Category: Income Tax

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 …

Disallowance under section 40(a)(ia) of the Income Tax Act, 1961 cannot be made applicable to short deduction of tax at source  – High Court In a recent judgment Hon’ble Uttarakhand High Court has upheld that disallowance under section 40(a)(ia) of the Income Tax Act, 1961 cannot be made …

The new Income Tax (No. 2) Bill 2025 has been passed in Lok Sabha. The new Bill was introduced in Lok Sabha today by Finance Minister.  Earlier on Friday, the 8th August 2025, the Finance Minister in Lok Sabha withdrew the Finance Bill 2025. The Income-tax Bill, 2025 …