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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 new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but co...
Income Tax : The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ...
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 government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : The Tribunal set aside the appellate order as the assessee sought another chance to prove the genuineness of expenses. It directed...
Income Tax : The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of ...
Income Tax : The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting err...
Income Tax : The case involved additions for unexplained bank deposits where the assessee later produced authenticated NRE account evidence. IT...
Income Tax : The Court dismissed the SLP due to a 390-day delay and absence of valid grounds. The ruling leaves intact the finding that interco...
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 invalidated an assessment passed without awaiting the Departmental Valuation Officer report, holding that provisional assessments violate section 50C(2) and 143(3). The rectification under section 154 based on later material was also impermissible.
Reassessment notice issued beyond statutory time limit under Section 148 was invalid; Tribunal quashed proceedings for A.Y. 2013-14, emphasizing procedural compliance.
The Tribunal held that the original assessment was not erroneous or prejudicial except for TDS verification and PF/ESI disallowance. The assessee’s claim under Section 10AA was rejected. Compliance with statutory deductions is critical for valid assessments.
The Tribunal upheld CIT(A)’s order, confirming deletion of additions related to unexplained creditors, GST, bogus purchases, and purchase differences. Proper reconciliation and supporting documents established genuineness, highlighting the importance of maintaining accurate records.
Tribunal rules that Souharda societies registered under state law qualify as cooperative societies under section 2(19), allowing 80P(2)(a)(i) and 80P(2)(d) deductions. Revenue’s appeal dismissed.
ITAT Pune held that the Section 263 revision was unsustainable as the AO conducted adequate scrutiny and expenses were recovered from associated enterprises. Expenditure classification did not make the assessment prejudicial to revenue.
The Tribunal found that the Section 148 notice appeared on the portal after 31.03.2021, raising doubts about its validity. The matter was restored to CIT(A)/NFAC for fresh consideration, allowing the assessee to submit explanations. The ruling underscores strict compliance with notice issuance requirements under Section 148.
Receipt and repayment of Rs. 2.02 crore via proper banking channels establishes genuineness of the transaction; Section 68 addition was deleted despite non-materialisation of business.
The Tribunal condoned an 868-day delay arising from wrong professional advice and Covid-related extensions, holding that the assessee showed sufficient cause. It ruled that the 50C addition under Section 153A lacked incriminating material and directed a full de-novo review.
The Tribunal found that an off-market transaction, by itself, does not establish bogus capital gains when supporting records are intact and no direct involvement in price manipulation is shown. The exemption under Section 10(38) was therefore allowed, rejecting additions under Sections 68 and 69C.
