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<p>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 [&hellip;]</p>

<p>The reassessment of the assessee has been quashed by the Delhi Bench of Income Tax Appellate Tribunal ( ITAT ), which held that an assessment u/s 147 of the I-T Act,1961 cannot be reopened based on mere modification of opinion. Bhartiya Samruddhi Investments and Consulting Services Limited, the appellant-assessee, asserted ₹91,47,928 as ‘sundry advances/assets written [&hellip;]</p>

<p>The Madhya Pradesh High Court has stated that the non-operation of the Income Tax Department&#8217;s TRACES Portal cannot justify refusing an assessee the benefits provided under the Income Tax Act of 1961. A division bench of Justices Vivek Rusia and Anuradha Shukla carried that an assessee&#8217; TDS refund cannot be rejected only on the ground [&hellip;]</p>

<p>A complete review of the Income Tax Act has been initiated by the government, inviting public input on major areas for reform. It was notified by the Central Board of Direct Taxes (CBDT) that it has made an internal committee to concentrate on easing the language, decreasing the litigation and compliance loads, and deleting outdated [&hellip;]</p>

<p>The Income Tax Appellate Tribunal (ITAT) of Delhi in a decision, quashed a reassessment notice issued u/s 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj Products Pvt. Ltd. for the AY 2010-11, mentioning mechanical approval granted by the Principal Commissioner of Income Tax (PCIT). The reassessment was on the grounds [&hellip;]</p>

<p>The Cuttack Bench of Income Tax Appellate Tribunal(ITAT) carried the decision of the Commissioner of Income Tax(Appeals) to remove the Rs.3,08,11,278 penalty imposed u/s 271(1)(c) for the Assessment Year 2014-15 since the underlying quantum addition no more existed. An appeal has been filed by the revenue against the CIT(A), order on 25.6.2024, which removes the [&hellip;]</p>

<p>The Chhattisgarh High Court carried an ex-parte assessment u/s 144 of the Income Tax Act, 1961, against a taxpayer who failed to take part in assessment proceedings or describe the cash deposit source of ₹11,44,070 in his bank account. The bench Justices Sanjay K Agrawal and Amitendra Kishore Prasad remarked that under sections 68 and [&hellip;]</p>

<p>The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to [&hellip;]</p>

<p>The High Court of Himachal Pradesh rejected the Tax Recovery Officer&#8217;s decision to attach the Cash Credit Account, stating that the Cash Credit account or overdraft is capable of being attached under section 226(3) of the IT Act. The High Court clarified the relationship between a debtor and a creditor, stating that a bank does [&hellip;]</p>

<p>The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) asked the Assessing Officer ( AO ) to allow the Foreign Tax Credit ( FTC ) as Form 67 was filed on the extended due date along with the Income Tax Return (ITR). Towards the matter, the taxpayer Anita Sandhu, had furnished the [&hellip;]</p>

<p>On October 1, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 11/2024 establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under section 119(2)(b) of the Income-tax Act, 1961. The very circular replaces all the prior instructions and prompts a structured approach to [&hellip;]</p>

<p>The Income Tax Department of India has surged the tracking of high-value credit card transactions according to its efforts to curb tax evasion and assure effective tax compliance. How IT Dept Monitoring High-value Credit Card Transactions? In the section below, we discuss the procedure used by the income tax department to monitor high-value credit card [&hellip;]</p>

<p>The Supreme Court stated that technological challenges cannot justify harassing an assessee, urging the Income Tax Department to improve its software to prevent future errors. The Court ordered the Central Board for Direct Taxes to take appropriate actions to correct the software. A bench of Justices PS Narasimha and Sandeep Mehta was hearing an appeal [&hellip;]</p>

<p>After the amendment in the fiscal limits for filing the appeals in direct and indirect tax matters in the Union Budget 2024-25, the Apex court dismissed 573 direct tax cases in which there is less than Rs 5 crore tax effect, the Ministry of Finance mentioned. As per the finance ministry, the measures are anticipated [&hellip;]</p>

<p>It was carried by the Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) that interest income made through the deposits with co-operative banks entitled to a deduction under Section 80P(2)(d) of the Income Tax Act,1961. With earlier rulings the decision aligns that permit such deductions, stressing that only interest from co-operative banks, not [&hellip;]</p>

<p>For providing the tax audit reports within the due date of September 30, 2024, professionals and taxpayers are tussling with technical problems on the e-filing portal of the income tax department. Around late September 17, 2024, the problem has been started when many users notified being not able to upload the tax audit reports because [&hellip;]</p>

<p>CBDT Circular No. 09/2024-Income Tax Dated: 17/09/2024: Enhancement of Monetary limits for filing of appeals by the Department before ITAT, High Courts, and SLPs/appeals before Supreme Court. Introduction of CBDT Circular No. 9/2024 A series of circulars have been issued by the Central Board of Direct Taxes (CBDT) on distinct occasions that are binding on [&hellip;]</p>

<p>The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has mentioned that service charge collected by a medical store in the hospital is covered under Health Care Services and are waived from Service Tax. The Bench of Binu Tamta (Judicial Member) has marked that medical aid to the patients who are [&hellip;]</p>

<p>The Delhi High Court in a judgment ruled that the income tax department could not refuse the refund claim of the assessee as the Tax Deducted at Source TDS is not shown in Form 26AS. The order of the department has been quashed by the court rejecting the application of the assessee to file an [&hellip;]</p>

<p>FM Nirmala Sitharaman incurred that there would be no reduction in tax rates under the old regime, addressing calls via assessees for identical rate reduces both old and new regimes. The minister said that the government does not force anyone to switch from the old to the new tax regime. What Amount Do I Required [&hellip;]</p>