Income Tax : Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral ...
Income Tax : The revised content expands tax planning guidance for business setup by extending deduction analysis up to AY 2026-27 and Tax Year...
Income Tax : Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profess...
Income Tax : The new law introduces audit requirements for businesses declaring profits below presumptive rates. It removes the earlier flexibi...
Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
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 : The Tribunal held that penalty was not justified where all relevant facts were disclosed in the return of income, audit report, an...
Income Tax : ITAT found that the Assessing Officer incorrectly treated consignment transactions as the assessees turnover based solely on cess ...
Income Tax : The Tribunal upheld the deduction of interest expenditure after finding that the loan was utilized wholly for business activities....
Income Tax : Adjustment under section 143(1)(a)(iv) based on disallowance reported in Form 3CD was held to be within CPC's jurisdiction. Howeve...
Income Tax : The Bangalore ITAT held that a Section 40A(3) disallowance cannot be made on the assumption that cash payments might have exceeded...
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...
ITAT held that delay in filing Form 10B is only a procedural lapse and not fatal to exemption. It ruled that exemption under Section 11 cannot be denied where audit report is eventually filed.
The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. It upheld estimation of income at 8% of turnover as a reasonable method when the genuineness of expenses could not be proved.
The Tribunal held that cash deposits recorded in regular books of account cannot be treated as unexplained investments under section 69. Since the books were not rejected and no contrary evidence was produced, the addition was deleted.
ITAT Bangalore held that the Assessing Officer must establish bogus purchases with cogent evidence before making additions. Since the assessee produced complete records and the AO found no defects, the entire addition was deleted.
ITAT Bangalore held that reassessment proceedings were invalid where approval under Section 151 was granted mechanically. The sanction was based on the incorrect assumption that the assessee had not filed a return.
ITAT ruled that addition under Section 68 requires a fresh credit in the books during the relevant year. Where loans represent opening balances from earlier years, they cannot be treated as unexplained income.
The Tribunal held that once loan transactions are routed through banking channels and identity and genuineness are established, the assessee cannot be asked to prove the source of the source. The unsecured loan addition of Rs. 60 lakh was deleted.
The Karnataka High Court set aside an order invalidating a return for alleged non-compliance with Section 44AB audit requirements and directed a fresh hearing on whether turnover actually exceeded ₹10 crores.
The Tribunal held that purchases cannot be treated as bogus merely because the supplier did not file an income tax return. Verified GST filings and inventory records established transaction genuineness.
The Tribunal deleted the ₹60 lakh addition under Section 68 after noting that the loan was received and repaid through banking channels and the lenders identity was established.
