Latest Income Tax News, Updates & Judgments

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ITAT Deletes Penalty of Rs. 1.5 Lakh u/s 271B for Delayed Tax Audit Due to Managing Partner’s Demise [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty of Rs. 1.5 lakhs imposed under Section 271B for delayed tax audit...

AO Failed to Consider Rule 6DD Exceptions in Cash Deposit Disallowance: ITAT Remits Case for De Novo...

Vivad Se Vishwas Scheme 2024 opted by Assessee: ITAT dismisses Appeal as Withdrawn [Read Order]

No Tax on Redevelopment Flats u/s 56(2)(x) of Income Tax Act: ITAT

Kerala HC Directs Income Tax Commissioner to Expeditiously Dispose of Rectification Petition filed...

Reassessment Notice Beyond 10 Years Limit: Delhi HC Quashes Notice u/s 149 of Income Tax Act [Read Order]

In a recent ruling, the Delhi High Court quashed a reassessment notice issued under Section 148 of the Income Tax Act, 1961, as it was issued beyond the permissible 10-year limit under the amended...

Relief to Malabar Institute of Medical Sciences: Kerala HC Rules Order U/s 263 as Open Remand Not Needing Independent Challenge [Read Order]

By overturning the Income Tax Appellate Tribunal (ITAT) decision, the Kerala High Court held that the orders made under section 263 of the Income Tax Act, 1961 can't be construed as a closed remand...

Huawei Telecommunications (India) Withdraws ITAT Appeals After Opting for Vivad se Vishwas Scheme [Read Order]

In a recent decision, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) dismissed Huawei Telecommunications' appeal following its decision to opt for the Direct Tax Vivad se Vishwas Scheme,...

ITAT quashes Assessment over Lack of Independent Verification in S.153D Approval [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) quashed the assessment against the assessee, holding that the approval granted under Section 153D of Income Tax Act,1961, was mechanical and...

No TDS on Withdrawals from Tax-Saving Schemes u/s 80CCA(2)(a) from April 4, 2025: CBDT [Read Notification]

The Central Board Of Direct Taxes (CBDT) under the Ministry of Finance issued Notification No. 27/2025 dated April 4, 2025, announcing that no tax shall be deducted at source (TDS) under Section...

[BREAKING] Income Tax Dept issues Notice to Empuraan Actor-Director Prithviraj Over Past Film Remunerations

The Income Tax Department has issued a formal notice to acclaimed actor and director Prithviraj Sukumaran, in connection with financial details and remuneration from his previous film projects. The...

AO Relied on Bank Account Not Admitted by Taxpayer: ITAT Quashes Rs. 4 Crore Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed an addition of over Rs. 4 crore after observing that the Assessing Officer (AO) had relied on a bank account which was not...

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