Category: Income Tax

ITAT erred in rejecting application for admission of additional evidence on the ground that application was not made either before the Assessing Officer or CIT (Appeals) In a recent judgment, Hon’ble Chhattisgarh High Court has held that ITAT committed grave legal error in rejecting the application for admission …

Finding of ITAT that retracted statement cannot be termed as incriminating material not appealable before High Court In a recent judgment, Hon’ble Guwahati High Court has held that finding of the ITAT and CIT(A) that retracted statement cannot be termed as incriminating material not liable to be interfered …

Income tax penalty can not be imposed on the HUF which was no longer in existence and dissolved upon partition In a recent judgment, Hon’ble Calcutta High Court has held that income tax penalty can not be imposed on the HUF which was no longer in existence. Even …

CBDT enlarges the scope of section 37, to exclude expenditure incurred to settle proceedings under four laws out of business expenditure CBDT has issued notification enlarging the scope of section 37, to exclude from the definition of business expenditure, any expenditure incurred to settle proceedings under four laws …

CBDT widens the TCS net on sale of ten high priced goods of the value exceeding ten lakh rupees w.e.f. 22.04.2025 Section Section 206C of the Income Tax Act, 1961, pertains to the Tax Collected at Source (TCS). It mandates certain sellers to collect tax from buyers at …

Gupt donation/donation received in small boxes can not be held anonymous donation- ITAT  In a recent judgment, ITAT Jodhpur held that gupt donation/donation in small boxes can not held anonymous donation. Even if such donations are not considered as corpus donations the trust was otherwise get deduction on …

Resulting company is entitled to claim depreciation on goodwill expended at the time of amalgamation of companies.  In a recent judgment, the Hon’ble Supreme Court has dismissed the Special Leave Petition filed by the PCIT approving the judgment of the High Court that the assessee company is entitled …

A fresh notice u/s 148 is required if AO wants to assessee any other income other than as per reasons recorded.  In a recent judgment, the Hon’ble Delhi High Court has reiterated that a fresh reopening notice u/s 148 is required if AO wants to assessee any other …

Order u/s 148A(d) quashed being beyond the scope of the notice issued under Section 148A(b). In a recent judgment, the Hon’ble Delhi High Court quashed order passed under Section 148A(d) being beyond the scope of the notice issued under Section 148A(b) as in the notice there was no …

Any transaction of Rs. 2,00,000/- and above in cash to be reported to Income Tax Department – Supreme Court In a recent judgment, the Hon’ble Supreme Court have directed that whenever Rs. 2,00,000/- and above is paid by cash towards any transaction i.e. immovable property or otherwise, the …