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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 new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but co...
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 Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a contin...
Income Tax : The Court held that adjusting a refund against a disputed demand during the subsistence of a stay order is illegal and arbitrary, ...
Income Tax : The Tribunal held that deduction cannot be rejected merely due to absence of supporting evidence without examining merits. It rema...
Income Tax : The Tribunal held that a penalty notice lacking clarity on whether it relates to concealment or inaccurate particulars is invalid....
Income Tax : The Tribunal held that BLT cannot be used for transfer pricing adjustments on AMP expenses. It ruled that no adjustment was warran...
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...
ITAT Mumbai held that National Payments Corporation of India carries out activities which has been recognized as charitable under category of advancement of object for general public utility. Accordingly, revisionary order u/s. 263 quashed as issue already dealt in detail by AO.
Madras High Court quashes assessment against SMILE Microfinance Ltd. for violation of natural justice and directs reassessment with personal hearing within 12 weeks.
The ITAT held that the Assessing Officer cannot discard a registered valuer’s report without referring the matter to a Departmental Valuation Officer. The AO’s addition was set aside, and the fair market value must be recomputed based on the valuer’s report.
ITAT Mumbai upheld relief granted by CIT(A) to Aishwarya Rai Bachchan, holding that the AO failed to record satisfaction before rejecting the assessee’s suo-moto disallowance under Section 14A. The Tribunal found the additional disallowance of ₹4.11 crore excessive and unsupported by evidence.
The Madras High Court stayed recovery for 90 days, allowing Faiz Wahab time to file a stay application after the sale advance refund was taxed as unexplained income.
The ITAT Mumbai dismissed the Revenue’s appeal, holding that penalty cannot be imposed where the assessee’s claim is based on a genuine interpretation of Section 44 and Rule 5 and involves a debatable issue.
The Tribunal directed estimation of income at 8% under Section 44AD after disallowing expenses due to lack of evidence in Friends Transport Carrier vs ITO.
Delhi High Court held that non-granting of exemption claimed under section 11 and 12 of the Income Tax Act due to delay of 16 days in filing audited report in From 10B not justified since the due to inadvertence error on the part of the auditor / tax professional.
The ITAT Lucknow held that the penalty imposed under Section 271C on NHAI was invalid as it was passed beyond the six-month limitation period and became unsustainable after deletion of the related addition.
The Delhi High Court found that further notices issued under Section 142(1) after the expiry of the statutory time limit were unlawful and ordered closure of reassessment proceedings.
