![Search and Seizure Proceedings, Powers, and Procedural Safeguards in New Income Tax Act [Old vs New Income Tax Series - Article 3]](https://images.taxscan.in/h-upload/2025/12/20/500x300_2113496-new-income-tax-act-old-vs-new-taxscan.webp "Search and Seizure Proceedings, Powers, and Procedural Safeguards in New Income Tax Act [Old vs New Income Tax Series - Article 3]")
Search and Seizure Proceedings, Powers, and Procedural Safeguards in New Income Tax Act [Old vs New Income Tax Series - Article 3]
Income-tax search actions, commonly called search and seizure or raids, are among the strongest powers available to tax authorities. From...
![Depreciation on Genuine Fixed Assets Cannot be Disallowed Merely for Alleged Source Deficiency: ITAT [Read Order]](https://images.taxscan.in/h-upload/2025/12/20/250x150_2113358-depreciation-on-genuine-fixed-assets-cannot-be-disallowed-merely-itat-taxscan.webp "Depreciation on Genuine Fixed Assets Cannot be Disallowed Merely for Alleged Source Deficiency: ITAT [Read Order]")
Loss from Currency Derivatives Held as Speculative Transaction, Not Business: ITAT Upholds ₹4.05 Cr Foreign Exchange Loss and Brokerage Disallowance [Read Order]
The Delhi Bench of the Income Tax AppellateTribunal (ITAT) has confirmed the disallowance of foreign exchange losses amounting to ₹4,05,61,649 and ruled that the loss incurred on currency ...
![Loss from Currency Derivatives Held as Speculative Transaction, Not Business: ITAT Upholds ₹4.05 Cr Foreign Exchange Loss and Brokerage Disallowance [Read Order]](https://images.taxscan.in/h-upload/2025/12/19/500x300_2113255-loss-currency-derivatives-held-speculative-transaction-business-itat-upholds-foreign-exchange-loss-brokerage-disallowance-taxscan.webp "Loss from Currency Derivatives Held as Speculative Transaction, Not Business: ITAT Upholds ₹4.05 Cr Foreign Exchange Loss and Brokerage Disallowance [Read Order]")
Consolidating the ‘Opportunity of Being Heard’ in Penalty Proceedings u/s 471 of Income Tax Act, 2025 [Old vs New Tax Act Series- Article 2]
The Income Tax Act, 2025 is a landmark legislation, repealing the erstwhile IncomeTax Act of 1961 which has been in force for more than 6 decades. To accommodate the changing ways of the world and...
![Consolidating the ‘Opportunity of Being Heard’ in Penalty Proceedings u/s 471 of Income Tax Act, 2025 [Old vs New Tax Act Series- Article 2]](https://images.taxscan.in/h-upload/2025/12/18/500x300_2113016-consolidating-income-tax-act-2025-old-new-tax-act-series-taxscan.webp "Consolidating the ‘Opportunity of Being Heard’ in Penalty Proceedings u/s 471 of Income Tax Act, 2025 [Old vs New Tax Act Series- Article 2]")
Foreign Asset Non-Disclosure Triggers ₹10 Lakh Penalty Risk: Income Tax Dept urges AY 2025-26 ITR Revision by Dec 31
Recently, the Income Tax Department has begun issuing targeted emails to taxpayers flagged for potential non-disclosure of foreign assets in their Income Tax Returns (ITR) for Assessment Year (AY) ...
Bad Debt Income Tax Deduction for Rural Branch Advances to be Computed on Aggregate Average of Monthly Outstanding Balances: Madras HC [Read Order]
The Madras High Court has dismissed two appeals filed by the Income Tax Department, holding that the deduction for provision for bad and doubtful debts under Section 36(1)(viia) of the Income Tax...
![Bad Debt Income Tax Deduction for Rural Branch Advances to be Computed on Aggregate Average of Monthly Outstanding Balances: Madras HC [Read Order]](https://images.taxscan.in/h-upload/2025/12/18/500x300_2112975-bad-debt-income-tax-deduction-madras-hc-taxscan.jfif "Bad Debt Income Tax Deduction for Rural Branch Advances to be Computed on Aggregate Average of Monthly Outstanding Balances: Madras HC [Read Order]")
Income Tax Recovery During Pendency of ITAT Appeal Stayed: Gauhati HC Orders tribunal to Take up Interim Pleas Expeditiously [Read Order]
In a recent ruling, the Gauhati High Court has granted interim relief to a Samitee, staying income tax recovery proceedings during the pendency of appeals before the Income Tax Appellate Tribunal...
![Income Tax Recovery During Pendency of ITAT Appeal Stayed: Gauhati HC Orders tribunal to Take up Interim Pleas Expeditiously [Read Order]](https://images.taxscan.in/h-upload/2025/12/18/500x300_2112941-income-tax-recovery-pendency-itat-appeal-stayed-gauhati-hc-orders-tribunal-interim-pleas-expeditiously-taxscan.webp "Income Tax Recovery During Pendency of ITAT Appeal Stayed: Gauhati HC Orders tribunal to Take up Interim Pleas Expeditiously [Read Order]")
Limitation for ITAT Rectification Begins from Date of Communication of Order to Taxpayer, Not Date of Passing: Bombay HC [Read Order]
In a recent ruling, the Bombay High Court held that the limitation period for filing a rectification application before the Income Tax Appellate Tribunal begins from the date on which the order...
![Limitation for ITAT Rectification Begins from Date of Communication of Order to Taxpayer, Not Date of Passing: Bombay HC [Read Order]](https://images.taxscan.in/h-upload/2025/12/17/500x300_2112802-bombay-high-court-criminal-proceedings-taxscan.webp "Limitation for ITAT Rectification Begins from Date of Communication of Order to Taxpayer, Not Date of Passing: Bombay HC [Read Order]")