CBDT amends Rule 12CA/12CC regarding due dates of statement to be filed u/s 115UA / 115TCA for payments of income distributed by Business Trust/ Securitisation Trust. CBDT has issued Notification 17/2025 dated 24.02.2025 notifying the Income-tax (Fifth Amendment) Rules, 2025. The following amendments have been made in the …

Addition u/s 69A deleted as there was no difference in the quantity of jewellery found during search and jewellery declared in the wealth tax return. In a recent judgment, ITAT Hyderabad deleted addition u/s 69A as Assessing Officer (AO) made addition only on the basis of value of …

It is incumbent upon AO to give full credit of TDS as per Form 26AS though full TDS could not be filled in the return of income – ITAT In a recent judgment, ITAT Lucknow has upheld the direction of the CIT(A) to AO to give full credit …

Penalty u/s 271DA deleted for receiving cash above Rs. 2 lakhs from farmers against sale of tractors.  In a recent judgment, the ITAT Delhi has deleted penalty u/s 271DA holding that the assessee had bona fide reasons to receive cash over and above Rs. 2 lakhs from the …

Bank can’t freeze account of company because director of company was facing a matrimonial dispute with his wife – High Court In a recent judgment, the Hon’ble Allahabad High Court has directed bank to allow the petitioner company to operate its current account which was freezed by it because …

Penalty u/s 271E deleted for repayment in cash unsecured loan taken from founder director to meet expenses when bona-fide of transaction was not disputed. In a recent judgment, the ITAT Rajkot has deleted penalty u/s 271E of the Income Tax Act, 1961 (the Act) because due to bank …