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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 : ITAT Delhi held that revisionary proceedings under 263 of the Income Tax Act justifiable since related-party expenses were accepte...
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 : 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, Pune, rules that a clerical error in a trust’s registration application is a rectifiable mistake. The tribunal directs the CIT (Exemption) to reconsider the application on its merits, setting a precedent for similar cases.
ITAT Mumbai rules that the AO’s view on CSR expenditure being allowable under Section 80G is plausible, setting aside a Section 263 revision due to the debatable nature of the issue.
ITAT Mumbai deletes a ₹1.69 crore addition under Section 69A against Parth Ajit Pawar. The ruling emphasizes that a third-party statement without cross-examination and corroborating evidence is not valid for making additions.
ITAT Bangalore rules that a trust’s 12AB registration application cannot be rejected for a curable technical error in the section code, directing the CIT(E) to reconsider the application on its merits.
ITAT Bangalore mandates that the CIT(E) must provide taxpayers a fair hearing and apply independent judgment, not just rely on subordinate reports, when assessing Section 12AB and 80G applications.
ITAT Mumbai rules that fiduciary journal transfers without cash flow cannot be taxed as unexplained cash credits under Section 68, supporting taxpayers in similar situations.
ITAT Pune held that interest income earned by cooperative society on deposits made out of surplus funds with cooperative banks qualifies for deduction under the provisions of section 80P(2)(a)(i). Accordingly, appeal of assessee allowed.
ITAT Pune held that addition by invoking provisions of section 43CA of the Income Tax Act cannot be sustained since the difference between the Stamp Duty Value and agreement value is less than the allowable limit of 5%.
ITAT Delhi held that only the estimation profit element has to form subject matter of addition in case of bogus accommodation entries. Accordingly, CIT(A) order directing @2.5% on total bogus accommodation entry upheld.
Taxpayers can challenge income tax reassessment notices on jurisdictional grounds, including improper notice formats, non-compliance with case selection criteria, and untimely or unauthorized NAFAC actions.
