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...
The issue was whether entire bank cash deposits could be taxed as unexplained money. The Tribunal ruled that gross receipts alone cannot be treated as income without examining business facts. Key takeaway: turnover ≠ income under section 69B.
The ruling clarifies that rectification powers are confined to patent errors and cannot be invoked to revisit decisions based on later changes in law.
The issue was whether a hydro power subsidy should reduce the cost of assets. The Tribunal held the subsidy was for project encouragement, not asset cost. Depreciation withdrawal was therefore unsustainable.
ITAT Bangalore held that disallowing outstanding sub-contract expenses payable under section 68 of the Income Tax Act as unexplained cash credit without specific reasoning and without pointing out defects in books of accounts is not justifiable. Accordingly, appeal is allowed and disallowance is deleted.
ITAT Delhi ruled that a sub-broker’s turnover includes only brokerage income, not total client transactions, and deleted ₹1.5 lakh penalty under Section 271B.
ITAT held that exemption under section 11 cannot be denied where the audit report in Form 10B was filed before CPC processed the return, even if the return itself was belated.
The ITAT held that income appearing in Form 26AS cannot be taxed unless actually received when the assessee follows cash accounting. The ruling confirms that 26AS entries alone cannot justify additions.
ITAT Chennai held that since there was sufficient own funds to make investment/advances to its subsidiary, the interest disallowance under section 36(1)(iii) was not warranted. Accordingly, AO directed to delete the addition.
ITAT Jaipur held that addition towards unexplained cash deposit during demonetization under section 68 without rejection of books of accounts is unwarranted. Further, addition is also not warranted as genuineness of cash sale duly proved.
The Tribunal held that the assessees misunderstanding about the relevance of quantum proceedings justified remanding the 271B penalty order. The AO is directed to consider the assessees factual explanations without unnecessary adjournments.
