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Income Tax Authorities

S. 144(C)(13) Timeline Mandatory: Bombay HC rules Transfer Pricing Addition Non Est for Delay in DRP Directions Implementation [Read Order]

Yogitha S. Yogesh

The Bombay High Court has held that the timeline under Section 144(C)(13) of the Income Tax Act, 1961 is mandatory, and failure to complete...

Why Smart Taxpayers File Early and Why You should Do it too

Updated Income Tax Bill tabled at Lok Sabha: No Changes to "Accountant" Definition [Read Bill]

Cracking the ICAI Tax Papers: Your Preparation Guide for 2025

Income Tax Authorities Must Consider Genuine Extension Requests: Madras HC Sets aside Order Passed...

Supreme Court Directs Courts & SRO to report Suits / Deeds of Cash Transaction Above ₹2 Lakh to Income Tax Authorities [Read Order]

The Supreme Court ordered courts and registration authorities to notify the Income Tax Department of any cash transactions above ₹2 lakhs, in a landmark decision intended to combat tax fraud and...

How to Track Your Credit History Using Your PAN Card Via CIBIL, Experian, Equifax, and Others

Your credit report plays an important role in your financial life. It provides a summary of your credit history, including loan and credit card payments, defaults, etc. Lenders and financial...

How to Track Your Credit History - Track Credit History - Credit History - PAN Card Via CIBIL - Equifax - PAN Card - taxscan

₹278.67 Crore Addition on Ex-Andhra CM Y.S. Jagan Mohan Reddy Scrapped by ITAT Over Insufficient Evidence [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has struck down an addition of ₹278.67 crores imposed on former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy. The tribunal...

Quantity of Jewellery under Limit prescribed by Circular: ITAT directs Deletion of S.69B Income Tax Addition [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Bangalore bench, has directed the deletion of an addition made under Section 69B of the Income Tax Act concerning seized jewellery....

No Violation of Fundamental or Statutory Rights: Delhi HC Rejects Husband’s Request to Inquest ₹2 Crore Income Tax Discrepancy by Wife’s Kin [Read Order]

The Delhi High Court has dismissed a writ petition filed by a husband seeking an inquiry by the Income Tax Department into an alleged ₹2 crore cash transaction and other financial dealings by his...

Income Tax Authorities Penalize Torrent Pharmaceuticals with ₹2.3 Crore

On November 28, Torrent Pharmaceuticals Limited, one of India’s prominent pharmaceutical companies announced that the Income Tax Department had imposed a penalty of Rs. 2.31 crore. The fine was...

Income Tax Authorities can Seek Interim Custody of Currency Notes Produced Before Magistrate: Kerala HC [Read Order]

In a recent case, the Court held that in the absence of a valid order of assessment and demand for income-tax, the party from whom the amount is seized, is entitled to seek interim custody. Section...