.
Madras High Court held that reassessment notice under section 148 of the Income Tax Act for Assessment Year 2014-2015 issued on 29.07.2022 issued under new regime is held to be in time. Accordingly, writ petition stands dismissed.
The issue was whether unsecured loans from directors routed through a partnership firm could be treated as unexplained cash credits. The Tribunal held that once identity, creditworthiness, and genuineness are proved through books and bank records, section 68 addition cannot survive.
The issue was whether adjustment of brought-forward loss and depreciation under MAT could be altered through rectification. The Tribunal held that such MAT computation involves interpretation and debate, making section 154 inapplicable.
The issue was whether revision could be made to examine disallowance under section 14A despite no exempt income being earned. The Tribunal held that without exempt income, the assessment was neither erroneous nor prejudicial to revenue.
The issue was whether the appellate authority could dismiss an appeal ex-parte without giving detailed reasons. The Tribunal held that a non-speaking order violates section 250(6) and restored the appeal for fresh adjudication.
