CBDT issues revised guidelines for condonation of delay and to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income Tax Act 1961 Circular No. 11/2024 F. No. 312/63/2023-OTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of …

Income Tax Re-assessment notices under old regime period can be issued after 01.04.2021 under TOLA – Supreme Court In a recent judgment, the Hon’ble Supreme Court has held that time extension under TOLA will continue to apply for issue of re-assesment notice after 1st April 2021 if any …

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 …