Income Tax

7 additional information and details required in ITR-1 and ITR-4 for A.Y. 2025–26, especially for taxpayers in the Old Regime:

10 months ago

7 additional information and details required in ITR-1 and ITR-4 for A.Y. 2025–26, especially for taxpayers in the Old Regime:…

Income Tax

Once the source of cash is accepted and taxed under Section 269SS, second addition under Section 69A on the same amount is impermissible and amounted to double taxation.

10 months ago

Once the source of cash is accepted and taxed under Section 269SS, second addition under Section 69A on the same…

Income Tax

Purchase price of alleged penny stock cannot be disputed in year of sale of such stock.

10 months ago

Purchase price of alleged penny stock cannot be disputed in year of sale of such stock. Purchase price of…

Income Tax

There is no requirement to file the books of account and vouchers if assessee has income u/s 44AD

10 months ago

There is no requirement to file the books of account and vouchers if assessee has income u/s 44AD Where…

Income Tax

Purchasers cannot be left at the mercy of the seller as they can also not compel the selling dealer to file the return within stipulated time and deposit the tax Collected.

10 months ago

Purchasers cannot be left at the mercy of the seller as they can also not compel the selling dealer to file…

Income Tax

Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme: ITAT Quashed the proceeding

10 months ago

Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme: ITAT Quashed the proceeding ITAT…

Income Tax

Claim Based on Prevailing HC Ruling Not Inaccurate: ITAT Quashes Penalty Under Section 271(1)(c)

10 months ago

Claim Based on Prevailing HC Ruling Not Inaccurate: ITAT Quashes Penalty Under Section 271(1)(c) The assessee, Intervalve Poonawalla Pvt.…

Income Tax

Reassessment quashed as no addition is made on the basis of the reason recorded for reopening

10 months ago

Reassessment quashed as no addition is made on the basis of the reason recorded for reopening Tax Tribunal Quashes Reassessment…

Income Tax

Order u/s 119(2)(a) of the Income-tax Act,1961 regarding processing of returns filed u/s 139 of the Income-tax Act, 1961 beyond the prescribed time limit

10 months ago

Order u/s 119(2)(a) of the Income-tax Act,1961 regarding processing of returns filed u/s 139 of the Income-tax Act, 1961 beyond…

Income Tax

No penalty under Section 272A(1)(d) when Assessment Completed u/s 143(3)

10 months ago

No penalty under Section 272A(1)(d) when Assessment Completed u/s 143(3) Judiciary has repetitively held that no penalty under Section 272A(1)(d)…

Income Tax

No Justification for exercising revisionary power under Section 263 based on mere Opinion Divergence

10 months ago

No Justification for exercising revisionary power under Section 263 based on mere Opinion Divergence The assessee, Ganesh Srinivasan, a…

Income Tax

Multiple Floors in a Single Building Constitute One Residential House Under Section 54F: Delhi HC

10 months ago

Multiple Floors in a Single Building Constitute One Residential House Under Section 54F: Delhi HC In a landmark judgment,…

Income Tax

ITR Forms for AY 2025–26: What’s New!

10 months ago

ITR Forms for AY 2025–26: What’s New! When the Income Tax Department updates the ITR forms, it’s not just a…

Income Tax

No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset

10 months ago

No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an…

Income Tax

Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit.

10 months ago

Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit. In…

Income Tax

Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74.

10 months ago

Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74. Andhra Pradesh High Court judgment…

Income Tax

Valuation of shares by DCF method cannot be rejected, where there is no error in the methodology: Delhi HC

10 months ago

Valuation of shares by DCF method cannot be rejected, where there is no error in the methodology: Delhi HC …

Income Tax

Section 205 is a protective provision – Once TDS has been deducted and deposited, the assessee cannot be asked to pay tax again

10 months ago

Section 205 is a protective provision – Once TDS has been deducted and deposited, the assessee cannot be asked to…

Income Tax

7 additional information and details required in ITR-1 and ITR-4 for A.Y. 2025–26, especially for taxpayers in the Old Regime:

Once the source of cash is accepted and taxed under Section 269SS, second addition under Section 69A on the same amount is impermissible and amounted to double taxation.

Purchase price of alleged penny stock cannot be disputed in year of sale of such stock.

There is no requirement to file the books of account and vouchers if assessee has income u/s 44AD

Purchasers cannot be left at the mercy of the seller as they can also not compel the selling dealer to file the return within stipulated time and deposit the tax Collected.

Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme: ITAT Quashed the proceeding

Claim Based on Prevailing HC Ruling Not Inaccurate: ITAT Quashes Penalty Under Section 271(1)(c)

Reassessment quashed as no addition is made on the basis of the reason recorded for reopening

Order u/s 119(2)(a) of the Income-tax Act,1961 regarding processing of returns filed u/s 139 of the Income-tax Act, 1961 beyond the prescribed time limit

No penalty under Section 272A(1)(d) when Assessment Completed u/s 143(3)

No Justification for exercising revisionary power under Section 263 based on mere Opinion Divergence

Multiple Floors in a Single Building Constitute One Residential House Under Section 54F: Delhi HC

ITR Forms for AY 2025–26: What’s New!

No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset

Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit.

Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74.

Valuation of shares by DCF method cannot be rejected, where there is no error in the methodology: Delhi HC

Section 205 is a protective provision – Once TDS has been deducted and deposited, the assessee cannot be asked to pay tax again

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