Category: Income Tax

CBDT amends threshold of salaries and gross total income in respect of certain perquisites CBDT has notified Income tax (Twenty Second Amendment) Rules, 2025 vide Notification No. 133/2025 dated 18.08.2025 amending the rules relating to taxability of certain perquisites in the hands of employees. As per section 17(2)(iii) …

Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …

When assessee had already repaid unsecured loans along with the interest no addition can be made under Section 68 treating them accommodation entries. In a recent judgment, ITAT Jaipur held that where assessee had already repaid unsecured loans along with the interest no addition can be made under …

Addition 69A deleted for cash deposit in bank during demonetisation period as the AO did not follow source specific general verification guidelines of CBDT. In a recent judgment, Hon’ble High Court of Chhattisgarh has deleted addition 69A for unexplained cash deposit in bank during demonetisation period as the …

Income Tax Officer is “victim” and have right to appeal under CrPC/BNS against acquittal of accused of default in deposit of TDS u/s 276B rws 278B of Income Tax Act. In a recent judgment, Hon’ble Punjab and Haryana High Court held that Income Tax Officer (ITO) is “victim” …

Addition made by CPC as per Clause 16(b) of Tax Audit Report deleted as it was not stated in the report that it was income of the assessee In a recent judgment, ITAT Delhi has deleted addition made by CPC on the basis of disclosure in Clause 16(b) …

There is no bar to a taxpayer for making a claim by a letter without filing a revised return in a case u/s 143(3) of the Act – ITAT In a recent judgment, ITAT Rajkot has held that there is no bar to a taxpayer for making a …

ITAT deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported In a recent judgment, ITAT Jaipur has deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported. It was also held that when …

Advance received by Managing Director / shareholder held deemed dividend u/s 2(22)(e) though repaid within two months. In a recent judgment Hon’ble Bombay High Court has upheld that business advance received by the Managing Director/shareholder of the company though repaid within two months constituted “deemed dividend” within the …

ITAT upheld claim of deduction on account of embezzlement of funds unearthed during the relevant assessment year In a recent judgment, ITAT Mumbai has upheld claim of deduction on account of embezzlement of funds unearthed during assessment year following the ratio laid down by the Hon’ble Supreme Court …