Latest Income Tax News, Updates & Judgments

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Bank Passbook Not Regarded as 'Books of Account’: ITAT Rejects S. 68 Addition Made Without Assessee's Books [Read Order]

The Income Tax Appellate Tribunal, Delhi Bench held that a bank passbook cannot be treated as ‘books of account’ for the purpose of invoking Section...

Delay in Filing Income Tax Appeal Due to Assessment Order passed on Surrendered PAN: ITAT Condones...

Taxpayer's Statement Validates Dumb Document Found During Search: ITAT Upholds Unexplained...

Rental Income Not Taxed: Taxpayer Claims to Be Mere Rent Collector, ITAT Permits Fresh Hearing...

Only Registered Sale Agreements Eligible of Capital Gain Exemption u/s 54: ITAT says Unregistered...

Ownership of Property in Individual Capacity of Partners Cannot Be Considered For LTCG To Their Partnership Firm: ITAT [Read Order]

The Nagpur Bench of Income Tax Appellate Tribunal ( ITAT ) held that ownership of property in individual capacity of partners cannot be considered for Long TermCapital Gains ( LTCG )for taxing their...

Income Tax Dept Permits to file Physical Return Even After Expiry of Revised Returns’ Filing Period: Meghalaya HC Directs CPC AO to accept Return [Read Order]

The Meghalaya High Court, in a recent case, directed the CPC AO to accept the physical Income Tax Return (ITR) filed bythe assessee as the Income Tax department permitted the filing of a physical...

Prior Cutoff Date Not Applicable u/s 245C Income Tax Act for Settlement Application: Kerala HC [Read Order]

The Kerala High Court stated that prior cut off date is not applicable under section 245C of the Income Tax Act for a settlement application. The assessee, Aayana Charitable Trust, brought a...

CBDT Directs Income Tax Officials to Ask Only Relevant, Specific Questions During Scrutiny

The Central Board of Direct Taxes (CBDT) has directed Income Tax Department officials nationwide to ensure due application of mind while issuing scrutiny notices and queries to taxpayers,...

Income Tax Dept Picks 1.6 Lakh Returns for Scrutiny, Three Times Higher Than Usual

The Income Tax Department has selected around 1.65 lakh income taxreturns (ITRs) for scrutiny for the assessment year 2025. This is happening just before June 30, which is the last date to issue...

Bogus Transaction Addition: ITAT Says Duty Lies on Revenue to Ascertain Whether Bogus Deals Are Genuine Tax Planning or Evasion [Read Order]

The Raipur Bench of Income Tax Appellate Tribunal ( ITAT ) dealt with additions made on account of alleged bogus transactions, observing that it is the responsibility of the tax authorities to ...

Income Tax Penalty Notice Not Properly Served Initially, Reminded after 4 Months of its Issuance: Madras HC Directs Decision After Hearing [Read Order]

The High Court of Madras, directed that a decision be made after granting a personal hearing in a case where an income tax penalty notice under Section 270A of the Income Tax Act, 1961, was not...

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