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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 AO alleged concocted sales but brought no evidence, and the CIT(A) also found no discrepancies in the accounts. With complete documentation showing genuine sales and business use of funds, the Tribunal removed most of the addition. Section 115BBE was also ruled inapplicable for the year.
ITAT Delhi held that PCIT’s revision under section 263 on alleged bogus sales was invalid since the same transactions were already under appeal before CIT(A). Substituting the AO’s judgment without showing assessment was erroneous and prejudicial was impermissible.
ITAT Delhi admitted additional evidence proving that bank credits considered unexplained were interest income already declared in returns. The Revenue could not contest the factual reconciliation. The penalty under section 271(1)(c) was deleted in full.
ITAT Delhi deletes ₹16.97 Cr addition; Denmark-based LM Wind Power AS has no PE or business connection in India. Royalty taxable u/s 115A; penalty u/s 271AA unsustainable.
ITAT Delhi deletes ₹2.10 Cr addition u/s 68 for share call-money; statements not supplied or cross-examined. Identity, creditworthiness & genuineness of subscribers proven; ad-hoc disallowance also deleted.
The Tribunal examined alleged bogus payments to 27 sub-contractors treated as undisclosed income. While the Assessing Officer made large additions, the assessee provided affidavits confirming genuineness. The ruling partly allowed the appeals, stressing careful verification of evidence rather than assumptions.
Bombay High Court held that reopening of assessment proceedings on the basis of change of mind/opinion and also on non-application of mind is liable to be quashed and set aside. Accordingly, impugned notices and order quashed.
ITAT Chennai struck down a protective addition of ₹14.91 Cr made u/s 69, citing invalid u/s 153C jurisdiction. No substantive assessment existed in the companies’ hands for AY 2014-15, reinforcing that protective additions require year-wise satisfaction and corroborative evidence.
Tribunal confirmed that powers to question “source of source” under section 68 exist only from 01-04-2023. Additions on unsecured loans and student deposits were deleted, while TDS disallowance was remanded.
ITAT Chennai ruled that for captive power consumption, the market value for Section 80-IA deduction should be the rate at which electricity is supplied to industrial consumers, not the SEB purchase rate. AO’s downward adjustment was deleted.
