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Undisclosed Jewellery & Diary Expenses: ITAT Sets Aside Additions, Holds Family Inheritance and Household Withdrawals Sufficient to Explain Sources [Read Order]

Sandhra Suresh

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) had set aside Income Tax additions of ₹41.48L under Section 69A and diary additions ...

Interior Decorator’s Rs. 11 Lakh Added as Unexplained Money u/s 69A: ITAT Deletes Addition as Income...

Income from Seismic Vessels Taxed Under Article 21(4) of India-Norway DTAA as Assessee Not Engaged...

Directors’ Commission of Rs.11.36 Lakh Wrongly Reported as Profits/Dividends: ITAT Remands Issue to...

Payment to Consultant Doctors not salary in absence of Fixed Pay, TDS Deductible u/s 194J: Bombay HC...

Buying a Car Over ₹10 Lakhs? Don’t Forget the Hidden 1% TCS Cost

Introduction When a big purchase like a car is on the horizon, most of us research models, compare mileage versus luxury, check loan EMIs, and perhaps even negotiate accessories with the dealer....

Countdown to 15th September: Here’s what Every Income Taxpayer Should Know

For Indian taxpayers, filing income tax returns (ITRs) is a requirement, which must be religiously filed every year. It allows individuals and businesses to declare income, record taxes paid, and...

CESTAT Remands Case, Slams Authority for Blindly Trusting Income Tax Return Over Evidence [Read Order]

The Mumbai Bench of The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has set aside a service tax demand that was based solely on a discrepancy in an Income TaxReturn, criticizing...

Liability of Legal Heirs under GST and Income Tax: An Analysis

A taxpayer's death has numerous financial and legal ramifications, including the resolution of their tax obligations. The liability of legal heirs or representatives for the tax debts of a deceased...

Time Limits for Income Tax Action: What Taxpayers Must Know

The law prescribes strict timelines within which tax officers can initiate proceedings, whether under routine assessment or in cases of income escaping assessment. Once these deadlines pass, the...

Opting Old Income Tax Regime to Claim Deductions? Here are the Must-Have Documents

As the deadline for filing Income Tax Returns (ITR) for FY 2024-25 approaches, taxpayers are once again faced with a key decision: whether to opt for the new tax regime with lower rates but no major...

No Longer Rounding Off Refunds as Usual for this FY! CA points out Income Tax Portal Glitch

A seemingly minor but significant system glitch has come to light in the processing of income Tax Return (ITR) refunds for the Assessment Year 2025-26 (Financial Year 2024-2025). Chartered...