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Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...
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 : 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 Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled tha...
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 : 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 Delhi: Addition on expensive watches deleted. The court held they belonged to the entire Kochar family, and possession was consistent with their status.
Assessee had recorded the cash deposits as sales in the audited books of account, and no discrepancies were found by AO or CIT(A). Failure to provide PAN alone could not be the sole reason to treat the sales as unexplained money, particularly when Aadhaar details were submitted.
Chennai ITAT rules that costs for interior work and utility connections for a new home can be included in the LTCG exemption under Section 54 of the IT Act.
The ITAT Delhi has restored an ex-parte appeal from Bhaane Studio, condoning a 385-day delay because the CIT(A) sent notices to a former employee’s email address.
Delhi ITAT invalidates reassessment notices issued for AY 2015-16 after April 1, 2021. The ruling, based on Supreme Court and High Court precedents, confirms they are time-barred.
CIT(A) dismissed the appeals and upheld the assessments with the additions. It was held that search assessments were legally valid, JCIT had granted proper approval after due consideration, and the additions were based on incriminating material found during the search.
Delhi ITAT quashes an assessment order, ruling it void due to the absence of a valid jurisdictional order empowering the Additional CIT to act as an Assessing Officer.
The ITAT Delhi has deleted a ₹25,000 penalty under Section 271A, ruling that F&O turnover for a trader should be calculated based on ICAI’s guidance, not the Assessing Officer’s method.
Delhi ITAT rules that disallowance of expenses under Section 14A cannot exceed the actual exempt dividend income, providing relief to KEI Industries.
Madras High Court held that it cannot be decided that whether Virudhunagar District Central Cooperative Bank Limited is a Cooperative Bank or a Cooperative Society without the said institution is impleaded as party respondent. Hence, writ appeal dismissed.
