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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 Delhi has deleted a Rs. 21.66 crore addition to a taxpayer’s income, ruling that the Assessing Officer illegally expanded the scope of a limited scrutiny. The Tribunal also held that the purchase and reconstruction of an old house qualifies for tax exemption under Section 54F.
ITAT Delhi has quashed an ex-parte assessment, ruling that the transfer of an assessee’s file between Assessing Officers requires a specific order under Section 127 of Income-tax Act.
ITAT Delhi’s ruling in DCIT Vs FMI Automotive Components Pvt. Ltd. deletes ad hoc disallowances on forex, repairs, and an insurance claim, confirming such additions are unsustainable without specific defects.
The ITAT Delhi allowed a Rs.1.19 crore foreign exchange loss for Donyi Polo Timbers on import creditors, affirming a consistent accounting method despite a lack of business operations.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled that the Finance Act 2022 amendment, which shortened the period for charitable trusts to utilize accumulated income from six to five years, is not retrospective.
The ITAT Delhi has ruled that the lease equalization charge, a standard accounting practice for finance leasing firms, is a valid deduction. The Tribunal held that this charge, recognized by the ICAI, ensures only real income is taxed and cannot be rejected by tax authorities when consistently applied.
ITAT Delhi’s ruling in Pawan Kumar Agarwal Vs ACIT restricts an unexplained cash addition to a 10% GP rate, reducing it from ₹1.5 crore to ₹15 lakh. It upholds that stock and cash belonging to the assessee’s sons’ firm are not taxable in the assessee’s hands.
The Income Tax Appellate Tribunal (ITAT) Pune dismissed an appeal by the Income Tax Department, affirming that a cooperative credit society was not liable for unexplained cash credits under Section 68.
The ITAT Pune bench has deleted an addition made under Section 68 of the Income Tax Act, ruling that a cooperative credit society’s deposits of old currency during demonetization, received from its members, cannot be treated as unexplained income.
The Income Tax Appellate Tribunal (ITAT), Pune, dismissed the Income Tax Officer’s appeal against Ambika Gramin Bigarsheti Sahakari Patsanstha, affirming that cash deposits received during the demonetization period were not unexplained cash credits.
