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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 ruled that a cash deposit addition under 69A of the Income Tax Act cannot stand if the source is accepted as business turnover and presumptive profit under Sec.44AD is declared. The tribunal accepted the taxpayers explanation of cash deposits from mobile phone sales, linking them to credit card purchases, but directed an 8% profit rate be applied to the turnover.
The ITAT ruled the entire reassessment void ab initio because the 148 notice, issued after March 29, 2022, was served by the Jurisdictional AO (JAO) instead of the mandatory Faceless AO (FAO). Following High Court precedent, the tribunal held that this is a non-curable jurisdictional defect that voids the notice and the subsequent assessment.
The ITAT voided multiple search assessments because the statutory approval under Section 153D was found to be mechanical and without independent application of mind. The Tribunal emphasized that a single, proforma approval for 42 assessment orders across multiple assessees, lacking specific facts or reasoning, renders the entire assessment void ab initio.
Upholding a crucial legal principle, the ITAT ruled that where a businesss income is estimated on a percentage-of-turnover basis, any additions made under 68 for items like unsecured loans or capital on the basis of unverified entries must be deleted. The decision provides relief by confirming that estimated net profit covers the source of cash and capital.
A summary of Income from Other Sources (I.F.O.S.), covering the basis of charge, list of specific incomes like dividends, winnings, and rent, taxation of gifts and property received for inadequate consideration, and applicable deductions under the residual tax head.
Tribunal ruled that registration under Section 12AB can be cancelled only upon proven specified violations, not on suspicion or ongoing assessments, restoring society’s registration.
Gifts exceeding Rs.50,000 are taxable for the receiver under Income Tax, except those from relatives or received on marriage. TDS applies to business perquisites over Rs.20,000.
Overview of Capital Gains tax: definition of capital asset, distinction between short-term and long-term assets, meaning of transfer, list of exempt transactions, and the computation formula, including indexation rules and recent amendments.
Two CIT(A) rulings confirm the Section 87A tax rebate applies to total income up to Rs.7 lakh, even with Short-Term Capital Gains (STCG) u/s 111A, for taxpayers under the new 115BAC(1A) regime.
The ITAT Chandigarh quashed income tax assessments under Section 153A, ruling that the mandatory Section 153D approval was mechanical and invalid. The Tribunal held that the approving authority failed to apply independent reasoning, using a ‘rubber stamp’ proforma for multiple assessees without considering specific facts or seized material, thus making the entire assessment void ab initio.
