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<p>The Gauhati High Court, a purchasing dealer cannot be punished for the act of the selling dealer in matter the selling dealer had failed to deposit the tax collected by it. The bench of Chief Justice Vijay Bishnoi and Justice Suman Shyam has marked that the Department is prevented from invoking Section 9(2)(g) of the [&hellip;]</p>

<p>The Bombay High Court has quashed a show cause notice issued in a standardized printed format, which only included the period, date, and time, but lacked any specific details regarding the information or documents required from the petitioner to be presented. The bench, consisting of Justices K. R. Shriram and Jitendra Jain, observed that before [&hellip;]</p>

<p>The Bombay High Court has determined that Assessing Officers (AOs) must verify information before initiating reassessment proceedings based on faceless data. This ruling comes from a bench of Justices G.S. Kulkarni and Somasekhar Sundaresan, who underscored the importance of verification when AOs intend to act under Section 148 of the Income Tax Act, particularly when [&hellip;]</p>

<p>The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has annulled a show-cause notice directed at fruit vendors who are not involved in any activities subject to service tax. The bench, consisting of Judicial Member Suvendu Kumar Pati and Technical Member Anil G. Shakkarwar, noted that the show cause notice failed [&hellip;]</p>

<p>In a development, the majority of India’s income the taxpayer would required to transition to the new tax regime for the present assessment year. 72% of those who furnished their returns by the July 31 due date chose the new tax regime that contributed to a record high of nearly 7.29 crore ITR filings as [&hellip;]</p>

<p>The Punjab &amp; Haryana High Court upheld the revisional order passed by the Principal Commissioner Income Tax (PCIT) under Section 263 of the Income Tax Act. as the assessment was wrongly passed by the Assessing Officer ( AO ) under Section 44ADA of the Act. The taxpayer Harjot Singh, is an individual who filed his [&hellip;]</p>

<p>Individuals who are accountable for making payments like salary, commission, interest, professional fees, rent, and other specified categories are mandated to deduct TDS (Tax Deducted at Source) before making the disbursement under the norms mentioned in the Income Tax Act. Also, it is obligatory to ensure the remittance of the TDS amount deducted to the [&hellip;]</p>

<p>The Delhi High Court permitted the writ petition in favour of Mitsubishi Corporation and quashed the assessment order since the tribunal losses to regard the entire powers granted to it u/s 254 of the Income Tax Act of 1961, and the order was quashed to the extent that they denied consideration of the additional reasons [&hellip;]</p>

<p>For the AY 2018-19 the income tax department has begun investigating the cases to find which of them required to be reopened, a process that may result in tax notices. In the matters of escaped income, this follows the union budget proceeds to lessen the time limit for tax reassessment from 10 years to 5 [&hellip;]</p>

<p>The Rajasthan High Court In a writ petition filed by a senior citizen seeking condonation of delay in filing Income Tax Returns ( ITR ), condoned the delay stating the real hurdle performed via the taxpayer who is a senior citizen. The taxpayer, Padam Raj Bhandari, is an insurance surveyor and senior citizen who filed [&hellip;]</p>

<p>In this year the assessees must expect delays in their income tax refunds. For scrutinizing income tax returns (ITRs) the government has implemented a rigorous (Strict) new system using a specially designed, self-automated artificial intelligence (AI) software program. Advanced AI for Comprehensive Examination The new AI program is made to validate the preciseness of all [&hellip;]</p>

<p>The income tax department has issued a warning to the assessees against making bogus claims, since the due date for filing ITR for AY 2024-25 approaches July 31. The department advises that inflating expenses, underreporting earnings, or exaggerating deductions is a punishable offence and may result in delays in refund issuance. Till Now Over Five [&hellip;]</p>

<p>A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the &#8216;Income from House Property&#8217; (IHP) head and not under the &#8216;Profits and Gains from [&hellip;]</p>

<p>As the ITR due date is approaching various troubles on the tax filing portal and issues during the procedure have been encountered by the netizens at the time of filing the ITR. Nearly half the taxpayers have not filed their ITR. The percentage of assessees who have not filed Income Tax Returns till now is [&hellip;]</p>

<p>What is the New TDS Section 194T? The Finance Bill, 2024, presents a significant change for partnership firms with the proposal to insert a new TDS section 194T of the Income Tax Act, 1961. The same move has the motive to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the [&hellip;]</p>

<p>The assessment order has been quashed by the Calcutta High Court on the foundation that the department has losses to place the taxpayer on the notice concerning the addition u/s 69A of the income tax. It was noted by the bench of Justice Raja Basu Chowdhury that the judgment incurred via the respondent department as [&hellip;]</p>

<p>At the time of the Budget presentation at 11 AM on 23rd July 2024, Union Finance Minister Nirmala Sitharaman asked to revise the S.271H of the Income Tax Act pertinent to the penalty for failure to provide the statements. Clause 81 of the bill asked to revise Sec.271H of the Act, sub-section (1) of the [&hellip;]</p>

<p>The Punjab &amp; Haryana High Court while indicating that the scheme of faceless assessment is applicable from the phase of SCN under section 148 as well as 148A, held that notice under section 148 could not be issued via the jurisdictional assessing officer post introduction of the faceless assessment scheme. As SCN has been issued [&hellip;]</p>

<p>The taxpayer has provided the recommendations to permanently revise the due date since they are facing issues accessing Form 26AS and AIS. There is a rise in the demand to extend the ITR due date from July 31, 2024, to August 31, 2024, because of the technical problems on the income tax portal. An extended [&hellip;]</p>

<p>It was ruled by the Kerala High Court that the South Indian Bank is entitled to the deduction envisaged u/s 36(1)(viii) of the Income Tax Act concerning the long-term finance furnished by it for the construction and purchase of houses in India for residential purposes. The appellant-bank/assessee South Indian Bank Ltd is in the business [&hellip;]</p>