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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 ITAT confirmed the CIT(A)’s pragmatic decision to restrict an addition of ₹8.21 crore for unexplained cash deposits to a 5% profit margin on the total deposits. This estimation was deemed reasonable, considering the nature of the assessee’s pottery trading business where full documentation was absent, balancing commercial reality with revenue protection.
The ITAT Mumbai quashed a revisionary order under Section 263, ruling that the Assessing Officer’s detailed scrutiny into the Rs.124 crore business loss was adequate.2 The Tribunal confirmed that when an AO conducts proper inquiries, the order is not “erroneous” and cannot be subject to revision merely because the PCIT disagrees.
The ITAT Mumbai deleted an addition of Rs.85.05 lakh, ruling that Long-Term Capital Gain (LTCG) on the sale of M/s Pine Animation Ltd. shares was genuine. The Tribunal held that demat-backed transactions through banking channels cannot be rejected merely based on a general Investigation Wing report.
The ITAT allowed the assessee’s appeal, holding that the PCIT’s order under Section 263 was unsustainable because it failed to cite any specific instance where the AO neglected to verify the alleged fictitious loan transaction. For Section 263 to apply, both the error in the assessment and prejudice to the revenue must be proven, which the PCIT did not demonstrate.
Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required records, retention period, and ₹25,000 penalty.
The ITAT Dehradun quashed an entire reassessment, holding the mandatory notice under Section 148 invalid because it was sent to an old postal address and a wrong email ID. The ruling confirms that non-service of the foundational notice renders all subsequent proceedings void ab initio.
The ITAT deleted an addition under Section 69 for unexplained investment in property. The tribunal held that authorities couldn’t ignore the sale deed and bank statements proving the co-owner (husband) made the payments in a preceding year, even in ex-parte proceedings.
The ITAT Ahmedabad invalidated the entire Section 143(1) intimation because the CPC made an adjustment regarding the leave encashment exemption without issuing the mandatory prior notice. The Tribunal held that the failure to comply with the first proviso to Section 143(1)(a) is a violation of audi alteram partem and renders the proceedings invalid in law.
The ITAT Mumbai ruled that an assessment made against a duplicate “Company PAN” for a non-existent entity was void ab initio. This led to the deletion of a ₹3.18 crore cash addition, as the bank account and transactions belonged to a proprietary concern already assessed.
ITAT Ahmedabad held that CIT(A) erred in deleting ₹10.64 crore addition for bogus purchases without obtaining Assessing Officer’s comments on additional evidence. The matter was remanded for de novo adjudication in compliance with Rule 46A.
