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Delay in Income Tax Filing due to Technical Defect Condonable: ITAT rants S. 115BAA Benefits [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) granted benefits under Section 115BAA of the Income Tax Act, 1961 explaining that...

ITAT Allows Rs.2.44 Lakh Cost of Improvement as Deductible Expense for Capital Gains Deduction [Read...

ITAT Remands Case to CIT(A) for Fresh Consideration, Imposes Cost of Rs. 10,000 on Assessee for...

ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction...

Case Digest: Condonation of Delay under GST Act

Fact Check: No Income Tax for Senior Citizens above 75?! True or Not? Know Here

The Press Information Bureau ( PIB ) has dispelled the authenticity of the viral message circulating on social media, that Senior Citizens above 75 years of age will not have to pay taxes as fake, on...

Opportunity to be Heard Ensures no Prejudice to Revenue in Assessee's Submission: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that giving the assessee an opportunity to be heard would not cause prejudice to the revenue, and remanded the case back to the...

Assessee’s Limited Familiarity with E-portal System: ITAT Condones 611 Day Delay [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) condones a 611-day delay in filing an appeal due to the assessee’s limited familiarity with the e-portal system. Faeza Nisarahmed...

[Breaking] CBDT Extends ITR Due Date for Transfer Pricing Report Filers under Section 92E: Check New Date Here [Read Circular]

The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the return of income under Section 139(1) of the Income Tax Act, 1961, for Assessment Year (AY) 2024-25 from November...

Income Tax Authorities Penalize Torrent Pharmaceuticals with ₹2.3 Crore

On November 28, Torrent Pharmaceuticals Limited, one of India’s prominent pharmaceutical companies announced that the Income Tax Department had imposed a penalty of Rs. 2.31 crore. The fine was...

NRIs Beware! Income Tax Probe uncovers Rs. 700 Cr Tax Evasion on Undisclosed Properties in Dubai and Abroad, sends IT Notice

The Income Tax ( IT ) department has pinpointed over 500 actionable cases related to undisclosed immovable assets owned by Indians in Dubai, as reported by The Economic Times. Raids in Delhi alone...

AO Disallows PF Contribution for Exceeding 27% of Employer Salary, Neglects Wages Inclusion: ITAT Allows ₹4,78,966 Claim [Read Order]

The Ahmedabad Bench of the ITAT allowed the assessee's Rs. 4,78,966 Provident Fund (PF) contribution claim overturning the Assessing Officer (AO)’s disallowance for exceeding the 27% limit as he...

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