Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
CA, CS, CMA : The UDIN portal will now validate turnover, gross receipts, and presumptive tax conditions before allowing UDIN generation for tax...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Gujarat High Court is hearing a petition from the Chartered Accountants Association regarding persistent glitches on the new I...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
Income Tax : ITAT Mumbai remanded ₹95.81 lakh commission disallowance, holding that non-response to Section 133(6) notices alone cannot justi...
Income Tax : The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion ...
Income Tax : The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions...
Income Tax : The Tribunal held that addition of entire cash deposits without proper verification was not justified. The matter was remanded for...
Income Tax : The Tribunal examined whether demonetisation cash deposits linked to recorded business sales could be taxed as unexplained income....
CA, CS, CMA : ICAI sets limit of 60 tax audit assignments per CA or partner annually, effective from 1 April 2026, replacing earlier 2008 guidel...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : Stay updated with CBDT's Form 3CD Tax Audit Report Format, Form 3CEB & Form No. 65 revision. Learn about changes in tax audit rep...
Income Tax : Read Circular 18/2023 from the Government of India Ministry of Finance. Learn about the extension of the filing deadline for Incom...
Income Tax : CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax A...
Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible expenditures (Sec. 40A/14A), payment/receipt compliance (Sec. 269SS/T/ST), TDS/TCS, and GST expenditure break-up, ensuring comprehensive tax compliance verification under Section 44AB.
The Income Tax Appellate Tribunal (ITAT) overturned a Principal Commissioner of Income Tax (PCIT) order under Section 263. The Tribunal held that the PCIT cannot invoke revisionary powers simply because they desire a deeper investigation, establishing that inadequate enquiry is not equivalent to no enquiry by the Assessing Officer (AO).
The ITAT upheld the disallowance of delayed employee contributions to PF/ESIC, ruling that the Supreme Courts Checkmate Services judgment is retrospective unless explicitly stated otherwise by the SC itself. The Tribunal confirmed that the doctrine of prospective overruling cannot be invoked by the assessee, as the ruling merely interprets the law as it always existed.
ITAT Raipur held that addition towards unexplained credits on estimated basis should be the average GP rate from the preceding 3 years. In the present case the same is taken as 5% without any basis. Accordingly, matter restored back to file of AO.
The issue was whether high cash sales recorded before demonetisation, and subsequently deposited, could be taxed as unexplained income. The ITAT ruled that since the sales were already recorded, audited, and offered for tax, the deposits could not be taxed again under Section 68 or 69. The key takeaway is that when books of accounts are accepted and corroborated by stock and VAT returns, genuine sales receipts cannot be subjected to double taxation based on mere suspicion or averages.
Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (under Section 44AB) and due date for filing corresponding Income Tax Return (ITR).
The ITAT Delhi allowed the appeal because the penalty under Section 271A for non-maintenance of books had already been deleted by the Tribunal, establishing that the authority was not legally obliged to keep books. The Tribunal concluded that if no books are required to be maintained under Section 44AA, no penalty for failure to audit them under Section 271B can legally survive.
ITAT Jaipur held that addition under section 69A of the Income Tax Act towards unexplained money found during the course of search is liable to be deleted since assessee has discharged his onus to prove that the cash found is completely verifiable from the audited books of accounts.
The ITAT Hyderabad in ITO Vs. SR Peddi Estates India Pvt. Ltd. confirmed the deletion of a ₹4.39 crore addition made during reassessment. The Tribunal ruled that bank credits
ITAT allows S. 80-IA deduction, ruling that the Form 10CCB filing delay is a procedural lapse that can’t deny a substantive claim, maintaining the judicial view post-Finance Act 2020.
