Agricultural Income in New Income-tax Act, 2025: Tax-Free, But Not Trouble-Free Anymore (Part–4)   This article forms Part–4 of my ongoing series on the New Income-tax Act, 2025, where in the last three weeks we have examined various structural and procedural changes introduced in the new law. While many of those changes were more in the nature…

Gujarat High Court pulls up CBDT for 11 years of non-compliance with Court directions on timely release of ITR forms & utilities.        

Section 68 Cannot Tax Recorded Sales Again | ITAT Mumbai Rules Against Double Taxation of Turnover In a significant ruling with wide practical implications, the ITAT Mumbai has clarified that sales already recorded as turnover cannot be taxed again under Section 68 as unexplained cash credit, especially when books of account are not rejected under Section…

Section 44AD vs 44ADA: Can Wrong TDS u/s 194J Turn Business Income into Professional Income? A Growing Litigation Issue A new and increasingly common controversy is emerging in income tax assessments—Assessing Officers are treating income as “professional income” merely because TDS was deducted under Section 194J, and forcing taxpayers into Section 44ADA instead of Section…

₹12.54 Crore Gift Case: ITAT Flags Genuineness Issues in Gift Received by Shilpa Shetty   In a high-profile and instructive ruling, the ITAT has raised serious concerns over the genuineness of a ₹12.54 crore gift received by Shilpa Shetty from her husband. The case highlights a crucial principle under the Income-tax Act-mere documentation is not enough; the transaction…