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The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has recently ruled that the Assessing Officer (AO) must provide the assessee with the full Tax Deducted at Source (TDS) credit amounting to ₹14,78,140 for the Assessment Year (AY) 2011–12. This decision highlights the importance of correctly applying TDS credits in tax assessments. According to the Tribunal, […]
Bangalore ITAT has given a relief to the landowner who reported Rs 1.82 crore income from mango sales, after the Income Tax Department added Rs 1.20 crore as unexplained cash credit under section 68 of the Income Tax Act. The case comprises a taxpayer from Chittoor district, Andhra Pradesh, who owned around 22 acres of […]
The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) permitted an appeal filed by a retired State Bank of India employee, carrying that the revised Rs 25 lakh exemption limit for leave encashment u/s 10(10AA) of the Income Tax Act,1961, applied retrospectively as notified by the Central Board of Direct Taxes (CBDT). The taxpayer, Chandra […]
The revisional power under Section 263 of the Income Tax Act cannot be invoked when the Assessing Officer (AO) allows a deduction under Section 32AC after a proper inquiry, the Kerala High Court stated. Justices A. Muhamed Mustaque and Harisankar V. Menon cited that only for the reason that AO extended the deduction claimed after […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) validated the deletion of an addition of ₹2,16,27,822 made u/s 69A of the Income Tax Act, 1961, due to a mismatch between the commission and other income reported in the books and the figures specified in Form 26AS. The taxpayer, Samarth Lifestyle Retailing Pvt. Ltd., […]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the refusal of exemption u/s 11 and 12 of the Income Tax Act on the basis of late filing Form 10B was unexplained, as the report was available with the CPC before passing the order. Seva Bharathi, the taxpayer, a trust registered u/s […]
The TRACES portal has issued a crucial advisory, significantly shortening the window for submitting correction statements related to TDS/TCS to a period of two years. This means that all correction statements about Fiscal Year 2018-19 (Quarter 4), Fiscal Years 2019-20 through 2022-23 (Quarters 1 to 4), and Fiscal Year 2023-24 (Quarters 1 to 3) will […]
The Bombay High Court has determined that an assessee should not face penalties for delays in the submission of their tax return attributable to the late guidance provided by their chartered accountant. The bench mentioned that the delay is not because of any negligence on the taxpayer’s end but due to insufficient suggestions via the […]
On October 29, the Central Board of Direct Taxes (CBDT) extended the last date for filing the ITRs and audit reports for the AY 2025-26, given the relief to the taxpayers and professionals. The amended due dates for filing the audit reports and ITR are November 10 and December 10, respectively. The taxpayers, before the […]
