The Delhi High Court in a recent case has held that addition on unexplained expenditure cannot be merely based on Central Board of Indirect Taxes and Customs ( CBIC ) instruction. It was viewed that

In a ruling in favour of the State Bank of India ( SBI ), the Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that no deduction of deduct tax at source

The Calcutta High Court held that Assessing Officers ( AO ) cannot draw adverse inferences on the non-response of directors to notices. The court, while examining the validity of the addition made under Section 68

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that loss out born from sale of govt securities by bank is business loss and allowed the income tax deduction is allowable under Section

The Income Tax Department has notified the reminder for the filing of Statements of Financial Transactions ( SFT ) by the Reporting Entities ( RE ) for the Financial Year ( FY ) 2023-24. The

The Two member bench of Bangalore  Income Tax Appellate Tribunal ( ITAT ) while deleting the retrospectively canceled trust registration observed that  in income-tax matters, law to be applied is the law in force in

Understanding how mutual fund taxes work is crucial for investors. When you sell equity-oriented mutual fund units held for less than one year, the capital gains are deemed short-term and are taxed at your regular

The two member bench of Bangalore Income Tax Appellate Tribunal ( ITAT ) directed re adjudication regarding the cash deposited during the demonetisation period under the business of purchases and sale of biscuits and confectioneries.

The Two member bench of Delhi Income Tax Appellate Tribunal (ITAT) upheld the addition made on account of non submission of PAN and confirmation of parties regarding the advances received for Dish Installation. The Assessee

The Two member bench of Bangalore  Income Tax Appellate Tribunal ( ITAT ) directs readjudication regarding the commission and brokerage sale credited to Profit and Loss Account of distributorship to Reliance Jio and Sun Directs.

The Delhi High Court clarified that powers under Section 127 of the Income Tax Act, 1961, can be invoked for public interest, administrative convenience, and meaningful assessment. The present writ petitions, at the instance of

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has granted relief to Shell Information Technology, specifying that interest on income tax refund would be categorized as taxable interest income under Article

The Kerala High Court has ordered an immediate halt to coercive recovery measures by the income tax authorities against the Pallickal Naduvilemuri Service Co-operative Bank Ltd. The ruling comes as a relief to the petitioner

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has ordered a reconsideration, noting substantial evidence indicating that a taxpayer engaged in a money transfer business utilizing platforms such as M-Pesa and

The Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to delete the addition of Rs. 4.71 crore after observing the AO's failure to recompute book profit under Section