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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 Mumbai dismisses Revenues appeal, ruling that Goodwill from a High Court-approved amalgamation is a depreciable intangible asset under Section 32, rejecting the claim that it represents non-depreciable land value.
Court ruled that writing off bad debts in balance sheet and profit and loss account is sufficient under Section 36(1)(vii), clarifying that closing each debtor’s ledger account is unnecessary.
ITAT Surat rules company’s capital contribution to a partnership firm for business purposes is not a loan or advance, thus escaping deemed dividend tax u/s 2(22)(e).
ITAT Mumbai condoned a 388-day delay and remanded the case of Dahisar Gramin Bigar Sheti Sahakari Pat to the Assessing Officer to verify ₹29.46 lakh in cash deposits claimed to be received from members during demonetisation, directing a fresh assessment after fair hearing.
The Income Tax Appellate Tribunal (ITAT), Pune, in Mahendra Prakash Pawar Vs ITO, deleted an addition of ₹21.69 lakh made under Section 69C for unexplained credit card payments. The court accepted the assessee’s explanation that cash deposits came from his brother’s transportation business for fuel purchases.
Bombay High Court quashed the Section 127 transfer of a former CFO’s case from Mumbai to Delhi, ruling that the basis for transfer coordinated investigation eased once the main company’s assessment was complete.
The Gujarat High Court confirmed the Tribunal’s decision to disallow 25% of bogus purchases shown by Vijay Proteins Ltd., but quashed the penalty levied under Section 271(1)(c) of the Income-tax Act.
ITAT Delhi nullified a reassessment, ruling that mandatory sanction under Section 151 was invalid because it was granted by Principal Commissioner (PCIT). Tribunal held that reopening assessments after three years requires approval from higher authority: Principal Chief Commissioner (PCCIT).
ITAT Delhi confirmed that a statutory development authority’s activities, such as land development and housing, are charitable under Section 2(15), not commercial. The Tribunal applied the principle of consistency, relying on multiple High Court and ITAT precedents for similar development bodies.
Tribunal upheld CIT(A)’s view that assessments for AYs 2013-14 to 2015-16 fell outside permissible six-year block under Section 153C. Additions made by AO were held time-barred and without jurisdiction.
