Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT accepted an accountant's medical emergency as sufficient cause for delay in evidence submission, setting aside corresponding capital additions and directing fresh verification.
The ITAT accepted an accountant's medical emergency as a valid reason for the delay in submitting evidence and has remanded the case for fresh adjudication.
The Bombay High Court quashed reassessment notices stating that the sanction was obtained under an incorrect provision, invalidating the notices.
The Orissa High Court quashed reassessment proceedings initiated 17 years post the relevant tax period, ruling them time-barred under the Odisha Entry Tax Act.
The CBIC has released revised guidelines to standardize data entry procedures within the DIGIT system, aimed at enhancing consistency and efficiency across the platform.
A recent CBDT webinar attracted over 1,100 international participants, focusing on India's evolving tax regulations. The discussion encompassed cross-border cooperation and upcoming reforms under the new Income-tax Act and Rules.
Eligible non-corporate taxpayers and senior citizens can avoid TDS on specified incomes by submitting Form 15G or Form 15H, subject to conditions.
The rules on perquisites in rent-free or concessional employee accommodations include TDS exemptions under specified conditions. Taxpayers must ensure compliance with these regulations.
Tax authorities monitor large cash transactions and discrepancies between declared income and transactions can trigger scrutiny. Taxpayers must align their declared income with transaction volumes to avoid notices.
The ITAT has directed the CIT(A) to reassess a co-operative society's claim regarding Section 80P deductions, emphasizing the need for substantiation of the claim. This ruling addresses the treatment of ₹19.37 lakh taxed as income from other sources.
The ITAT has deleted a penalty under Section 271D of the Income Tax Act, ruling that the Assessing Officer failed to record requisite satisfaction for initiating proceedings.
The ITAT has ruled that mere loan confirmation letters do not suffice to establish the creditworthiness of creditors for unsecured loans, and cases must be remanded for further verification.