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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...
ITAT Kolkata deleted a Rs.7.11 crore addition under Section 68, ruling that an assessee’s comprehensive documentary evidence (PAN, bank statements) cannot be dismissed merely because subscribers failed to appear for summons. The onus shifted back to the Revenue.
Advance rulings clarify tax liability for specific transactions. They are binding on taxpayers and authorities. Applications require fees based on transaction size, up to Rs. 10 Lacs, payable via demand draft. The Authority for Advance Rulings is replaced by the Board for Advance Rulings (BAR).
ITAT Pune reaffirmed that 15% accumulation permitted under Section 11(1)(a) must be computed on gross receipts. Revenue’s argument restricting it to surplus was rejected, relying on consistent rulings of Supreme Court and High Courts.
ITAT sustained PCIT’s revisional order under Section 263, ruling that AO’s mechanical acceptance of a low profit margin return without proper inquiry was both erroneous and prejudicial to Revenue’s interest. AO failed to examine applicability of mandatory audit under Section 44AB and correctness of declared profit ratio in liquor trade.
Pune ITAT significantly reduced Section 14A disallowance, ruling that administrative expenses relating to a proprietary concern with no investments must be excluded from computation. ITAT applied a reasonable estimate of Rs.10 lakh after finding expenses like depreciation and property tax had no nexus with earning exempt income.
The High Court set aside the ex-parte assessment and appeal order, granting the partnership firm another opportunity to respond to the Section 148 notice. The ruling accepts the taxpayer’s non-response as due to bona fide, unavoidable circumstances.
Karnataka High Court set aside the ex-parte reassessment (u/s 147 and 144) because all preceding notices (including 148A) were mailed to taxpayer’s outdated address. HC found merit in bona fide non-receipt due to address change and remanded matter for fresh consideration.
The Karnataka High Court set aside the reassessment (u/s 147 and 148) because the jurisdictional AO issued notices, violating the Section 151A mandate for faceless reassessment. The ruling reinforces that all orders based on notices issued outside the scheme’s scope are void and stand quashed.
The Karnataka High Court set aside the reassessment notices (u/s 148A and 148) because the jurisdictional AO issued them, violating the mandate of Section 151A under the faceless scheme. The ruling confirms that notices issued outside the centralized, faceless framework are invalid and without authority.
Bombay High Court held that delay in filing of Form No. 10 was condoned since activities of trust are genuine and denial of benefit of accumulation u/s. 11(2) due to delay in Form No. 10 would cause genuine hardship.
