Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
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 Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The tribunal ruled that business income under section 44AD cannot be taxed using section 44ADA provisions. Presumptive schemes mus...
CA, CS, CMA : The calendar lists all major statutory deadlines across laws. It helps businesses track filings and avoid penalties through timely...
CA, CS, CMA : The ICAI has updated guidelines for tax audit limits, retaining a 60-audit cap per member per financial year. The rule is effectiv...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Tax...
Income Tax : Representation for extension of Due date of Income Tax Returns And Audit Report For A.Y. 2021-2022 (F.Y. 2020-2021. It is reques...
Income Tax : The ITAT Delhi held that once income higher than the presumptive rate under Section 44AD was declared, the assessee was not requir...
Income Tax : ITAT Kolkata held that presumptive taxation under Section 44AD was wrongly invoked where the assessee’s turnover exceeded ₹2 c...
Income Tax : The ITAT held that reassessment notices issued on 25.07.2022 were time-barred since the Revenue had only one surviving day left un...
Income Tax : The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but ...
Income Tax : The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : In compliance to the judgments of various High Courts and after considering the representations received for extension of the due ...
Income Tax : Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of t...
The issue was whether the entire bank deposits could be treated as unexplained income under Section 69. The tribunal held that deposits linked to business activity cannot be fully taxed and directed estimation of profit at 8%.
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 ruled that without rejecting the books or identifying concrete discrepancies, expenses cannot be disallowed on an ad-hoc basis. The Revenues appeal challenging deletion of the addition was therefore dismissed.
The Tribunal held that although estimation of income was justified due to absence of books and non-filing of return, applying the 8% presumptive rate automatically was excessive. Considering the nature of the garment business, it reduced the estimated profit to 6.5% of bank credits.
The Tribunal held that cash deposits cannot be treated as unexplained when they fall within accepted business turnover declared under the presumptive taxation scheme. Once turnover is accepted under Section 44AD, separate additions for such deposits are generally not justified.
The ITAT Delhi held that merely because additions were sustained in quantum proceedings, penalty under Section 271(1)(c) cannot automatically follow. The Revenue must independently prove concealment or furnishing of inaccurate particulars.
ITAT held that scrap trading does not follow a fixed sales pattern and income declared under Section 44AD cannot be rejected on suspicion. Addition under Section 68 was deleted.
The Tribunal held that once income is declared under the presumptive taxation scheme of Section 44AD, individual cash deposits cannot be separately added. The sustained addition was set aside and deleted.
ITAT Indore held that in absence of evidence, expense on fuel cost occurred on deployment of JCB’s on rent needs to be ascertained by way of proper and detailed empirical analysis. Accordingly, matter remanded back to the file of AO.
The ruling explains that DVO reference is a procedural safeguard, while the safe harbour proviso grants substantive relief. Both provisions can be applied simultaneously where conditions are satisfied.
