Income Tax

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January 12, 2025

AO Can’t Treat Unexplained Cash as Income u/s 69A if Assessee Accounted for It Under Presumptive Taxation | ITAT

Case Details: Imran Ibrahim Badshah … Continue reading “AO Can’t Treat Unexplained Cash as Income u/s 69A if Assessee Accounted for It Under Presumptive Taxation | ITAT”

Blog, News, Income Tax

January 10, 2025

[Opinion] A Revamped Section 268A | Deciphering Alterations in Safeguards That Tilt the Balance Against Assessees

Ramkishan Choudhary & Parv Jain … Continue reading “[Opinion] A Revamped Section 268A | Deciphering Alterations in Safeguards That Tilt the Balance Against Assessees”

Blog, News, Income Tax

January 10, 2025

Fraudulent Income from Forged Challans is Taxable Even if Fully Recovered by Govt in Subsequent Years | ITAT

Case Details: Mukesh Rasiklal Shah … Continue reading “Fraudulent Income from Forged Challans is Taxable Even if Fully Recovered by Govt in Subsequent Years | ITAT”

Blog, News, Income Tax

January 9, 2025

[Opinion] Practical Difficulties and Probable Solutions of New Audit Report Form of Trusts (10B/10BB)

1. Overview of Tax Exemptions … Continue reading “[Opinion] Practical Difficulties and Probable Solutions of New Audit Report Form of Trusts (10B/10BB)”

Blog, News, Income Tax

January 9, 2025

‘Unit’ of IFSC Shall Not Be Considered as a Buyer for Sec. 206C(1H) TCS | CBDT

Notification No. 6/2025, dated 06-01-2025 … Continue reading “‘Unit’ of IFSC Shall Not Be Considered as a Buyer for Sec. 206C(1H) TCS | CBDT”

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January 9, 2025

[Opinion] Computation of Income from Service Contracts under Section 43CB of the Income-tax Act, 1961

CA Aakansha Tuteja & Kanav … Continue reading “[Opinion] Computation of Income from Service Contracts under Section 43CB of the Income-tax Act, 1961”

News, Blog, Income Tax

January 9, 2025

No Denial of Sec. 11 Exemption if Trust’s Activities Were Unchanged and Books Audited Subsequently | ITAT

Case Details: Assistant Commissioner of … Continue reading “No Denial of Sec. 11 Exemption if Trust’s Activities Were Unchanged and Books Audited Subsequently | ITAT”

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January 8, 2025

Sec. 263 Revision Justified as AO Failed to Invoke Sec. 69 With Sec. 56(2)(x) on Undervalued Property | ITAT

Case Details: Kamaluddin Popatlal Surani … Continue reading “Sec. 263 Revision Justified as AO Failed to Invoke Sec. 69 With Sec. 56(2)(x) on Undervalued Property | ITAT”

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January 7, 2025

No TDS on Payment Received by ‘NCGTC’ & Credit Guarantee Fund Managed by ‘NCGTC’ | CBDT

Notification F. No. 1/2025 & … Continue reading “No TDS on Payment Received by ‘NCGTC’ & Credit Guarantee Fund Managed by ‘NCGTC’ | CBDT”

Blog, News, Income Tax

January 7, 2025

No TDS u/s 194Q on Goods Purchased From IFSC if Seller Opts for Sec. 80LA Relief | CBDT

Notification No. 3/2025, dated 02-01-2025 … Continue reading “No TDS u/s 194Q on Goods Purchased From IFSC if Seller Opts for Sec. 80LA Relief | CBDT”