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The Gujarat High Court in a ruling held that a future amendment disallowing depreciation on goodwill, which will come into force on April 1, 2021, could not be used as a basis to reopen the assessment for the fiscal year 2017-18. The taxpayer GTPL Hathway Limited, has furnished its income tax return for the AY […]
In a ruling, the Income Tax Appellate Tribunal (ITAT) Jaipur has ruled in the appellant’s favour, setting aside the order of the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act, 1961. It was discovered by the tribunal that PCIT has overlooked various submissions incurred by the taxpayer breaking the norms […]
The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench sent a case back to the Assessing Officer (AO) for fresh adjudication, expressing that the authorities losses to perform inquiry for unsecured loans amounting to Rs.1.82 crore and Rs.1 crore. The tribunal marked that the additions under section 68 of the Income Tax Act, 1961, […]
The Ministry of Finance issued Notification No. 15/2025, on February 10, 2025, informing the approval of Bhaikaka University, Anand, Gujarat (PAN: AAGAB9280N) u/s 35(1)(ii) of the Income Tax Act, 1961. This recognition permits the university to authorize income tax benefits associated with scientific research. As per the notification, the donations being made to Bhaikaka University […]
The Calcutta High Court supported a decision made by the Income Tax Appellate Tribunal (ITAT) that eliminated an additional charge of over ₹4 crore on a taxpayer’s income during a review of their taxes. It was ruled by the division bench of Chief Justice TS Sivagnanam and Justice Bivas Pattanayak that the assessing officer had […]
The Supreme Court’s decision in Union of India v. Rajeev Bansal has been interpreted by the Delhi High Court to explain the time duration surviving u/s 149 of the Income Tax Act, 1961 for issuing reassessment notices. The period between 20 March 2020 to 30 June 2021 would not be included in the limitation, because […]
The Delhi High Court, an application for revision u/s 264 of the Income Tax Act, 1961 can be chosen by a taxpayer who makes suo motu disallowance in its Return of Income (RoI/ ITR), under a bonafide yet mistaken belief that it was accountable to be offered for taxation. The assessee cannot be prohibited from […]
Amid high expectations for tax relief, FM Nirmala Sitharaman has presented her record eighth Union Budget 2025 in Parliament. As the first full budget of the third Narendra Modi government, she becomes the only Finance Minister to present the Union Budget eight consecutive times. The removal of higher TDS and TCS rates for non-filers of […]
The Karnataka High Court rejected to quash the prosecution started via the income tax department against the taxpayer who has intently failed to file his income tax return (ITR) within the said time for the Assessment years 2012- 13 to 2015-16 and thereby committed the alleged offence. A single judge, Justice S Vishwajith Shetty dismissed […]
