Income Tax Act
![New Income Tax Bill: Know Major Changes in Tax Audit Applicability [Read Bill]](https://www.taxscan.in/wp-content/uploads/2025/02/New-Income-Tax-Bill-Income-Tax-Bill-Changes-in-Tax-Audit-Income-Tax-TAXSCAN.jpg "New Income Tax Bill: Know Major Changes in Tax Audit Applicability [Read Bill]")
New Income Tax Bill: Know Major Changes in Tax Audit Applicability [Read Bill]
With the primary goals of lowering compliance obligations, promoting digital transactions, and streamlining audit application for professionals and...
![Section 56(2)(vii)(c)(ii) Not Applicable to Public Ltd Company for Share Allotment in Amalgamation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Amalgamation-ITAT-ITAT-Rajkot-bench-Section-56-Commissioner-of-Income-Tax-INCOME-TAX-ITAT-NEWS-INCOME-TAX-NEWS-Hindu-Undivided-Families-CIT-Taxscan.jpg "Section 56(2)(vii)(c)(ii) Not Applicable to Public Ltd Company for Share Allotment in Amalgamation: ITAT [Read Order]")
![AO Erred in Assessing Trusts ₹ 3.30 Crore Interest-Free Loan & Interest Income: ITAT Orders Fresh Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/AO-Interest-Free-Loan-Interest-Income-ITAT-Reassessment-Assessment-Year-ITAT-news-income-tax-news-income-tax-Fresh-Reassessment-Taxscan.jpg "AO Erred in Assessing Trusts ₹ 3.30 Crore Interest-Free Loan & Interest Income: ITAT Orders Fresh Reassessment [Read Order]")
![Addition of Rs. 3.53 Crore as Unexplained Income u/s 69A: ITAT Sets Aside CIT(A)s Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Unexplained-Income-ITAT-Pune-CIT-Assessment-Year-non-compliance-Commissioner-of-Income-Tax-ITAT-Income-tax-income-tax-news-ITAT-NEWS-Taxscan.jpg "Addition of Rs. 3.53 Crore as Unexplained Income u/s 69A: ITAT Sets Aside CIT(A)s Order [Read Order]")
Fees Paid by Law Firm to use Name & Goodwill of Founder is Business Expense, Deductible u/s 37 of Income Tax Act: Delhi HC rules in Favour of Remfry & Sagar [Read Order]
In a recent case, the Delhi High Court has held that the fees paid by IPR law firm Remfry & Sagar to acquire the goodwill of the founder is a business expense and are deductible under Section 37...
![Fees Paid by Law Firm to use Name & Goodwill of Founder is Business Expense, Deductible u/s 37 of Income Tax Act: Delhi HC rules in Favour of Remfry & Sagar [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Remfry-Sagar-Delhi-High-Court-Income-Tax-Act-taxscan.jpg "Fees Paid by Law Firm to use Name & Goodwill of Founder is Business Expense, Deductible u/s 37 of Income Tax Act: Delhi HC rules in Favour of Remfry & Sagar [Read Order]")
Rejection of S.12AB Registration Due to Failure to Provide Documents: ITAT Restores Matter to CIT(E) [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal(ITAT)restored the matter to the Commissioner of Income Tax(Exemption)[CIT(E)] after the rejection of the Section 12AB registration application under...
![Rejection of S.12AB Registration Due to Failure to Provide Documents: ITAT Restores Matter to CIT(E) [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Rejection-of-S.12AB-Registration-ITAT-ITAT-Restores-Matter-CIT-Income-tax-Income-tax-news-ITAT-news-ITAT-INDIA-ITAT-Mumbai-section-12AB-Taxscan.jpg "Rejection of S.12AB Registration Due to Failure to Provide Documents: ITAT Restores Matter to CIT(E) [Read Order]")
![Kerala HC Quashes Time-Barred Income Tax Penalty u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Kerala-HC-Income-Tax-Penalty-income-tax-Income-tax-news-Kerala-HC-news-High-Court-of-Kerala-High-Court-Section-274-section-44AB-assessment-Taxscan.jpg "Kerala HC Quashes Time-Barred Income Tax Penalty u/s 271B [Read Order]")
Recording of satisfaction u/s 271E insufficient for Income Tax Penalty proceedings u/s 271D: Rajasthan HC [Read Order]
In a recent decision, the High Court of Rajasthan has held that recording of satisfaction by DCIT under Section 271E of the Income Tax Act is insufficient for the initiation and imposition of...
![Recording of satisfaction u/s 271E insufficient for Income Tax Penalty proceedings u/s 271D: Rajasthan HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Rajasthan-High-Court-Penalty-Income-Tax-taxscan.jpg "Recording of satisfaction u/s 271E insufficient for Income Tax Penalty proceedings u/s 271D: Rajasthan HC [Read Order]")
Carry Forward of Losses on Amalgamation: Budget 2025 Proposes Rationalisation
Thе Uniоn Вudget 2025 wаs presented by thе Finаnce Minister, Nirmаlа Sithаrаmаn, on February 1st, 2025, аt 11:00 а.m, befоre thе Pаrliаment. Thе Uniоn Вudget is thе аnnuаl finаnciаl stаtement thе...
Unexplained Income Addition of ₹5.78 Lakh: ITAT Orders AO to Delete Addition Based on Past Savings Explanation [Read Order]
The Lucknow Bench of Income Tax Appellate Tribunal(ITAT) directed the Assessing Officer (AO) to delete the unexplained income addition of ₹5.78 lakh made under Section 69A of Income Tax Act,1961...
![Unexplained Income Addition of ₹5.78 Lakh: ITAT Orders AO to Delete Addition Based on Past Savings Explanation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Unexplained-Income-ITAT-ITAT-Orders-Assessing-Officer-Section-69A-Income-tax-Income-tax-news-ITAT-news-SBNs-assessment-Lucknow-Bench-of-ITAT-Taxscan.jpg "Unexplained Income Addition of ₹5.78 Lakh: ITAT Orders AO to Delete Addition Based on Past Savings Explanation [Read Order]")
Statement Recorded u/s 133A Lacks Evidentiary Value in Absence of Summons u/s 131: ITAT [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that the statement recorded under Section 133A of the Income Tax Act, 1961, lacked evidentiary value in the absence of summons under...
![Statement Recorded u/s 133A Lacks Evidentiary Value in Absence of Summons u/s 131: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Absence-of-Summons-Section-133A-of-the-Income-Tax-Act-CIT-income-tax-income-tax-news-ITAT-news-Mumbai-Bench-of-ITAT-AO-Section-131-Taxscan.jpg "Statement Recorded u/s 133A Lacks Evidentiary Value in Absence of Summons u/s 131: ITAT [Read Order]")