Voluntary declaration of additional income by increasing WIP was not proper, as assessee will take the additional benefit in the subsequent year – ITAT In a recent judgment, ITAT has held that voluntary declaration/surrender of additional income by the assessee during the survey should not have been made …

Cash payment for purchase of land or property cannot be treated as violation of provisions of section 269SS or 269T of the Income Tax Act – ITAT In a recent judgment, ITAT has held that cash is the legal tender for purchase of land or property when the …

Income Tax Department has released Excel Utility for e-filing ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5for AY 2026-27 and Common Offline Utility for ITR-1 to 4 Excel utilities of ITR-1 and ITR-4 are now available at e-filing portal. Rest of the ITR Forms can be expected shortly. It may …

Amount of money received as Mediclaim not deductible from an award passed by MACT under the head of medical expenses. Amount of money received as Mediclaim under Mediclaim policy is not deductible from an award passed by Motor Accidents Claims Tribunal (the MACT) which may also include compensation …

Location of the assessing officer who passed the order shall decide the jurisdiction of the Bench of the Tribunal In the instant case, ITAT Guwahati has held that the location of the assessing officer who passed the order shall decide the jurisdiction of the Bench of the Tribunal …

Supreme Court explains meaning and scope of “reason to believe” u/s 147 and when reopening can be said to be mere change of opinion. In a recent judgment, Hon’ble Supreme Court has explained the meaning and scope of “reason to believe” under Section 147 of Income Tax Act …