ITAT quashed order under section 263 as CIT could not pinpoint any seized material relating to the issues on which revisionary directions is exercised
ITAT quashed order under section 263 as CIT could not pinpoint any seized material relating to the issues on which revisionary directions is exercised Hon’ble Delhi ITAT in the case of Tarun Radhakrishin Tahiliani v. PCIT (ITA No. 2323/DEL/2024, dated 28.03.2025) has quashed the order under Section 263 of the Income Tax Act, holding that… […]
Separate reporting of settlement related expenses in Form 3CD:
Separate reporting of settlement related expenses in Form 3CD: Introduction: 1. Clause 21 of the amended Tax Audit Report (Form 3CD) mandates the reporting of expenditure incurred for settling proceedings related to legal contraventions notified by the Central Government. 2. As per judicial precedents, penalties and expenses related to legal violations are not deductible… […]
Tax Audit Form 3-CD amended: Know key changes introduced in Tax Audit Report
Tax Audit Form 3-CD amended: Know key changes introduced in Tax Audit Report There are lot many changes which has been done in the tax audit report which is required to be filed by the auditor in Form No. 3CB. The changes includes modification of the existing clauses, removal of unwanted requirements and addition… […]
ITAT allowed Misc. Application and quashed ex-parte order as taxpayer was prevented by sufficient cause in non-appearance: Delhi ITAT
ITAT allowed Misc. Application and quashed ex-parte order as taxpayer was prevented by sufficient cause in non-appearance: Delhi ITAT Recently, ITAT allowed misc. applications before ITAT, Delhi by observing that e Taxpayer was prevented by sufficient cause in non-appearance which had led to passing an ex-parte common order for five appeals. It was held… […]
Step-siblings should be considered as relatives under the Income Tax Act -1961: ITAT Mumbai
Step-siblings should be considered as relatives under the Income Tax Act -1961: ITAT Mumbai Mumbai Tribunal in the case of Rabin Arup Mukerjea ITA No5884/Mum/2024) has held that Step-siblings should be considered as relatives under the Income Tax Act -1961. In this decision the Tribunal found that step-siblings should be considered as relatives under… […]
Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC
Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC M/s Sanmar Speciality Chemicals Limited v. The Assistant Commissioner of Income-Tax Case Number: T.C.(A).No.493 of 2013 Facts: 1. A provision made towards gratuity fund with the Life Insurance Corporation of India (LIC). The assessing officer (AO) noted that the… […]
FINALLY, NEW FINANCIAL STATEMENT FORMATS EFFECTIVE TODAY
FINALLY, NEW FINANCIAL STATEMENT FORMATS EFFECTIVE TODAY Starting April 1, 2025, the ICAI Guidance Note on Financial Statements for Non-Corporate Entities is officially in force. Old-style financial statements are no longer acceptable. Non-compliance is not an option. IMMEDIATE ACTION REQUIRED: Follow the prescribed format strictly Present comparative figures for the previous year Align accounting… […]
Revised Limit for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025.
Revised Limit for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025. The Government of India has officially notified the revised classification criteria for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025. Updated MSME Classification Criteria: Micro Enterprises: Investment Limit: Increased from ₹1 crore to ₹2.5 crore Turnover Limit:… […]
LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP.
LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP. Income Tax Appellate Tribunal (ITAT), Mumbai recently has again reaffirmed a crucial principle: LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP. The case of Vinod Nihalchand Jain vs. ITO [ITA… […]
VIA Representation for extension of time limit for TDS correction statements pertaining to Financial Year 2007-08 to 2018-19.
VIA Representation for extension of time limit for TDS correction statements pertaining to Financial Year 2007-08 to 2018-19. Ref : G/1/2024-25/388 March 27, 2025 Ms Nirmala Sitharaman, Hon’ble Finance Minister Government of India North Block New Delhi – 110 001. Sub : Request for extension of time limit for TDS correction statements pertaining… […]
