ITAT allows rectification application u/s 154 treating the first demand notice as deemed date of intimation u/s 143(1) In a recent judgment, ITAT Rajkot allowed delayed rectification application u/s 154 treating the first demand notice for recovery proceedings as deemed date of intimation u/s 143(1) for limitation purpose.  …

There is no willful default of furnishing inaccurate particulars of income if disallowance made u/s 40(a)(ia) In a recent judgment, ITAT Cuttack has held that where a disallowance is made by invoking the provisions of section 40(a)(ia) of the act for default for non-deduction of TDS, it cannot …

CBDT Instruction No. 20/2003 regarding timely disposal of appeals is also applicable to faceless regime – ITAT In a recent judgment, ITAT Raipur held that CBDT Instruction No. 20/2003 related to timely disposal of appeals is also applicable to faceless regime. The ITAT set aside the appellate order …

CBDT extends condonation of delay in filing return for claiming deduction u/s 80P for AY 2023-24 F. No.173/92/2024·ITA-1Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No 14/2024 New Delhi, the 30th October, 2024 Sub: – Condonation of delay under clause (b) of sub-section (2) …

Unexplained credits in bank statements are taxable under section 69 – High Court In a recent judgment, Hon’ble Madras High Court has held that unexplained credits in bank statements are taxable under section 69 as this provision applies to unexplained investments that are not recorded in books of …

Books of accounts regularly maintained can not be rejected for mere non compliance of Rule 6F – ITAT In a recent judgment, ITAT Chennai has held that merely quoting non compliance of Rule 6F and section 145(3) of the Act, the AO cannot reject books of accounts regularly …