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Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Delhi High Court ruling states Income Tax Dept. must permit personal hearing through National Faceless Assessment Centre upon assessee’s request. Full text judgment provided.
Read the detailed analysis of Computer Modelling Group Ltd. vs. ACIT (ITAT Delhi) regarding interest leviable from the assessee for short payment of tax due to payer’s TDS default before FY 2012-2013.
Learn about tax implications on slump sales under Section 50B of the Income-tax Act. Understand computation, rates, and GST implications. Ensure comprehensive business succession planning.
Explore the implications of jurisdictional issues in tax assessment with the case of YKM Holdings Pvt. Ltd. vs ACIT, assessing the validity of section 143(3) assessments without proper notices under section 143(2).
Read detailed analysis as Kolkata ITAT removes unexplained cash credit addition in Sharda Ferro Works Pvt. Ltd. Vs DCIT case. Share capital scrutiny under section 68.
Detailed analysis of the appeal against a penalty imposed under Section 271B of the Income Tax Act by the ITAT Delhi in the case of Sanjeev Kumar Goyal vs ITO, including the reasons for the penalty dismissal.
In the Satishbhai Kadvabhai Sarvaiya Vs ITO case, ITAT Rajkot rules that during demonetization, deposits don’t warrant addition under U/s 69A if adequately explained.
ITAT Chennai observed that differences in valuation opinions are common, and the assessee’s claim based on an approved valuer’s report cannot be deemed as concealment of income. Citing precedents from the Madras High Court and the Supreme Court, the ITAT ruled that an incorrect claim in law does not constitute furnishing inaccurate particulars.
ITAT observed that the disallowance of expenses by the AO was on an estimate and ad hoc basis due to the absence of supporting evidence, rather than evidence of concealment of income. Referring to legal precedents, the ITAT emphasized that disallowance based on the magnitude of expenses or missing vouchers is insufficient to justify a penalty, especially without evidence of mala fide intent.
ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale consideration and stamp duty valuation.
