Latest Income Tax News, Updates & Judgments

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ITAT Deletes Addition of Rs 40 Lakhs, Holds Assessee's Explanation on Cash Deposits as Sufficient [Read Order]

In a major relief to the assessee, the Income Tax Appellate Tribunal (ITAT) Chennai Bench has deleted an addition of Rs. 40 lakhs made under Section...

Shareholder's Account to be Taxed under Life Insurance Business Provisions: ITAT in Kotak Mahindra...

ITAT Remands matter for Fresh Assessment Over Delay in Filing Audit Report u/s Form 10BB [Read...

ITAT Deletes Rs. 1 Crore Addition u/s 69A, Holds Bad Debt Recovery as Business Income [Read Order]

Bombay HC Quashes Income Tax Reassessment Order Against Oxford University Press Merely of Future...

ITAT Bangalore Upholds Penalty for Misreporting of Income Due to Double Deduction Claim [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Bangalore has upheld the penalty imposed under Section 270A of the Income Tax Act, 1961, ruling that the assessee misreported income by claiming both...

Vivad Se Vishwas Scheme Brings Relief: ITAT Dismisses Appeal as Withdrawn [Read Order]

In a recent order, the Income Tax Appellate Tribunal (ITAT) Pune Bench dismissed the appeal filed by Ravi Shivangekar for the Assessment Year 2020-21 after he opted for resolution under the Direct...

ITAT Holds Assessee's Delay in Filing Audit Report as Reasonable, Allows Claim u/s 80IAC [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench has ruled in favor of the assessee, holding that the delay in filing the audit report was reasonable and should not have led to the disallowance of...

No Income Tax for Mothers with 2 or More Children: Hungary Govt

The Hungarian government has announced a lifetime tax exemption for mothers with two or more children. This new tax relief will take effect in October 2025 for women with three children and in...

Relief to Kotak Mahindra Life Insurance: ITAT Confirms Deletion of Negative Reserve Addition in Insurance Business [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) in the Kotak Mahindra Insurance case upheld the deletion of negative reserve addition in the insurance business. The revenue has...

Income Tax Bill 2025: New Changes in Profits and Gains of Business and Profession [Read Bill]

The new Income Tax Bill 2025 introduced huge reforms in the chapter on profits and gains of business and profession. These changes aim to simplify the tax structure, reduce redundant provisions, and...

CBDT Amends Income Tax Rules 12CA & 12CC: New Due Dates for Statements on Income Distribution by Business & Securitisation Trusts [Read Notification]

The Central Board of Direct Taxes ( CBDT ) under the Ministry of Finance (Department of Revenue) issued Notification No. 17/2025 dated February 24, 2025, announcing amendments to the Income Tax...

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