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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 Pune set aside the rejection of a final 80G approval application, ruling that a technical delay caused by withdrawing and refiling the application due to a typographical error should be condoned. The Tribunal held that rejecting the application on mere procedural lapse, despite the original filing being on time, defeats the purpose of the law.
ITAT Cuttack remanded a demonetization case back to CIT(A), granting legal heir of deceased assessee a fresh opportunity. Tribunal ruled that appeal, which involved factual verification of large cash deposits, should be adjudicated on merits after allowing heir to furnish supporting documents.
ITAT Ahmedabad upheld PCIT’s revision under Section 263 because AO wrongly allowed a cumulative Rs.28.72 crore foreign exchange loss on ECB repayment in one year. Tribunal ruled that under ICDS-VI and AS-11, forex differences must be recognized annually, making AO’s failure to verify compliance erroneous.
ITAT Indore deleted a Rs.1.46 crore addition made under Section 69C via rectification, ruling that the AO wrongly invoked the section. The commission payments reported in the audit form were a pass-through on behalf of clients, not the assessee’s claimed business expenditure, meaning the deduction of TDS didn’t imply an unrecorded expense.
ITAT Jaipur quashed an addition of Rs.14.47 lakh made under Section 69A because the assessment was framed by a Jaipur-based AO who lacked territorial jurisdiction over the assessee residing in Sri Ganganagar. The Tribunal ruled that the objection to jurisdiction, raised by the assessee and unrebutted by the Revenue, renders the entire assessment order void ab initio.
ITAT Bangalore ruled that excess stock admitted during a survey is taxed as business income only if a direct nexus to regular business is proven; otherwise, it’s taxed as undisclosed income under Section 115BBE. The verdict split across two assessment years based on whether the disclosure was linked to sales or simply admitted as unexplained.
ITAT Delhi upheld reassessment on an individual for AY 2017-18, finding that existence of dual PANs and huge undisclosed demonetization cash deposits constituted tangible material. Tribunal confirmed that sufficiency of material is irrelevant at reopening stage, only prima facie belief matters when notice is issued within four years.
ITAT Surat dismissed Revenue’s appeal, holding that once substantive additions related to payments made by assessee were upheld by Tribunal and CIT(A) in cases of receiving parties, corresponding protective additions against assessee must be deleted.
ITO Vs Lalit Raghunathrao Shinde (ITAT Pune) Same Income, Two Hands? Not Allowed – ITAT Pune Quashes Double Taxation on 26AS Mismatch- Receipts Taxed in Company’s Books Can’t Be Reassessed in Individual’s Hands In a second round of litigation, ITAT Pune held that the same income cannot be taxed twice merely because of a mismatch in […]
Orissa High Court held that auction sale by the bank under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) justified as there was no information available with bank regarding existence of status quo order.
