Section 254(1) & Rule 11 of the ITAT Rules: ITAT has power to admit any ground or issue not taken by either of the parties earlier in Appeal
Section 254(1) & Rule 11 of the ITAT Rules: ITAT has power to admit any ground or issue not taken…
Income Tax
Separate reporting of settlement related expenses in Form 3CD:
Separate reporting of settlement related expenses in Form 3CD: Introduction: 1. Clause 21 of the amended Tax Audit Report…
ITAT quashed order under section 263 as CIT could not pinpoint any seized material relating to the issues on which revisionary directions is exercised
ITAT quashed order under section 263 as CIT could not pinpoint any seized material relating to the issues on which revisionary…
Tax Audit Form 3-CD amended: Know key changes introduced in Tax Audit Report
Tax Audit Form 3-CD amended: Know key changes introduced in Tax Audit Report There are lot many changes which…
ITAT allowed Misc. Application and quashed ex-parte order as taxpayer was prevented by sufficient cause in non-appearance: Delhi ITAT
ITAT allowed Misc. Application and quashed ex-parte order as taxpayer was prevented by sufficient cause in non-appearance: Delhi ITAT …
Step-siblings should be considered as relatives under the Income Tax Act -1961: ITAT Mumbai
Step-siblings should be considered as relatives under the Income Tax Act -1961: ITAT Mumbai Mumbai Tribunal in the case…
Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC
Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC M/s Sanmar Speciality Chemicals…
FINALLY, NEW FINANCIAL STATEMENT FORMATS EFFECTIVE TODAY
FINALLY, NEW FINANCIAL STATEMENT FORMATS EFFECTIVE TODAY Starting April 1, 2025, the ICAI Guidance Note on Financial Statements for Non-Corporate…
LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP.
LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP. Income Tax Appellate…
Revised Limit for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025.
Revised Limit for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025. The Government of India has…
Step-Sibling is a ‘Relatives’ Under Section 56(2)(vii) – Tax Exemption available: ITAT
Step-Sibling is a ‘Relatives’ Under Section 56(2)(vii) – Tax Exemption available: ITAT The primary issue in this case revolved…
An overview of recent cases by Bombay High Court on Bogus Purchase vs. Addition under section 69C
An overview of recent cases by Bombay High Court on Bogus Purchase vs. Addition under section 69C Recently Hon’ble…
No reopening permissible if there is no failure on the part of the assessee disclose the full and true facts during assessment proceeding: SC in Mangalam Publication vs. CIT
No reopening permissible if there is no failure on the part of the assessee disclose the full and true facts…
Reopening for Change of opinion which is not permissible: Bombay HC
Reopening for Change of opinion which is not permissible: Bombay HC In Dilip Powar Vs. ITO before the Bombay…
Key Income Tax Changes applicable from 1st April 2025
Key Income Tax Changes applicable from 1st April 2025 The Finance Bill – 2025 has officially received the President’s assent on 29th March…
New Compliance for companies purchasing good/service from MSME
New Compliance for companies purchasing good/service from MSME MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION New Delhi, the…
Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25):
Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25): 1. Additional reporting…
Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s case: ITAT
Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s…
