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₹22.09 Lakh Cash Deposit Inquiry: ITAT Quashes PCIT’s Revision Order, Finds AO’s Verification Sufficient [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) quashed the Principal Commissioner of Income Tax(PCIT)’s revision order, ruling that the...

ITAT rules No Penalty u/s 270A for Misreporting Income Due to Correct Filing and Tax Payment [Read...

Income Tax e-Filing Utilities: New Schema Updates for Forms 10B, 29B & 29C

ITAT dismisses Tax Appeal as assessee Applies for Vivad Se Vishwas Scheme [Read Order]

UP Juice Seller Hit with Rs. 7.79 Crore Income Tax Notice, Only Earns Rs. 400 a Day [Read Order]

Finance Bill, 2025 Notifies Amendments on Definition of ‘Capital Asset’ under Income Tax Act

A major change to the definition of "capital asset" under Section 2(14) of the Income Tax Act, 1961, has been proposed by the Finance Bill 2025. The SEBI (AIF) Regulations, 2012 expressly target...

New Provision for Cross-Verification of Inconsistencies in ITR: Finance Bill 2025 [Read Bill]

Section 143(1) of the Income-tax Act, 1961 has undergone substantial changes as a result of the Finance Bill 2025. A new provision that permits cross-verification of inconsistencies in ITR has been...

Supreme Court Questions GST ITC Denial Due to Clerical Errors, Seeks Clarity from CBIC [Read Judgement]

Recently, the Supreme Court observed the growing concerns over the denial of Input Tax Credit ( ITC ) due to clerical or arithmetical errors in GST return filings and issued notice to the Central...

Last Chance to Correct Your Taxes: File Updated ITR by March 31, 2025 to Avoid Higher Penalties

The Income Tax Department is urging taxpayers to make use of the Updated Income Tax Return (ITR) facility under Section 139(8A) of the Income Tax Act, 1961, before the deadline of March 31, 2025....

Swiggy Receives ₹53.47 Lakh Income Tax Demand Notice Over TDS Issues

Food delivery giant Swiggy Limited has received a tax demand notice from the Income Tax Department’s TDS Circle in Bangalore for the financial year 2017–18 citing non-deduction of tax under Section...

ITAT Rules that the Addition of Unexplained Cash Credit u/s.68 is Invalid After Rejecting the Books of Accounts [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) ruled that the taxation of unexplained cash credit is invalid after rejecting the books of accounts following a sharp rise in cash...

Rental Income From Trust Property cannot be Treated as Business Income: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) ruled that a trust's rental income cannot be taxed as business income since the property was leased without additional services, confirming it...

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