Section 54 Exemption Allowed Despite Property Purchase from Spouse: ITAT Mumbai
Section 54 Exemption Allowed Despite Property Purchase from Spouse: ITAT Mumbai Kavita Manoj Damani vs. ITO [ITA No. 2648/MUM/2024]…
Income Tax
AI in Tax and Legal Professions: A Revolution That Can’t Be Ignored
AI in Tax and Legal Professions: A Revolution That Can’t Be Ignored In today’s fast-evolving world, one thing is…
Surcharge Glitch Undermines New 12.5% LTCG Benefit on Property Sales
Surcharge Glitch Undermines New 12.5% LTCG Benefit on Property Sales A well-intended tax relief introduced in 2024 for real…
No Penalty for Bona Fide Delay in Filing ITR if Disclosure is Full in return in response to section 148: Ahmedabad ITAT Ruling
No Penalty for Bona Fide Delay in Filing ITR if Disclosure is Full in return in response to section 148:…
Foreign Tax Credit Allowed Despite Delay in Form 67 Filing: ITAT Kolkata Offers Relief to Global Taxpayers
Foreign Tax Credit Allowed Despite Delay in Form 67 Filing: ITAT Kolkata Offers Relief to Global Taxpayers In a…
AI Joins the Taxman: How the Income Tax Department is Using Artificial Intelligence to Catch Evasion
AI Joins the Taxman: How the Income Tax Department is Using Artificial Intelligence to Catch Evasion In an era where…
Bogus Purchases & Real Income: ITAT Ahmedabad’s Ruling on Leela Greenship Recycling Pvt. Ltd.
Bogus Purchases & Real Income: ITAT Ahmedabad’s Ruling on Leela Greenship Recycling Pvt. Ltd. Ahmedabad, India – In a…
No addition towards Bogus Purchase if assessee has opted for presumptive taxation scheme under Section 44AD
No addition towards Bogus Purchase if assessee has opted for presumptive taxation scheme under Section 44AD Recently, Bangalore ITAT…
Jewellers Under I-T Scanner for Inventory Valuation Trick: The LIFO Loophole
Jewellers Under I-T Scanner for Inventory Valuation Trick: The LIFO Loophole Introduction As gold prices soar, so does the…
ITAT Mumbai Quashes Addition in Penny Stock Case: No Evidence, No Tax!
ITAT Mumbai Quashes Addition in Penny Stock Case: No Evidence, No Tax! In a significant victory for honest investors,…
Mumbai ITAT Upholds Taxation of Covid Donation Funds Used for Personal Expenses by Assessee:
Mumbai ITAT Upholds Taxation of Covid Donation Funds Used for Personal Expenses by Assessee: Rana Ayyub Shaikh (ITAT 2281,…
Madras High Court Rules: No Clubbing of GST Show Cause Notices for Multiple Financial Years
Madras High Court Rules: No Clubbing of GST Show Cause Notices for Multiple Financial Years In a landmark decision…
Relaxation of time limit for processing of returns of income filed electronically which were incorrectly invalidated by CPC
Relaxation of time limit for processing of returns of income filed electronically which were incorrectly invalidated by CPC It…
Section 43CA Additions Quashed by ITAT Pune: A Victory Against Mechanical Reopening and Misapplication of Law
Section 43CA Additions Quashed by ITAT Pune: A Victory Against Mechanical Reopening and Misapplication of Law In a significant…
Foreign Mutual Funds Must Be Reported in ITR — Avoid ₹10 Lakh Penalty
Foreign Mutual Funds Must Be Reported in ITR — Avoid ₹10 Lakh Penalty As more Indian taxpayers explore global investment…
Assessing Officer cannot rely solely on borrowed information without independent verification or a rational connection to income escapement.
Assessing Officer cannot rely solely on borrowed information without independent verification or a rational connection to income escapement. Tax…
Reassessment against dissolved Firm is void – ITAT Delhi Quashes ₹17 Crore Addition
Reassessment against dissolved Firm is void – ITAT Delhi Quashes ₹17 Crore Addition The Delhi ITAT quashed reassessment orders passed…
Tax Refund Mafia: The AI That Never Sleeps [Part II]
Tax Refund Mafia: The AI That Never Sleeps [Part II] Last week, we explored how AI busted a capital gains…
