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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 […]
The interruption has been refused by the Rajasthan High Court with the beginning of the proceedings u/s 153C of the Income Tax Act, 1961 (“the Act”) that were alleged to have started only based on specific WhatsApp Chats, marking that the data in the chats were corroborated by certain transactions and therefore the said chat […]
In the Central Board of Direct Taxes (CBDT), sources sought to clarify concerns raised about the Income Tax authorities being granted additional powers in the Income Tax Bill 2025, allowing them overriding access to electronic records, including emails, social media, and virtual digital spaces. Central Board of Direct Taxes (CBDT) cited that Section 132 of […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has determined that the ₹12 lakh addition u/s 69A of the Income Tax Act, 1961, was unwarranted, as the sundry debtors recorded in the books could not be classified as unexplained income. The petitioner Ratika Kumbhat was selected for the limited scrutiny to validate the […]
In this article, SAG Infotech explains how the GST Department recovers tax amounts from debtors under Section 79(1)(c) of the CGST Act 2017. Speaker Om Birla cited that the world learns from the tax system of India. Under GST the whole country has to pay the uniform indirect taxes. Before that, each state had its […]
The Chennai Bench of Income Tax Appellate Tribunal(ITAT) supported the ruling of the Commissioner of Income Tax (Appeals) concerning accounting manipulation and tax evasion due to insufficient evidence. An appeal for Assessment Year (AY) 2015-16 has been furnished by the revenue appellant against the CIT(A) order on March 5, 2024, related to the assessment incurred […]
A second chance has been furnished to the applicant by the Delhi High Court to prove the payment of the inward supplies, concerning the GST income tax credit (ITC) refund on the export of zero-rated supplies claimed. The applicant, Rajiv Sharma HUF Proprietor of M/s Sagar Scooter Syndicate via its Karta Rajiv Sharma, a Hindu […]
An order passed under Section 144 of the Income Tax Act, 1961 (ITA), noting that income tax notices were not sent to the actual address of the assessee has been set aside by the Ahmedabad “A” Bench of Income Tax Appellate Tribunal (ITAT). A notice on 08.03.2018 under section 142(1) of ITA was issued to […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has removed the addition made by the department since the cash deposits made from the taxpayer’s parents collected savings and income from agricultural activities. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) noted that when the taxpayer furnishes a plausible explanation […]
