Category: Income Tax

CBDT has issued revised requirements of DIN referencing in Income Tax notices etc. and exceptions Section 292B of Income Tax Act 1961 (section 592 of 2025 Act) states that no return of income, notice, summons etc shall be invalid merely by reason of any mistake, defect or omission …

When property purchased and sold within same year both sale and purchase price has to be adopted by applying same guideline value u/s 50C – ITAT If AO adopts a deemed price u/s 50C, then where property was purchased within same year both sale and purchase price has …

Addition deleted as it was made on the basis of letter of District Magistrate which not recovered during the search In a recent judgment, Allahabad ITAT has deleted addition made on the basis of letter of District Magistrate which had not been recovered during the search and therefore, …

Banks not required to deduct TDS under Income Tax Act 2025 on interest income below threshold limit – CBDT clarification  CBDT has issued a clarification on threshold for deduction of tax on interest income by banks or banking companies under section 393 of Income Tax Act 2025. Under …

Allegations of delay in TDS deposit, role of person responsible are disputed factual matters which must be tested at trial through evidence and cross examination. In a recent judgment, Hon’ble Supreme Court has dismissed assessee’s SLP against High Court order that allegations regarding deduction of TDS, delay in …

Procedure, formats and standards for generation and allotment of Unique Identification Number (UIN) in respect of Form No. 121 declaration for payment without deduction of tax from tax year 2026-27 As per Income tax Act 2025, Section 393 provides for provisions regarding deduction of tax at source. Similar …

Penalty u/s 270A deleted as AO failed to mention under which clause the case of the assessee fall. In a recent judgment, ITAT Delhi deleted penalty u/s 270A as the Assessing Officer (AO) directly applied the higher penalty percentage provided in Section 270A(9) without mentioning under which clause …

Income of section 25 company by deploying ex-servicemen as security guards was not business activity. In a recent judgment, Kerala High Court has held that income by deploying ex-servicemen as security guards was not business activity for section 25 company established for assistance to the Ex-Servicemen. ABCAUS Case …

In absence of a valid final assessment order passed within statutory time frame, draft assessment order cannot give rise to any enforceable demand  In a recent judgment, Calcutta High Court has held that in the absence of a valid final assessment order passed within the statutory time frame …

No disallowance u/s 43B can be made if expenditure has not been not claimed by the assessee in Profit and Loss Account In a recent judgment, ITAT Hyderabad has held that if the assessee has not claimed any expenditure in its Profit and Loss Account, then no disallowance …