Latest Income Tax News, Updates & Judgments

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Taxpayer's Statement Validates Dumb Document Found During Search: ITAT Upholds Unexplained Investment Addition [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 25 lakhs as unexplained investment based on the document...

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...

Income Tax Dept Permits to file Physical Return Even After Expiry of Revised Returns’ Filing Period:...

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...

Profits from Kuri Business Held Under Trust Eligible for Exemption u/s 11 of ITA: ITAT [Read Order]

The Cochin Bench of Income Tax Appellate Tribunal ( ITAT ) held that profits earned from the Kuri business run by a registered charitable trust were eligible for exemption under Section 11 of the ...

Accommodation Entries Received in Guise of Unsecured Loan from Shell Companies: ITAT Directs Revenue to Examine Tax Evasion [Read Order]

The Raipur Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Revenue to examine tax evasion involving accommodation entries received in the guise of unsecured loans from shell companies....

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