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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 Chennai quashed additions under Section 68 against Arusuvai Food Processors, ruling that the provision only applies to fresh unexplained credits during the Assessment Year, not to genuine, consistently disclosed brought-forward trade payables.
Chennai ITAT directed the grant of charitable registration u/s 10(23C)(iv) to a trade promotion body, holding its activities as public utility, citing binding precedents on ITPO’s identical case.
A summary of ITAT Chennai’s order in Shanmugasundaram Venkatachalapathy Vs ITO, which sustained both unexplained investment under Section 69 and professional receipts found via Form 26AS but not declared in income tax return.
Chennai ITAT cancelled the penalty u/s 270A on Redington’s Singapore subsidiary, holding that the existence of a Permanent Establishment (PE) was a debatable issue settled via MAP, not under-reported income.
Chennai ITAT ruled that surplus from land sold after 20+ years was Capital Gain, not business income, as sporadic transactions and long holding period negated intent to trade.
Chennai ITAT deleted a Rs.12.36 lakh cash deposit addition under Section 69A for a retired government employee, acknowledging retirement benefits and customary household savings as sufficient sources.
ITAT Chandigarh held that disallowance under section 14A of the Income Tax Act set aside since own funds and reserves of the assessee are more than sufficient to cover the investment made during the year. Accordingly, appeal of revenue dismissed.
ITAT Chandigarh held that execution of Joint Development Agreement [JDA] doesn’t constitute transfer of capital asset which would result in earning of capital gain. Accordingly, addition is deleted and appeal is allowed.
ITAT Hyderabad held that assessment order passed by AO in old PAN cannot be survived if transactions reported by DGFT in old PAN is already reported by assessee in new PAN. Accordingly, matter restored back to re-verify.
Telangana High Court held that income earned from production of hybrid seeds under supervision of company is in the nature of agricultural activity and income earned from such activity is exempt under section 10(1) of the Income Tax Act. Accordingly, appeal of revenue dismissed.
