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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...
The update restructures TDS provisions with new section and payment codes while retaining existing rates. It helps taxpayers improve accuracy and compliance in tax deduction reporting.
The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enhances transparency and ensures better monitoring of tax exemptions.
The issue was whether LIC premium payments for post-retirement annuity were contingent liabilities. The Court held they represented an existing liability and allowed the deduction as a business expense.
The case examined the validity of reassessment notices issued beyond the permissible period. The Court ruled that such notices are invalid in light of binding precedent, leading to quashing of the entire reassessment.
The Tribunal validated reopening under Section 147 based on credible post-search information. Proper procedure under Section 148A was followed, making reassessment lawful.
The Tribunal held that the Assessing Officer erred in fully rejecting the assessee’s explanation linking cash deposits to business sales. However, due to incomplete substantiation, a limited addition of ₹8 lakh was sustained.
The Tribunal upheld denial of loss set-off as the statutory eight-year limit for carrying forward capital losses had expired. It ruled that pending litigation does not extend the permissible period under the law.
The Tribunal allowed deduction of royalty paid for use of a logo, noting that no specific defect was found in the supporting evidence. It held that the expenditure could not be disallowed merely on grounds of justification without examining its business purpose.
The Tribunal held that no disallowance under section 36(1)(iii) can be made where loans are advanced from interest-free funds. It observed that availability of own funds and recovery during the year supported the assessee’s claim.
When an entity served both its members and the public, the dominant object test applies. If the regulatory functions lead to borrower protection and financial stability for low-income groups, the GPU status was maintainable.
