Read all Latest Updates on and about Section 139 of the Income Tax Act

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ITAT quashes Impugned Additions imposed in “Injudicious Manner”, reprimands Lack of Requisite Care [Read Order]

Manu Sharma

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) expressed strong dissatisfaction with the careless conduct of the Faceless Assessing...

Non-Filing of Audit Report before Due Date Not Grounds for Adjusting Exempted Income: ITAT Directs...

Bombay HC upholds Addition on Bogus Purchase u/s 69C of Income Tax Act in Absence of Explanation on...

Income Tax Act, 1961 v/s Income Tax Bill 2025: Key Provision Changes

ITAT Remands ₹44.9 Lakhs Unexplained Cash Deposits Case to AO: Deliberates on need for Natural...

CBDT Grants Income Tax Exemption for Karnataka State Horticulture Development Agency u/s 10(46) [Read Notification]

The Central Board of Direct Taxes ( CBDT ), under the Ministry of Finance, has issued Notification No. 5/2025, dated January 3, 2025, granting tax exemptions for the Karnataka State Horticulture...

Are Your Valuables Truly Safe in a Bank Locker? A Guide to Tax Implications and Legal Liabilities

Introduction Bank lockers have long been considered a safe and secure place for storing valuables such as jewelry, documents, and precious items. While banks implement robust security measures,...

bank locker tax - Are bank lockers secure - Bank locker insurance - Bank locker theft risks - taxscan

DGGI Issues ₹4.52 Crore GST Demand to Kerala Guruvayur Devaswom Board Over Tax Evasion for 6 years

The Directorate General of GST Intelligence ( DGGI ) has issued a ₹4.52 crore tax demand to the Guruvayur Devaswom Board with 18% interest, alleging tax evasion over a six-year period from July 2017...

CBDT exempts District Legal Service Authority, Haryana from Income Tax [Read Notification]

The Central Board of Direct Taxes ( CBDT ), vide notification no. S.O. 4982(E) dated 19th November 2024 has granted income tax exemption to the District Legal Service Authorities ( DLSA ) in Haryana,...

GST cannot be included while computing Deemed Income u/s 44B: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that, Goods and Services Tax should not be added while computing Deemed Income under Section 44AB of the Income Tax Act, 1961. ...

Non-Filing of ITR due to Bonafide Misunderstanding: ITAT quashes Penalty u/s 270 of Income Tax Act [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) in a recent case quashed a penalty levied under section 270 of the Income Tax Act 1961, noting that the assessee failed to file...

Relief Granted to Trust Despite Late Audit Report Submission: Calcutta High Court Upholds ITAT's Decision [Read Order]

In the recent case, the High Court of Calcutta dismissed the revenue petitioner’s appeal challenging the Income Tax Appellate Tribunal’s( ITAT ) decision for assessment year(AY) 2020-21. The Court...