Category: Income Tax
Rent receivable towards properties inherited from grandparents under will does not represent revenue receipt In a recent judgment ITAT Cochin has quashed rectification order under section 154 making addition towards rent receivable towards properties inherited by assessee from grandparents under will. ABCAUS Case Law Citation:4511 (2025) (04) abcaus.in …
AO not being an expert of accounts, having regard to complexity of business of the assesse was duty bound to invoke & direct a special audit u/s 142(2A) of the Act. In a recent judgment ITAT Panji has set aside assessment making ad hoc estimation of gross profits …
Seller is not responsible for verification of Form 27C for obtaining goods without Collection of Tax at Source if it is duly filed in and signed by the declarant and forwarded within the prescribed time limit In a recent judgment, the Hon’ble Jharkhand High Court has declined to …
TCS provisions are not applicable to timber being sized, sawn into logs of different dimensions and shapes in activities carried on saw mills authorised by the Government. In a recent order, the Hon’ble Supreme Court dismissed the SLP of the Income Tax Department against the judgment of the …
Addition deleted for contingent liability stated in tax audit report but which was not debited to the P&L Account In a recent judgment, ITAT Kolkata upheld the order of CIT(A) deleting the addition made by CPC for contingent liability stated in tax audit report but which was not …
Mere failure of partner to respond to notice u/s 133(6) does not ipso facto establish that the capital is unexplained – ITAT upheld deletion of addition u/s 68 In recent case, ITAT Ahmedabad has upheld that the failure of the partner to respond to a notice under section …
Excel Auto 234ABC Interest Calculator for AY 2025-26 with accurate calculation as per revised provisions. Download for Corporate and Non-corporate Assessees Section 234A, 234B and 234C of the Income tax Act, 1961 deals with interest for delay in ITR Filing or Short/Non deposit of Advance tax. Interest is …
CBDT notifies 5 years Bonds of HUDCO eligible for capital gain exemption under section 54EC MINISTRY OF FINANCE(Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2025 New Delhi, the 7th April, 2025 S.O. 1644(E).—In exercise of the powers conferred by clause (ba) of Explanation to section 54EC …
CBDT notifies 30.04.2025 as last date for declaration of tax arrear to be filed under Direct Tax Vivad se Vishwas Scheme, 2024 MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 32/2025 New Delhi, the 8th April, 2025 S.O. 1650(E).—In exercise of the powers …
CBDT notifies ITR-B Return of income under section 158BC for block search assessment cases CBDT vide Notification No. 30/2025 dated 07/04/2025 has notified the Income-tax (Tenth Amendment) Rules, 2025 prescribing ITR-B for block search assessment return under clause (a) of sub section (1) of section 158BC of the …
