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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 Income Tax Appellate Tribunal (ITAT) Kolkata allowed QLAR India Pvt. Ltd.’s appeal, ruling that the Assessing Officer’s disallowance of warranty provisions through rectification proceedings under Section 154 was invalid
ITAT Kolkata deletes tax additions on share capital and premium. The tribunal rules the company proved the genuineness and source of funds from a group company.
Kolkata ITAT rules assessment void after a 143(2) notice failed to specify the type of scrutiny, violating mandatory CBDT instructions. The court follows precedent on procedural compliance.
The Income Tax Appellate Tribunal (ITAT) Kolkata ruled that an assessment framed by the AO without a mandatory Section 143(2) notice is invalid.
The ITAT Kolkata bench restored an appeal, ruling that an appeal cannot be mechanically dismissed under Section 249(4)(b) and that natural justice demands a fair hearing.
ITAT Kolkata ruled that the assessee’s double addition in the tax audit was a genuine error, dismissing Revenue’s appeal for AY 2021-22.
The ITAT Rajkot set aside a CIT(A) order against Prataprai Ranpariya, ruling that the ex-parte dismissal violated principles of natural justice. The Tribunal remanded the matter for a fresh hearing, imposing a Rs.2,000 cost on the assessee for non-compliance.
ITAT deletes ₹2936 Cr penalty on CGTMSE, affirming its charitable nature and ruling proviso to Section 2(15) inapplicable. Prior ITAT rulings cited.
ITAT Jaipur quashes PCIT’s Section 263 revision orders, holding that assessments completed under Section 143(3) r.w.s. 148B post-search with Addl. CIT approval cannot be revised merely to apply higher tax rates under Section 115BBE.
A unified front of professional bodies, including the Institute of Chartered Accountants of India (ICAI), is amplifying calls for an extension of the tax audit report (TAR) and Income Tax Return (ITR) filing deadlines. The current due date for TARs is September 30, with a corresponding ITR deadline of October 31 for audit cases. Citing […]
