Trent’s Strategic Shift: Balancing Partnerships and Homegrown Strengths
In a dynamic move within the fashion retail sector, Tata’s Trent is adjusting its business strategy by scaling back its…
Income Tax
Invocation of Sec 68/69 in case of transfer from abroad to NRE Accounts:
Invocation of Sec 68/69 in case of transfer from abroad to NRE Accounts: Issue: It is common for NRIs to…
7 additional information and details required in ITR-1 and ITR-4 for A.Y. 2025–26, especially for taxpayers in the Old Regime:
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.
Once the source of cash is accepted and taxed under Section 269SS, second addition under Section 69A on the same…
Purchase price of alleged penny stock cannot be disputed in year of sale of such stock.
Purchase price of alleged penny stock cannot be disputed in year of sale of such stock. Purchase price of…
There is no requirement to file the books of account and vouchers if assessee has income u/s 44AD
There is no requirement to file the books of account and vouchers if assessee has income u/s 44AD Where…
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.
Purchasers cannot be left at the mercy of the seller as they can also not compel the selling dealer to file…
Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme: ITAT Quashed the proceeding
Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme: ITAT Quashed the proceeding ITAT…
Claim Based on Prevailing HC Ruling Not Inaccurate: ITAT Quashes Penalty Under Section 271(1)(c)
Claim Based on Prevailing HC Ruling Not Inaccurate: ITAT Quashes Penalty Under Section 271(1)(c) The assessee, Intervalve Poonawalla Pvt.…
Reassessment quashed as no addition is made on the basis of the reason recorded for reopening
Reassessment quashed as no addition is made on the basis of the reason recorded for reopening Tax Tribunal Quashes Reassessment…
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
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…
No penalty under Section 272A(1)(d) when Assessment Completed u/s 143(3)
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)…
No Justification for exercising revisionary power under Section 263 based on mere Opinion Divergence
No Justification for exercising revisionary power under Section 263 based on mere Opinion Divergence The assessee, Ganesh Srinivasan, a…
Multiple Floors in a Single Building Constitute One Residential House Under Section 54F: Delhi HC
Multiple Floors in a Single Building Constitute One Residential House Under Section 54F: Delhi HC In a landmark judgment,…
ITR Forms for AY 2025–26: What’s New!
ITR Forms for AY 2025–26: What’s New! When the Income Tax Department updates the ITR forms, it’s not just a…
No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset
No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an…
Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit.
Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit. In…
Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74.
Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74. Andhra Pradesh High Court judgment…
