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As a result of the Finance Bill 2025, Section 143(1) of the Income-tax Act, 1961 has undergone significant changes. A new provision has been introduced that allows for the cross-verification of inconsistencies in income tax returns (ITR), improving the process of ITR processing. The income tax department, via the identification of discrepancies between the assessment […]
The assessee is entitled to interest on the refund under the Direct Tax Vivad Se Vishwas Scheme, as ruled by the Gujarat High Court. “it is true that the assessee is not entitled to interest under Section 244A of the Income Tax Act, 1961, however, when the assessee has opted for direct tax for Vivad […]
The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) restored the case, remarking that the Commissioner of Income Tax (Appeals) [CIT(A)] failed to decide the immunity application concerning the penalty on its merits. The taxpayer, The Cardamon Planters Marketing Co-op Society Ltd., filed an income tax return for the Assessment Year (AY) 2018-19 dated […]
The Income Tax Appellate Tribunal (ITAT) in Chennai has sent a case back to the Assessing Officer (AO) for reassessment. The decision was made because a public charitable trust operating educational institutions filed its audit report under Form 10BB late. Under sections 12AA and 10(23C)(vi) of the Income Tax Act, 1961, the trust, registered, had […]
Income tax authorities may issue reassessment notices under General Anti Avoidance Rules (GAAR) for tax years outside the time limits specified for issuing these notices if the new proposal under the Income Tax Bill 2025 is greenlighted. Under current regulations, reassessment notices for under-reported income of ₹50 lakh or more must be issued within five […]
The Delhi High Court said that before rejecting the application of the taxpayer u/s 197 of the Income Tax Act 1961 for nil TDS or deduction of tax at a lower rate, the assessing officer should form a presumption view for the taxability of the taxpayer in India. The taxpayer is been permitted under section […]
It was mentioned by the Kerala High Court that the illegal cash seizure via the GST department and handing over to the income tax department is not regulatory u/s 132A of the Income Tax Act. The Division Bench of Justices A.K. Jyasankaran Nambiar and Easwaran S. ruled that “Cash amount seized from the premises of […]
The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, citing the income tax deduction from salaries u/s 192 of the Income Tax Act, 1961, for the financial year 2024-25. The same circular specifies the changes introduced via the Finance (No. 2) Act, 2024, Finance (No. 1) Act, 2024, and Finance Act, 2023 […]
It was ruled by the Delhi High Court that Fee for Technical Services (FTS) as included u/s 9(1)(vii) of the Income Tax Act, 1961 is related to the transfer of ‘distinctive’, ‘specialized’ knowledge, skill, expertise and know-how by a service provider. Therefore a division bench of Justices Yashwant Varma and Harish Vaidyanathan Shankar noted that […]
