Latest Income Tax News, Updates & Judgments

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Indian Subsidiary’s Classification as Dependent Agent PE in Software Sales: ITAT Sets Aside AO’s Decision [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the Assessing Officer’s ( AO ) decision classifying the Indian subsidiary as...

Income Tax Bill 2025: What Every Family Needs to Know About Clubbing of Income [Read Bill]

ITAT Deletes Rs. 29.82 Lakh Addition u/s 69A as Cash Deposits Duly Accounted in Books [Read Order]

Addition u/s 69A made by AO without Bringing any Concrete Evidence Incriminating the assessee not...

Lack of Proof of Notice Service: ITAT sets aside CIT(A) Order [Read Order]

ITAT Allows Delay in Filing Appeal Due to Pending Rectification and COVID-19, Orders Case to Be Heard on Merits [Read Order]

The Pune Bench of Income Tax Appellate Tribunal(ITAT) allowed the delay in filing an appeal due to the pending rectification application and the impact of the COVID-19 period. Pudumjee Paper...

Penalty u/s 271B Based on Bank Transactions: ITAT Remands Matter to AO for Fresh Consideration [Read Order]

The Surat Bench of Income Tax Appellate Tribunal (ITAT) remanded the matter to the Assessing Officer (AO) for fresh consideration in a matter involving a penalty under Section 271B of Income Tax...

Disallowance of deduction made u/s 80P Beyond Scope of Section 143(1): ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance made under Section 80 P of the Income Tax Act, 1961, as it was beyond the scope of adjustment under Section...

Delhi HC Quashes ₹2,000 Cr Income Tax Notice against Maruti Suzuki, Declares It Time-Barred [Read Order]

In a recent ruling, the Delhi High Court quashed Rs. 2,000 crore income tax noticeby the Income Tax Department against Maruti Suzuki India Ltd. (the petitioner), holding that the reassessment notice...

Assessee opts for Vivad-se-Vishwas Scheme 2024: ITAT dismisses appeal as Infructuous [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) dismissed an appeal filed by the as infructuous after the assessee opted to settle the tax dispute under the Vivad-se-Vishwas Scheme...

Relief to Lupin Ltd: Bombay HC Quashes Arbitrary Reopening of Income Tax Assessment Citing Lack of New Evidence [Read Order]

In a recent ruling, the Bombay High Court quashed an arbitrary notice issued seeking to reopen the assessment for Lupin Limited without any fresh evidence. The case involved Lupin Limited (the...

ITAT Deletes Penalty u/s 271(1)(c) on Estimated GP Addition for Alleged Bogus Purchases [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 on Estimated GP Addition for Alleged Bogus Purchases In this...

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