Category: Income Tax

Even admission of assessee without corroborative evidence cannot be made basis for addition – High Court In a recent judgment, the Hon’ble Rajasthan High Court has held that the admission of the assessee in absence of any corroborative evidence to strengthen the case of the Revenue cannot be …

Nobody would withdraw cash and keep it idle for a long period – ITAT uphold addition for cash deposit In a recent judgment, the ITAT Surat has rejected the cash withdrawal made one year prior as source of cash deposit in bank holding that it cannot be accepted …

Assessee should not be disqualified from producing evidence merely for the fact it was not produced before the Assessing Officer (AO) In a recent judgment, the ITAT Ranchi has held that the assessee should not be disqualified from producing evidence merely for the fact it was not produced …

Cultivation of banana saplings held as agricultural activity after Plantlets left laboratory – ITAT In a recent judgment, the ITAT Hyderabad dealt with the question whether cultivation of banana saplings is an agricultural activity or not and held that income derived from the operations conducted after the Plantlets …

High Court criticises ITAT for change in its stand on applicability of amendment to section 14A In a recent judgment, the Hon’ble Guwahati High Court has criticised ITAT for change in its stand on applicability of amendment to section 14A observing that authority discharging judicial functions is expected …

Due date extended for filing tax audit and other reports to 07.10.2024 for AY 2024-25. CBDT has extended the due date for filing tax audit and other audit reports extended from 30.09.2024 to 07.10.2024 for AY 2024-25 F. No. 225/205/2024/ITA-llGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of …

In best judgment assessment case, it could not be alleged that AO did not make proper enquiries In a recent judgment, the ITAT Chennai has held that when assessment was framed on best judgment basis wherein the income is assessed to the best judgment of AO without considering …

CBDT increase monetary limits of tax effect for filing appeals by the Income Tax Department CBDT has further enhanced the monetary limits for filing appeals by the Income Tax Department before Income Tax Appellate Tribunal, High Courts and Special Leave Petition (SLP)/appeals before Supreme Court. Earlier CBDT vide …

AO can’t review own decision by rectification u/s 154 to disallow late deposit of PF  In a recent judgment, the ITAT Delhi has held that when Assessing Officer consciously allowed deduction of late deposit of PF, subsequently, by relying on the judgment of the Hon’ble Supreme Court he …

Excel Old vs New Tax Regime Calculator to compare Tax under old and new Personal Tax Regime u/s 115BAC for AY 2025-26. Old vs new tax regime calculator in excel. Release of excel tax calculator for New Tax Regime for AY 2025-26. This Excel Calculator utility has been …