TDS on sale of immovable property by NRIs:   Who is treated as an NRI? For income-tax purposes, residential status is determined year-wise under sections 6 of the Income-tax Act, 1961. If the seller is a Non-Resident or RNOR in the year of sale, the provisions below apply. Taxability of Capital Gains in India Income…

Mumbai ITAT Strikes Down Section 68 Additions Based Solely on Entry Operator Statement: A Strong Reaffirmation of Law and Natural Justice   In a significant and taxpayer-friendly ruling, the Hon’ble Mumbai Income Tax Appellate Tribunal (ITAT) has once again drawn a clear line between documented genuine transactions and additions based on suspicion and third-party statements. In Nandkshore Telefilms & Media Pvt….

Supreme Court Clarifies GST Exemption on Hostel/PG Rentals   The Supreme Court has delivered a landmark ruling on GST applicability for residential properties leased to aggregators providing hostel/PG accommodation. Let us have a Short Overview of the Case of tate of Karnataka vs Taghar Vasudeva Ambrish (2025) Key Highlight: Leasing a residential dwelling to an…

Whether addition under section 68 permissible when Books Are Rejected and Cash Sales Duly Recorded?   Addition under Section 68 for Demonetisation Cash Deposits – Whether Possible When Books Are Rejected and Cash Sales Duly Recorded? ITAT Mumbai in the case of Rakesh Jain v. DCIT (2025) ITA No. 546/Mum/2025 │ Order dated: 4 December…

Furnishing an Audit Report with the return is a procedural provision: Gujarat HC   Hon’ble High Court condones delay of 1128 days in filing of Form No. 10B and sets aside the Order under Section 119(2)(b) of the Income Tax Act, 1961 rejecting Petitioner’s Application for Condonation of Delay. The Hon’ble Court followed the judgment…