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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 upholds CIT(A)’s deletion of ₹5.73 crore addition u/s 68, holding HUF proved loan identity, creditworthiness, genuineness, and repayment with interest.
ITAT Delhi ruled in favor of Air Con Systems (India) Pvt. Ltd., deleting a ₹62,00,000 addition made under Section 69A of the Income Tax Act. The addition was based solely on notings in an undated loose paper seized from a third party’s residence.
Tribunal held that the enhanced leave encashment limit of ₹25 lakh, notified by CBDT on 24 May 2023, applies retrospectively to non-government employees. The assessment order was set aside, granting full exemption benefit to the retired SBI officer.
Upholding the CIT(A)’s decision, the ITAT confirmed that the charitable trusts claim for exemption on ₹2.45 crore application of income could not be denied. The ruling establishes that the registration granted under Section 12AA, even if initially delayed, holds legal force for the current assessment year, nullifying the AOs attempt to tax voluntary contributions.
ITAT quashes Rs.8.8 Cr penalty u/s 271G on Atul Ltd.. Penalty applies for non-furnishing TP docs, not for TPO’s rejection of the assessee’s benchmarking method. Cites Delhi HC precedent.
The Tribunal directed the CIT(A) to decide the appeal afresh on its merits, including a ₹75 lakh unexplained cash advance addition, after finding that the earlier dismissal was based purely on a procedural technicality. The ruling emphasizes that the CIT(A) must use their wide powers to adjudicate on merits and cannot reject an appeal at the threshold.
ITAT Mumbai held that addition towards unexplained expenditure merely on the basis of suspicion based on information received from another authority without independent enquiry cannot be sustained. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that the interconnect usage charges and roaming charges paid to Foreign Telecom Operators [FTOs] are not in the nature of royalty and hence not taxable in India. Thus, disallowance u/s. 40(a)(i) for non-deduction of TDS not justified. Accordingly, appeal allowed to that extent.
Tribunal held that unexplained credit u/s 68 cannot be added when assessee has not yet commenced business. Loans received via account payee cheques from relatives of partners were genuine, referencing Alankar Promoters LLP vs ITO (Delhi HC).
MTD for ITSA mandates digital record-keeping and quarterly updates for self-employment and property income. Effective April 2026 for 50k+ income.
