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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 Tribunal rejected the Revenue’s appeal against deletion of a ₹63.84 lakh addition under Section 68, observing that the assessee had already declared the same transactions as sales in audited accounts. Citing CIT v. Vishal Exports Overseas Ltd., it held that taxing such income again would lead to double taxation. The order reinforces that genuine recorded transactions cannot be recharacterized as unexplained cash credits.
Delhi HC reviews CBDT’s decision to exclude Transfer Pricing (TP) cases from the extended ITR deadline, an unprecedented departure from past practice. The case addresses the arbitrary denial of relief to TP-only assessees, raising concerns over administrative fairness and compliance consistency.
Delhi HC set aside Section 148A order against Michael and Susan Dell Foundation, ruling the AO failed to consider the detailed submission, violating natural justice principles.
ITAT Pune held that interest credited on fixed deposits in assessee’s name remains taxable, even if underlying development agreement was later cancelled, as assessee retained ownership of account and TDS was deducted under her PAN.
ITAT Ahmedabad deleted the penalty under Section 270A(9) for an excess claim of deduction under Section 54F, ruling it was a computation error, not misreporting. The Tribunal held that since the assessee had fully disclosed all facts and the error didn’t involve fraud or suppression, the penalty couldn’t be sustained under the specific clauses of misreporting.
ITAT clarified that transfer of case between officers in the same city does not require a new notice or hearing, reinforcing that procedural continuity under Section 127(4) ensures jurisdictional validity.
ITAT Indore held that land located beyond 8 km from nearest municipality does not qualify as a capital asset under Section 2(14)(iii), exempting gains from capital gains tax.
ITAT Ahmedabad partly allowed the Revenue’s appeal, fully upholding the addition for salary kickbacks based on overwhelming seized evidence showing a routine, systematic practice. The Tribunal confirmed that this consistent pattern justified extrapolation for the full year.
Rejecting assessee’s plea of invalid reopening, Tribunal ruled that minor clerical mistakes in reasons recorded under Section 147 do not vitiate proceedings if substantive material exists. Information disseminated through Insight Portal was sufficient to establish AO’s belief.
ejecting the Revenue’s approach, the Tribunal held that mere quantum of advertisement or marketing expenses cannot trigger transfer pricing adjustment without demonstrating a direct nexus with a foreign AE.
