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blog.saginfotech.com /1 week ago

Jaipur ITAT Allows Section 201(1) Relief Despite Manual Filing of Form 26A

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) said that manual filing of a Chartered Accountant-certified Form 26A rather than electronic filing is only a procedural...

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timesofindia.indiatimes.com /6 days ago

Rs 30L salary, missed ITR after job switch; why ITAT cancelled Rs 3.74 lakh penalty

What appeared to be a filing lapse eventually turned into a tax penalty of Rs 3.74 lakh. The Income Tax Department took a strict view of the matter, maintaining that had the non-fi...

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businesstoday.in /1 month ago

ITR filing 2026: Tax Audit Season is here -- businesses, professionals: Who needs audit this month?

The presumptive taxation scheme is designed to simplify tax compliance for eligible taxpayers. Instead of maintaining detailed books of account and calculating actual profits, taxp...

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blog.saginfotech.com /1 week ago

Delhi ITAT Restricts Reopening of Assessment Years Beyond Prescribed Period in Search Cases

The Delhi Income Tax Appellate Tribunal (ITAT) has made a significant ruling regarding the jurisdiction of assessing officers under Section 153C of the Income Tax Act, 1961. The tr...

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thetaxtalk.com /3 weeks ago

Section 153C Cannot Be Invoked After 1 April 2021 for an “Other Person” Merely Because the Search Was Conducted Earlier:...

Section 153C Cannot Be Invoked After 1 April 2021 for an “Other Person” Merely Because the Search Was Conducted Earlier: ITAT Bangalore Landmark Ruling Clarifies That the Date of...

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thetaxtalk.com /1 month ago

No Tax, No Penalty: ITAT Mumbai Draws the Line on Section 270A Penalties for Charitable Trusts

No Tax, No Penalty: ITAT Mumbai Draws the Line on Section 270A Penalties for Charitable Trusts The introduction of Section 270A of the Income-tax Act marked a significant shift i...

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blog.saginfotech.com /1 month ago

Chennai ITAT Rules Cash Withdrawals From Own Bank Account Can’t Be Treated as Unexplained Money U/S 69A

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that taking money out of your own bank account cannot be used to increase your taxable income under a s...

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thetaxtalk.com /2 weeks ago

Section 43CA Cannot Be Applied to Land Sale Agreed Before Its Introduction: ITAT Jaipur

Section 43CA Cannot Be Applied to Land Sale Agreed Before Its Introduction: ITAT Jaipur Where agreement to sell was executed before section 43CA came into force and substantial c...

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blog.saginfotech.com /2 weeks ago

Delhi ITAT Deletes ₹23 Lakh Addition U/S 69A, Accepts Tree & Mango Sale Proceeds as Source

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) removed a Rs 23 lakh addition u/s 69A after considering that the money deposited by the taxpayer’s husband in her bank a...

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businesstoday.in /1 month ago

Can third-party documents alone trigger a tax demand? ITAT explains when the Income Tax Department can act

A recent ITAT ruling has clarified that the Income Tax Department cannot raise a tax demand solely on the basis of documents recovered from a third party without independent eviden...

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thetaxtalk.com /1 week ago

CIT(E) Must Specify the Exact “Specified Violation” Before Cancelling Trust Registration: ITAT Mumbai

CIT(E) Must Specify the Exact “Specified Violation” Before Cancelling Trust Registration: ITAT Mumbai Vague allegations cannot justify cancellation of charitable trust registra...

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businesstoday.in /1 month ago

ITR Filing 2026: Don't panic! These 8 AIS transactions are usually not taxable

The Annual Information Statement (AIS) may list several high-value financial transactions, but not all of them are taxable. Tax experts say taxpayers should treat the AIS as an inf...

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thetaxtalk.com /1 month ago

Section 153C Cannot Be Invoked Mechanically: ITAT Jaipur Quashes Proceedings for Lack of Independent Satisfaction

Section 153C Cannot Be Invoked Mechanically: ITAT Jaipur Quashes Proceedings for Lack of Independent Satisfaction AO Cannot Simply Copy the Satisfaction Note of the Searched Pers...

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blog.saginfotech.com /1 week ago

ITAT Jaipur: Section 87A Rebate Allowed on STCG U/S 111A of Income Tax Act for AY 2024-25

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled in favour of an assessee, allowing the Section 87A tax rebate against tax liability arising from Short-Term Capit...

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thetaxtalk.com /1 month ago

CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI

CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI The Central Board of Direct Taxes has issued a key order to bring offshore financial data...

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thetaxtalk.com /2 weeks ago

Section 69A Addition Cannot Be Sustained Without Proving Ownership of Unexplained Money: ITAT Jaipur

Section 69A Addition Cannot Be Sustained Without Proving Ownership of Unexplained Money: ITAT Jaipur Third-party electronic material cannot replace the foundational requirement of...

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blog.saginfotech.com /3 weeks ago

IT Department Verifies Suspicious Foreign Remittances

As per the ground intelligence and data analysis of outward foreign remittances, the income tax department had identified various suspicious entities that remitted large amounts of...

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blog.saginfotech.com /1 month ago

New ITR-BN Form for Block Assessment in Search and Seizure Cases

The Central Board of Direct Taxes (CBDT) has notified a new Income Tax Return (ITR) form, ITR-BN, for taxpayers covered under block assessment proceedings arising from search and r...

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blog.saginfotech.com /4 weeks ago

Bengaluru ITAT: Fresh Tax Demand Cannot Be Raised Through Computation Sheet After Returned Income Is Accepted

The Income Tax Appellate Tribunal (ITAT), Bengaluru Bench, has held that the Income Tax Department cannot create a fresh tax demand through a computation sheet or Section 156 notic...

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realty.economictimes.indiatimes.com /1 month ago

Redevelopment agreement not a property receipt, so not taxable: ITAT

Mumbai ITAT ruled agreement registration does not mean property receipt. Tax cannot be levied on future property rights under anti-abuse provisions. The tribunal allowed a taxpay...

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blog.saginfotech.com /4 weeks ago

Delhi ITAT Directs CIT(A) to Decide Whether CAM Charges Attract 2% TDS U/S 194C or 10% U/S 194-I

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, in this case, has mentioned that the Commissioner of Income Tax (Appeals) [CIT(A)] should determine whether Tax Deducted at S...

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thetaxtalk.com /2 days ago

Section 54GB Exemption on Start-up Investment: ITAT Allows ₹1.48 Crore Deduction

Section 54GB Exemption on Start-up Investment: ITAT Allows ₹1.48 Crore Deduction Proportionate investment qualifies, extended deadline applies and there is no ₹50 lakh cap, say...

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blog.saginfotech.com /6 days ago

IT Department Introduces Form 1 for Reporting Undisclosed Foreign Assets Under FAST-DS 2026

Taxpayers who wish to declare undisclosed foreign assets or foreign-sourced income under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) can file Form...

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thetaxtalk.com /1 month ago

Refund Cannot Be Denied for Mere Technical Lapse: ITAT Invokes Article 265 to Protect Taxpayer’s Rights

Refund Cannot Be Denied for Mere Technical Lapse: ITAT Invokes Article 265 to Protect Taxpayer’s Rights Once Delay in E-Verification Is Condoned, Revenue Cannot Retain Tax That...

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