Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Ahmedabad ITAT has sent back a case involving a ₹60.51 lakh addition for Long-Term Capital Gains (LTCG), noting that the land was transferred via a development agreement without sale consideration. For the Assessment Year 2018-19, Nikanth (Narol) Co-op. Shops & Off Society Ltd. (the assessee) faced reassessment. The Assessing Officer (AO) treated the entire […]
The Madras High Court has addressed the GST (Goods and Services Tax) demand that arose due to discrepancies in the Income Tax Return (ITR) Form 26AS, inconsistencies in the Input Tax Credit (ITC) shown in GSTR-2A, and ITC reversals resulting from received credit notes. The court has directed the petitioner to seek resolution from the […]
The Central Board of Direct Taxes (CBDT) has issued Notification No. 40/2025, dated April 29, 2025, which announces the Income-tax (Twelfth Amendment) Rules, 2025. These modifications to the Income-tax Rules of 1962 will take effect on April 1, 2025. The modifications will affect the Income Tax Return (ITR) filing for the Assessment Year 2025-26. Top […]
The Allahabad High Court, relying on the Supreme Court’s decisions in Vaibhav Goyal & Another vs. Deputy Commissioner of Income Tax & Another, ruled that the claims of the Goods and Services Tax Department are restricted after the approval of the resolution plan by the National Company Law Tribunal (NCLT). In the case of Vaibhav […]
A reassessment case has been reinstated by the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT). This decision highlights that the Assessing Officer (AO) did not consider the documentary evidence provided by the taxpayer regarding cash deposits totalling Rs 15.88 lakh. The taxpayer, Amit Hasmukhbhai Shah, is involved in a case that has been reopened […]
The Ahmedabad ITAT set aside a partially passed order under section 263 of the IT Act, 1961, where the Principal Commissioner of Income Tax improperly mandated the inclusion of accommodation entries without adequate verification. Sunil Poonamchand Saraf, applicant, furnished an appeal against the order passed by the PCIT, Ahmedabad-1, for the AY 2013-14. Originally, the […]
The Central Board of Direct Taxes (CBDT) issued notification no. 35/2025 to widen the tax base and ensure effective monitoring of high-value transactions by revising the Income Tax Rules, 1962. The newly released Income-tax (11th Amendment) rules, 2025, section 295, read with section 206C of the Income-tax Act, 1961, sellers are now obligated to collect […]
The Bombay High Court in Goa has decided that the fees charged by Goa University from the colleges it works with do not have to include Goods and Services Tax (GST). This is because the court found that the university’s activities are not focused on making a profit. A division bench consisting of Justices M.S. […]
Form ITR-B for FY 2025-26 (AY 2026-27) has been reported by the Ministry of Finance via a gazetted CBDT notification 30/2025 dated April 7, 2025. What is the New ITR-B Form? The new ITR-B form is used to disclose previously undisclosed income identified by the Income Tax Department during a search, investigation, or requisition operation […]
