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<p>The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) permitted the appeal filed via the taxpayer contesting the false rejection of Section 80IC of the Income Tax Act,1961 deduction claim due to a village name discrepancy. The applicant Acacia Biotech Limited, contested the order dated 30.10.2023 passed by the Commissioner of Income Tax (Appeals) for [&hellip;]</p>

<p>What is Form 29B? Section 115JB of the Income Tax Act mentioned that Form 29B is significant to evaluate the book profits of the company. Through this form, you are enable to compute the book profit to claim the Minimum Alternate Tax (MAT) credit. The same form is required to be provided via the Chartered [&hellip;]</p>

<p>The due date of Vivad Se Vishwas Scheme 2024 has been extended by the income tax department from December 31, 2024, to January 31, 2025. The scheme assists the taxpayers in settling the current dispute via filing a lesser income tax. If the due date does not get extended then the taxpayer would be required [&hellip;]</p>

<p>The income tax department mentioned that it is not seeing Digi Yatra data to catch tax evaders. The IT department published on X denied reports that mentioned that Digi Yatra data will be utilised to catch the tax evaders. It is clarified that, as of now, no such move has been made by the Income [&hellip;]</p>

<p>A new feature has been launched by the Income Tax Department on its e-filing portal to allow rectification requests to the AO for incorrectly filed ITRs. This option enables taxpayers to submit rectification applications for assessment orders issued by the AO under Section 154 of the Income Tax Act, 1961, directly to their Assessing Officer [&hellip;]</p>

<p>During a pre-budget discussion with Finance Minister Nirmala Sitharaman on December 26, the apex body of the Engineering Exports Promotion Council, EEPC India, suggested the introduction of a 25% conditional income tax rate for MSME manufacturing units operating as partnerships, LLPs, or sole proprietorships. This proposed tax slab can apply with the condition that businesses [&hellip;]</p>

<p>For the upcoming budget, 2025, Prime Minister Narendra Modi convened a consultation with prominent economists to discuss key economic strategies. The main motto of the meeting was centred around crucial topics such as lowering income tax slab rates, streamlining customs tariffs, and introducing initiatives to boost exports. Sources from the Bureau revealed that the Prime [&hellip;]</p>

<p>The Income Tax Appellate Tribunal (ITAT), Delhi Bench set aside reassessment proceedings, citing inconsistencies between the grounds for reopening and the subsequent additions. Bhawani Castings P. Ltd., the appellant, submitted its income tax return for the Assessment Year (AY) 2018-19 on 28.09.2018, stating a loss of ₹12,52,594. The AO issued a notice following Section 148A(b) [&hellip;]</p>

<p>As per the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), it said that Section 271B penalty of the Income Tax Act, 1961 is applicable merely when the accounts are not audited as mandated u/s 44AB not just for the late submission of the audit report. The taxpayer Vardhabhai Jethabhai Patel, is an individual [&hellip;]</p>

<p>The assessment for Assessment Year(AY) 2009-10 has been set aside by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) as of the jurisdictional error u/s 153C of the Income Tax Act,1961. The petitioner/taxpayer Kamal Sharma, has contested the plea against the order on 27.02.2023 passed by the Commissioner of Income Tax(Appeals)[CIT(A)] for the AY [&hellip;]</p>

<p>As per the Delhi High Court, a Final Assessment order passed via the Income Tax Authorities u/s 143 of the Income Tax Act, 1961 is not sustainable, if it is passed in ignorance of pending objections before the Dispute Resolution Panel. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela [&hellip;]</p>

<p>For charging high tariffs US President-elect Donald Trump accused India and warned about the reciprocal process. While speaking to reporters, Trump reiterated his intent to impose reciprocal tariffs in response to New Delhi&#8217;s higher tariffs on specific American imports. He remarked that while answering a question about a trade agreement with China, Trump cited India [&hellip;]</p>

<p>An electronic campaign has been launched by the Central Board of Direct Taxes (CBDT) to support assessees in solving the mismatches between the income and transactions notified in the Annual Information Statement (AIS) and those shown in the ITR for the financial years 2023-24 and 2021-22. Indeed the same campaign has the objective for the [&hellip;]</p>

<p>The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) asked for a fresh assessment for a matter that engages the disallowance of commission payments for non-deduction of TDS u/s 40(a)(ia) of the Income Tax Act,1961, acknowledging the proof furnished under rule 29 of the ITAT rules which was unavailable as of the financial issues along [&hellip;]</p>

<p>The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total [&hellip;]</p>

<p>The Income Tax Appellate Tribunal ( ITAT ), Bangalore in a case carried that no addition may be made by an Assessing Officer ( AO ) u/s 28(iv) of the Income Tax Act, 1961 in the case that imported assets were furnished to the taxpayer free of cost, exclusively for testing which was either returned [&hellip;]</p>

<p>It was carried by the Allahabad High Court that the finding of the Income Tax Appellate Tribunal and Commissioner of Income Tax (Appeals) that when an agreement between parties establishes a direct transfer of money, accomplishing so indirectly by holding the funds in a distinct account before sending them to the final account, does not [&hellip;]</p>

<p>A rise in the women filing Income tax returns has been seen in Karnataka with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the AY 2023-24. In the last 5 years, it is a 26% growth. The state rebounded quickly, even after a temporary dip to 11 lakh in 2020-21 arriving with [&hellip;]</p>

<p>ITAT Delhi In the matter of Cheil India Private Limited vs. DCIT, addressed the disallowance of a ₹2.57 crore deduction asserted u/s 80G of the Income Tax Act, 1961, for CSR expenditures. The deduction has been refused by the National Faceless Assessment Centre (NFAC) reasoning that CSR expenses as obligated u/s 135 of the Companies [&hellip;]</p>

<p>It was asked by the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) that the Jurisdictional Assessing Officer (JAO) correct the intimation by the Central Processing Centre because of the rejection of Section 80JJAA of the Income Tax Act, 1961 claim as of the technical default. The taxpayer Vimalachal Print &amp; Pack [&hellip;]</p>