Direct Tax
Bombay High Court Condones Delay In Filing ITR For AYs 2017-18 And 2018-19
The Bombay High Court has condoned the delay in filing income tax return (ITR) for Assessment Years (AY) 2017-18 and 2018-19.The bench of Justice...
Absence Of Bank Statements To Prove Purchases: Bombay High Court Disallows Bogus Purchases
The Bombay High Court while disallowing the bogus purchases under section 69C of the Income Tax Act, held that in the absence of bank...
RaOne Tax Case: ITAT Quashes Reassessment Against Shah Rukh Khan
The Mumbai Bench of Income tax Appellate Tribunal (ITAT) has quashes income tax reassessment against Shah Rukh Khan for not paying tax in India...
15th March is Approaching: Everything You Need to Know About Advance Tax Payment
As the financial year 2024-25 nears its end, taxpayers must ensure they meet their advance tax obligations. The due date for the fourth and...
ITAT Upholds Deletion Of Addition Worth Rs. 34.50 Crores On Account Of Disallowance Of “Provision For Depreciation”
The Pune bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of addition worth Rs. 34.50 crores on account of disallowance of...
Detailed Analysis of the Income Tax Act: Key Sections for Taxpayers and Businesses
The Income Tax Act of 1961 is the cornerstone of India's tax system. It governs the collection of taxes on income generated by individuals,...
Date of Digital Signature on Reassessment Notice Considered as Date of Issuance, Not Printed Date: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the date of signing of the reassessment notice through digital signature should...
You Still Pay Income Tax On Income Arising From Transfers Made To Daughter-in-Law
In a recent clarification, the Income Tax Department has reiterated that income derived from assets transferred to one's daughter-in-law without adequate consideration will be...