The ITAT confirmed the deletion of a ₹72 crore addition made under Section 143(1) by the CPC, which resulted from a tax auditor’s inadvertent reporting error in Form 3CD (using the opening instead of the closing inventory). The ruling established that the CIT(A) can directly verify evidence and grant relief for such genuine clerical mistakes without remanding the case to the AO.
The Tribunal deleted the unexplained investment (Section 69) and cash interest (Section 69A) additions, emphasizing that unsigned, vague slips and digital data, where the parties were not confronted and no independent verification was done, have no evidentiary value in search assessment law. This aligns with Supreme Court rulings on the invalidity of additions based on non-speaking loose sheets.
Punjab & Haryana High Court warns lawyers against using mobile phones to search Google/AI for answers to court queries, urging them to prepare in advance or face strict action.
Review the historical gold (per 10 gms, 995 standard) and silver (per 1 kg, 999 touch) rates from April 1, 1981, through the current assessment year (2025-26). Data provides valuation dates and rates for capital gains tax purposes, showing the progression of prices across decades. Gold rates have moved from Rs. 1,670 in 1981 to Rs. 88,807 by 2025, and silver from Rs. 2,715 to Rs. 1,00,892.
Summary of key income tax benefits and residency rules for non-residents (NRs) in India for AY 2026-27. Covers the scope of taxation on India-sourced income, residency tests (Section 6, 6(1A)), special presumptive tax schemes, and exemptions for Foreign Diplomats, FIIs, and IFSC units.
Overview of tax concessions for Indian residents and domestic companies for AY 2026-27, covering lower corporate tax rates (15%-25%), presumptive taxation (Sections 44AD/44ADA), capital gains exemptions, extensive TDS relief thresholds, and special higher tax exemption limits/rebates for resident senior citizens and super senior citizens.
Learn how to view your financial transactions reported to the ITD via AIS and how to resolve incorrect data or mismatches through the e-Verification Scheme and Updated Returns.
A summary of the critical provisions of the Income-tax Act governing non-residents setting up business in India and residents dealing with them. It covers tax chargeability (Sections 4, 5, 9), specific business taxation (Sections 44B to 44BBD), Transfer Pricing (Sections 92 to 92F), GAAR (Sections 95 to 102), and TDS/MAT/AMT compliance.
A summary of Tax Deducted at Source (TDS) rates under various sections of the Income-tax Act, 1961, covering payments to resident and non-resident individuals and companies.
A new facility in Invoice Management System (IMS) has been introduced on GST portal wherein taxpayers are allowed to keep credit notes as Pending for one tax period.
