ITR Forms for AY 2025–26: What’s New!
ITR Forms for AY 2025–26: What’s New! When the Income Tax Department updates the ITR forms, it’s not just a change in format-it’s a change in how the system views your financial life. For Assessment Year (AY) 2025-26, the changes are subtle in places and sweeping in others. But one thing is clear: the I-T… […]
No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset
No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset The Delhi High Court in the case of Ratnagiri Gas and Power Private Limited [TS-562-HC-2025(DEL)] recently quashed the reassessment proceedings, inter-alia, on the ground that proceedings initiated beyond 3 years is barred by… […]
Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit.
Capital Gain exemption under section 54F: Income Tax Act speaks of ‘one residential house,’ not ‘one residential unit. In a landmark judgment, the Delhi High Court has provided much-needed clarity on the interpretation of “one residential house” under Section 54F of the Income Tax Act, 1961. Let us have a Short Overview of the… […]
Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74.
Mere non-filing of returns or non-payment of tax doesn’t automatically justify invoking Section 74. Andhra Pradesh High Court judgment in the case of M/s Sriba Nirman Company vs. Commissioner (Appeals), Guntur & Others [W.P. No. 25826 of 2023, dated 29.01.2025] has held that non-filing of GSTR-3B and non-payment of GST, if wilful, constitutes “suppression… […]
Valuation of shares by DCF method cannot be rejected, where there is no error in the methodology: Delhi HC
Valuation of shares by DCF method cannot be rejected, where there is no error in the methodology: Delhi HC Principal Chief Commissioner of Income Tax-1 vs. A.H. Multisoft Pvt. Ltd. (ITA No. 9/2025) Facts: 1. A.H. Multisoft Pvt. Ltd. (Assessee) is engaged in software support and maintenance services. It held a 20% strategic stake… […]
Section 205 is a protective provision – Once TDS has been deducted and deposited, the assessee cannot be asked to pay tax again
Section 205 is a protective provision – Once TDS has been deducted and deposited, the assessee cannot be asked to pay tax again The Gauhati High Court in the case of Dinendra Biswas v. Union of India & Ors. [WP(C)/2260/2023, decided on May 8, 2025] was dealing with the issue as to whether the… […]
No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset
No re-assessment proceedings beyond 3 years if the escaped income exceeds ₹50 lakh is not represented in the form of an asset The Delhi High Court in the case of Ratnagiri Gas and Power Private Limited [TS-562-HC-2025(DEL)] recently quashed the reassessment proceedings, inter-alia, on the ground that proceedings initiated beyond 3 years is barred by… […]
Bogus Purchase: Addition sustained at reduced rate not under Section 69C, but as a trading addition by ITAT Delhi
Bogus Purchase: Addition sustained at reduced rate not under Section 69C, but as a trading addition by ITAT Delhi ITAT Delhi has rendered a landmark decision in the case of DCIT, Circle Hisar vs. Tirupati Matsup Pvt. Ltd. (ITA No. 3326/Del/2023, CO No. 4/Del/2024), dated May 16, 2025 on the issue of unverifiable purchases… […]
ITAT Jaipur Estimated Profit at 1.52% on Turnover of Rs. 7.96 Crores amid Audit Lapses and Cash Irregularities”
ITAT Jaipur Estimated Profit at 1.52% on Turnover of Rs. 7.96 Crores amid Audit Lapses and Cash Irregularities” The ITAT Jaipur noted that the assessee failed to file a tax audit report despite having substantial turnover and declared a meagre NP of 0.187%. The AO invoked Section 145(3) and applied a 10% disallowance on… […]
Non-Compliance with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITATA
Non-Compliance with CBDT’s 143(2) Notice Format Renders Assessment Invalid: Kolkata ITATA In tax jurisprudence, procedure is not a mere technicality-it is a matter of jurisdiction. The Income Tax Appellate Tribunal (Kolkata Bench) has recently reaffirmed that any notice issued under Section 143(2) which does not comply with the format prescribed by CBDT is invalid, and… […]
