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 …

ITAT deleted addition on account of employer contribution to LIC for purchasing an annuity policy for assessee-payable in future In a recent judgment, ITAT Ahmedabad held that merely because the employer chose to contribute to LIC to effect an annuity for the future benefit of the employee, the …

There is marked distinction between the expressions, “entitlement to” claim input tax credit and “entitled to avail” input tax credit. There is marked distinction between the expressions, “entitlement to” claim input tax credit and “entitled to avail” input tax credit. In a recent judgment, Hon’ble High Court of …

Assessee who inadvertently opted out of new tax regime eligible for deductions under chapter VIA though not claimed in the return of income – ITAT In a recent judgment, ITAT Chennai has held that assessee,who inadvertently opted out of new tax regime, was eligible for deductions under chapter …

There is no reason to doubt that conditions of Explanations to section 43(5) fulfilled when statement of account from brokers certifying derivative trades submitted In a recent judgment, ITAT Allahabad has held that ideally, the assessee should submit the time stamped contract notes but considering that the time …