Category: Income Tax

Past savings can be a valid source of cash deposits unless proven otherwise by the Department – ITAT In a recent judgment, Lucknow ITAT has deleted addition made under section 69 towards cash deposited in bank account holding that past savings can be a valid source of cash …

Statement of directors or employees of company not subject to cross-examination by the company as these persons are not a third party. In a recent judgment, Hon’ble Kerala High Court has held that statement of the directors or employees of company need not be subjected to cross-examination by …

AO can’t pass order u/s 154 making additions merely on the admission made by the assessee in application submitted before Settlement Commission. In a recent judgment, ITAT Jaipur has held that Assessing Officer (AO) can not pass order u/s 154 for making additions to the income relying on …

CBDT amends quarterly TDS Statement for TDS on payments to partners by firm. Section 194T of the Income Tax Act, 1961 has been inserted by the Finance (No. 2) Act, 2024, w.e.f. 1-4-2025. As per the newly inserted section 194T, payment by a firm to its partners any …

Income Tax Offices throughout India to remain open on 29th, 30th and 31st March, 2025. The Financial Year 2024-25 closes on 31st March, 2025 (Monday), which is a closed Holiday. Further, 29th March, 2025 is a Saturday and 30th March, 2025 is a Sunday.  In view of the …

Depreciation allowed where invoices for the fixed assets were in the name of husband of the assessee but payment made by the assessee/debited to her account In a recent judgment, ITAT Allahabad has allowed the depreciation where invoices for the fixed assets were in the name of husband …

Income Tax Bill 2025 passed by Lok Sabha. CBDT issues Supplementary FAQs . CBDT issues Supplementary FAQs on Income Tax Bill 2025 The Lok Sabha on 25th March 2025 passed the Income Tax Bill 2025 with amendments.  FAQ.1: Amendment of Section 9A of the Income-tax Act, 1961 Q.1. …

CBDT notifies amendments in Income Tax Rules 1962 to expand the scope of Safe Harbour Rules Section 92BC of the Income Tax Act 1961 inter alia empowers the CBDT to make safe harbour rules for the determination of arm’s length price under section 92C or section 92CA. The …

Reassessment quashed as the alleged transaction were clearly mentioned, reflected and contained in the Income Tax Returns filed by the assessee. In a recent judgment, Hon’ble High Court of Karnataka quashed reassessment proceedings as the transactions referred to in notice u/s 148A(b) and order passed u/s 148A(d) were …

Penalty order quashed as show cause notice and opportunity of personal hearing was wrapped up in 48 hours In a recent judgment, Hon’ble High Court of Himanchal Pradesh quashed penalty order as the show cause notice and opportunity of personal hearing was wrapped up in 48 hours. ABCAUS …