In recent times, several taxpayers have faced difficulties after making income tax payments through third-party payment applications such as GPay, PhonePe, or Paytm. In many instances, although the tax amount gets successfully debited from the taxpayer’s bank account, the payment does not get reflected …
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, in the landmark case of Enormous Nivesh Pvt. Ltd. vs. Assistant Commissioner of Income Tax, pronounced on 30th September 2025, delivered a significant ruling concerning the applicability of Section 56(2)(viia) of the Income Tax Act, 1961, …
The Supreme Court of India has sought a response from the Union Finance Ministry on a petition questioning the constitutional validity of the Securities Transaction Tax (STT). The plea, filed by trader Aseem Juneja, challenges the legality of the STT, claiming it amounts to double taxation and violates …
In the case of Vitthaldas Nathubhai Shah v. Pr. CIT-3, decided by the Income Tax Appellate Tribunal (ITAT), Ahmedabad on 24 September 2025, the Tribunal examined the validity of a Section 263 revision order issued by the Principal Commissioner of Income Tax. The revision pertained to …
In a major relief to taxpayers and professionals, the Gujarat High Court has directed the Central Board of Direct Taxes (CBDT) to extend the Income Tax Return (ITR) filing due date for audit cases to November 30, 2025. This order follows petitions filed by the All India Federation …
The Bombay High Court, in its recent decision dated 12 September 2025 in the case of Vaibhav Maruti Dombale v. Assistant Registrar, ITAT, addressed an important question concerning the scope of the Income Tax Appellate Tribunal’s (ITAT) power to recall or rectify its own …
The Karnataka High Court, in its judgment dated 5th August 2025 in The Income Tax Officer & Others v. Venkatal a Iyyappa Rajanna (W.A. No. 612/2025), quashed a reassessment notice issued under Section 148A(b) of the Income-tax Act, 1961. The Court held that the Assessing Officer …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Bangalore has deleted a penalty of ₹20 lakh levied under Section 271D of the Income Tax Act on an assessee for receiving part of the property sale consideration in cash. The Tribunal held that …
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), in the case of Kn Support Services Private Limited vs. DCIT (29 August 2025), dealt with the issue of delayed filing of Form 10-IC under Rule 21AE of the Income Tax Rules. The …
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) recently dealt with the issue of penalty under section 271D of the Income-tax Act, 1961, in the case of Smt. Nimmatoori Yashoda vs DCIT. The assessee had received substantial cash consideration on sale …
In a landmark decision, the Supreme Court has overturned a recent Kerala High Court ruling and held that cheque bounce cases under Section 138 of the Negotiable Instruments Act remain maintainable even when the underlying debt arises from a cash loan exceeding …
The Delhi High Court, in Asst. Commissioner of Income Tax v. State & Ors., recently held that money obtained through fraud or a Ponzi-style scheme cannot be treated as the taxable income of a company or its directors. Instead, such amounts …
The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, in its decision dated 3 September 2025, examined whether an addition under Section 69 of the Income-tax Act, 1961 could be sustained in respect of a land transaction where the registered sale deed was subsequently cancelled, …
The Finance Bill 2025 and the subsequent Budget changes have introduced important revisions in how capital gains are taxed in India. For investors and taxpayers, these updates impact not only how gains and losses are reported but also how portfolios …
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) recently delivered an important ruling in the case of Smt. Sushama Rajesh Rao v. DCIT (ITA No. 49/Bang/2023, order dated 18 August 2025). The dispute centered on whether capital gains arising from …
Introduction The Income Tax Appellate Tribunal (ITAT), Delhi Bench, in its order dated 9 September 2025, delivered an important ruling on the availability of capital gains exemption under Section 54F of the Income-tax Act, 1961 to a private trust. The Tribunal held that where …
📌 Introduction A tax audit is a compulsory examination of accounts of a business or profession carried out under Section 44AB of the Income Tax Act, 1961. For small businesses, tax audits ensure accuracy in reporting income, expenses, and compliance with various …
Introduction The Karnataka High Court in the case of DCIT v. Biesse India Pvt. Ltd. (WA No.1619 of 2024, decided on 5 August 2025) dealt with the issue of delay in passing an order giving effect (OGE) to an Income Tax Appellate …
Introduction Tax audit under section 44AB of the Income-tax Act, 1961 is a critical compliance requirement for businesses and professionals crossing prescribed turnover or gross receipt limits. Every year, the Central Board of Direct Taxes (CBDT) notifies due dates and …
Introduction With effect from 1 April 2024, the Institute of Chartered Accountants of India (ICAI) has issued a revised Guidance Note on Financial Statements of Non-Corporate Entities. The new framework prescribes fresh disclosure formats and compliance requirements for proprietorships, partnerships, LLPs, and …