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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 Ahmedabad held that unexplained credit additions cannot be sustained where HUF’s bank transactions are fully documented, and reassessment beyond four years without failure to disclose material facts is invalid.
ITAT Mumbai allowed Gateway Distriparks Ltd. s appeal, holding that Section 14A disallowance must be restricted to investments that actually generated exempt income, following the prospective nature of the 2022 amendment. The Tribunal also condoned a significant delay based on the Supreme Courts substantial justice’ principle.
ITAT Mumbai held that long-term capital gains on sale of land are taxable in the year of transfer of possession and payment, even if the formal sale deed is executed later. The decision emphasizes the principle of substance over form under Section 2(47).
Jewellers and Diamond Traders Association Vs CIT (Exemptions) (ITAT Chennai) The Jewellers and Diamond Traders Association (“the Association”) filed an appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, challenging the rejection of its application for registration as a charitable trust under Section 12AB of the Income Tax Act, 1961 (“the Act”). The application had […]
ITAT holds that filing audit report late due to Covid-19 is a procedural lapse, not a ground to deny exemption, following Telangana and Gujarat High Court rulings.
Chandigarh ITAT remanded a case where CPC disallowed delayed PF/ESI deposits under section 143(1)(a), holding that factual errors and debatable issues require detailed verification and cannot be adjusted mechanically.
ITAT Delhi ruled in Gurmeet Singh Sethi Vs ITO that an addition under Section 41(1) of Income Tax Act cannot be made solely based on a debtor’s unilateral write-off of sundry creditors without confirmation from creditors.
The ITAT Rajkot allowed a taxpayer’s appeal, setting aside the CIT(A)’s order which confirmed over Rs. 1.17 crore in tax additions. The Tribunal ruled that the lower authorities violated natural justice by failing to provide a reasonable opportunity to explain disputed creditors and expense disallowances.
The Delhi High Court dismissed the Revenue’s appeal against Casio India for AY 2017-18, upholding the deletion of a Transfer Pricing adjustment for AMP expenses. The court ruled that the issue was covered by prior judgments, which rejected the Bright Line Test methodology.
TDS collected by government offices is credited to the Central Government via book entries using Form 24G and AIN/TAN mapping, ensuring PAN holders receive timely tax credit without challans.
