Rejection of Books Justified When No Item-wise Stock Records Maintained in Jewellery Business: ITAT
Rejection of Books Justified When No Item-wise Stock Records Maintained in Jewellery Business: ITAT In a detailed and well-reasoned…
Income Tax
Special Audit Without Due Process? Entire Assessment Declared Void ab Initio: ITAT Delhi in Patanjali Case
Special Audit Without Due Process? Entire Assessment Declared Void ab Initio: ITAT Delhi in Patanjali Case In a significant…
Sale Proceeds Of One House Used For Purchasing Multiple Residential Houses Qualifies For Exemption U/S 54: Bombay HC
Sale Proceeds Of One House Used For Purchasing Multiple Residential Houses Qualifies For Exemption U/S 54: Bombay HC IN…
Denial of exemption under Section 11 made by CPC under Section 143(1) – ITAT Mumbai grant relief to Trust
Denial of exemption under Section 11 made by CPC under Section 143(1) – ITAT Mumbai grant relief to Trust …
Genuine Trading Activity Cannot Be Dubbed Bogus- ITAT Mumbai Clears allows alleged penny Stock Loss
Genuine Trading Activity Cannot Be Dubbed Bogus- ITAT Mumbai Clears allows alleged penny Stock Loss In the case of…
No notice u/s 143(2, Not-providing of reasons to believe to Assessee, ITAT quashed Reassessment proceeding
No notice u/s 143(2, Not-providing of reasons to believe to Assessee, ITAT quashed Reassessment proceeding The Hon’ble ITAT quashed…
India is rolling out PAN 2.0: A unified, biometric-backed Tax Identity System
India is rolling out PAN 2.0: A unified, biometric-backed Tax Identity System What’s new? The income tax department has selected…
Compliance Calendar for Aug’2025
Compliance Calendar for Aug’2025 INCOME TAX ▪ 07th Aug 2025- Due date for deposit of Tax deducted and collected for…
Inherited Jewellery & Ancestral Property: Report It Right, Not Bright!
Inherited Jewellery & Ancestral Property: Report It Right, Not Bright! [Query 1] My taxable income exceeded 1 crore this…
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]…
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…
