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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 rules that “hardship compensation” received by a flat owner from a builder during society redevelopment is a capital receipt, not taxable income. It adjusts the cost of acquisition.
ITAT Mumbai quashes reassessment (AY 13-14, 14-15) as AO missed the Rajeev Bansal-mandated “surviving limitation.” S. 149 prevails over S. 148A procedural timelines.
Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for taxpayers.
The Tribunal confirmed a co-operative banks use of a mixed accounting system (mercantile/receipt basis) for NPA interest, prioritizing consistency and adherence to RBI/NABARD prudential norms over the AOs theoretical objection. This ruling solidifies that regulatory requirements trump mechanical accounting changes.
The ITAT deleted additions in a search assessment, ruling that the AO couldn’t disallow depreciation or sub-contract expenses solely based on an unverified third-party statement without granting the assessee cross-examination. The Tribunal emphasized that denial of natural justice and reliance on suspicion cannot replace documentary evidence, such as bank payments and TDS.
The ITAT deleted penalties under both Sections 271(1)(c) and 270A, ruling that merely making a bona fide but ultimately unsustainable tax claim under the India-UK DTAA does not attract a penalty. The Tribunal held that a difference in legal interpretation, especially in complex international tax issues, does not constitute concealment or misreporting of income.
The ITAT deleted the disallowance under Section 36(1)(va) for a one-day delay in depositing employees PF contribution. The ruling held that the delay was due to a technical failure of the EPFO portal, not the taxpayers fault, successfully invoking the doctrine of impossibility over the strict ruling in Checkmate Services.
The ITAT confirmed that even where technical jurisdiction exists (i.e., abated years), high-pitched additions must be examined on substantive merits, finding the AOs reliance on conjecture and arbitrary estimations unsustainable. This judgment serves as a strong precedent that mere jurisdiction under Section 153A doesn’t grant a license for evidence-less or double taxation.
The ITAT restored the Section 11 exemption, ruling that the Diamond Bourse’s cost-recovery activities are purely facilitative and do not constitute “trade, commerce, or business” under the restrictive proviso to Section 2(15). The Tribunal held that genuine General Public Utility (GPU) organizations operating on a non-profit, cost-recovery basis are not affected by the amendment.
The ITAT set aside a CIT(A) order that allowed a Section 54B capital gains exemption, because the CIT(A) copied a co-owners case ruling without independently verifying the factual evidence of agricultural use. The Tribunal reiterated that the burden to prove agricultural use rests on the assessee and remanded the matter for a fresh, reasoned decision based on factual findings.
