Nagpur ITAT deleted addition under section 69A in respect of cash loans as Assessee acted as a finance broker
Nagpur ITAT deleted addition under section 69A in respect of cash loans as Assessee acted as a finance broker ITAT Nagpur Order in the Case of Shri Biharilal Shadhuram Chhabriya (ITA Nos. 106 to 109/Nag./2023) has recently deleted the addition under section 69A in respect of cash loans as Assessee acted as a finance… […]
An overview of FAQ on compounding of offences under Income Tax Act, 1961
An overview of FAQ on compounding of offences under Income Tax Act, 1961 The Income Tax Department has released new frequently asked questions (FAQ) on compounding of offences under Income Tax Act, 1961. Now, All offence under Income Tax Act have been made compoundable in revised guidelines dated October 17, 2024. It may be… […]
Delay of 2372 days in filing Form 10B Condoned by Bombay HC
Delay of 2372 days in filing Form 10B Condoned by Bombay HC Facts of the Case: The Borivli Education Society, a charitable institution, manually filed Form 10B within the prescribed deadline for Assessment Year 2014-15 but failed to uplod it electronically due to a bona fide misunderstanding by its Chartered Accountant. The Income Tax Department denied… […]
An overview of the Major GST Changes from April 1, 2025
An overview of the Major GST Changes from April 1, 2025 Let us have an overview of the Major GST Changes from April 1, 2025. The same is summarized as under: Tighter E-Invoicing Norms: Large businesses with a turnover exceeding ₹10 crore now face a stricter timeline for e-invoice uploads. Invoices must be reported… […]
TCS amendments proposed in the Budget 2025:
TCS amendments proposed in the Budget 2025: 1. TCS on sale of goods: Under Section 206C(1H), sellers were required to collect TCS at 0.1% on the sale of goods exceeding ₹50 lakh in a financial year. Section 194Q also mandates buyers to deduct TDS on payments made for goods exceeding ₹50 lakh, creating the possibility of double tax… […]
Transactions by Charitable Trust with Persons Specified U/s. 13(3) of Income Tax Act, 1961
Transactions by Charitable Trust with Persons Specified U/s. 13(3) of Income Tax Act, 1961 1. Introduction: Income Tax Law does not prohibit the transactions per se between the specified persons (relatives) and the Charitable Trusts. Transactions are allowed, provided that the payment of the goods and services are equivalent to their market values and… […]
Key Updates on Compounding of Offences: An overview of the CBDT Circular No. 04/2025
Key Updates on Compounding of Offences: An overview of the CBDT Circular No. 04/2025 The Central Board of Direct Taxes (CBDT) has issued FAQs on the revised guidelines for Compounding of Offences under the Income Tax Act, 1961, effective from October 17th, 2024. These guidelines supersede all previous ones and apply to both pending… […]
Income Tax Penalties: An overview of the cost of Non – Compliance!
Income Tax Penalties: An overview of the cost of Non – Compliance! Failure to comply with Income Tax regulations can lead to penalties that may impact individuals and businesses. Here’s a complete breakdown of penalties under different sections of the Income Tax Act: 1 Penalty for Late Filing of Income Tax Return (Section 234F)… […]
Mere statement recorded during search cannot be treated as incriminating document for making addition in a search case
Mere statement recorded during search cannot be treated as incriminating document for making addition in a search case Pursuant to search and seizure operation conducted in the premises of the assessee, an individual and trader of bananas, statement of the assessee was recorded admitting purchasing a property at Rs. 36 lakhs against the registered… […]
Bogus Purchase Addition: Assessee gave no input & so there was no way to determine a gross profit – Entire amount deemed unexplained
Bogus Purchase Addition: Assessee gave no input & so there was no way to determine a gross profit – Entire amount deemed unexplained Non Participation during assessment proceeding could be costlier. Here is one such case before Bombay HC. Let us have a Short Overview of the case: This Bombay High Court judgment in… […]
