Category: Income Tax

CBDT has issued Notification No. 155/2025 dated 27.10.2025 authorising Commissioner of Income Tax, Centralized Processing Centre, Bengaluru  to pass rectification order u/s 154 of the Income Tax Act, 1961 (the Act) in all the cases where the orders have been passed through the interface between Assessing Officer and …

Merely because the decision of the High Court followed by Ao was sub-judice before the Supreme Court it would not make the assessment order erroneous. In a recent case, the ITAT Mumbai has held that merely because the decision of the High Court was sub-judice before the Hon’ble …

Deduction of interest on borrowings invested in capital of firm allowed against interest on capital under the head profit and gains from business or professions. In a recent judgment, ITAT Mumbai has allowed deduction of interest on borrowings invested in capital of the firm from which the assessee …

Even if search held invalid, information or material gathered may be relied upon by revenue only in a proceeding which is not illegal In a recent judgment, Hon’ble Supreme Court has declined to interfere with the judgment of High Court holding that even if the search is held …

Amendment to section 50C w.e.f. 01.04.2019 was to apply retrospectively w.e.f. 01.04.2003, when the section 50C was brought into statute – ITAT In a recent judgment, ITAT Agra deleted addition made u/s 56(2)(viib) holding that amendment to section 50C brought into the Act by finance Act, 2018 w.e.f. …

Approval u/s 153D has to be granted for each assessment year. A single approval granted for all AYs held as non application of independent mind. In a recent case. The ITAT Delhi quashed a single approval u/s 153D accorded in respect of 14 Assessment Years pertaining to two …

Prosecution u/s 276C(2) quashed as the assessee had though not paid due income tax along with return but later deposited it within a short period. In a recent judgment, Hon’ble Bombay High Court has quashed prosecution initiated u/s 276C(2) of the Income Tax Act, 1961 (the Act) as …

In slump sale acquisition, purchaser to claim depreciation on lump sum consideration irrespective of WDV in the books of accounts of seller company. In a recent judgment, Hon’ble Supreme Court had dismissed the SLP against the judgment of the Gujarat High Court holding that in a slump sale …

Agreement and Protocol between the India and Qatar for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income Ministry of Finance vide Notification No. G.S.R. 789(E) / CBDT Notification No. 154/2025 dated 24.10.2025 has notified agreement and Protocol between the Republic of …

Under presumptive taxation u/s 44AD, assessee could not have maintained sales bills and bank statement, bank balance and gross receipt in terms of explanation (f) of section 139(9) of the Act were sufficient. In a recent judgment, ITAT Bangalore has held that when provisions of presumptive taxation u/s …