Man sells Delhi property, shifts to Australia; tax dept adds Rs 40 lakh as unexplained cash credit, but he wins in ITAT Delhi

The Income Tax Appellate Tribunal in Delhi has made waves with its recent ruling. Taxpayers can now benefit from capital ...

Income tax raids at Ramee Group of Hotels premises: Sources

Also known as searches, income tax raids are typically a 'search and seizure' operation under Section 132 of the Income Tax ...
LiveLaw

Income Tax Act | Payment For IPLC Services Not 'Royalty' U/S 9; Assessee Entitled To Deduction U/S 40(a)(i): Madras High Court

The Madras High Court has held that payment for IPLC (International Private Leased Circuits) Services does not constitute ...

Final ITR Call: What Happens If You Miss The December 31 Deadline For Revised And Belated Tax Returns

Revised returns serve as a safety net for correcting inaccuracies in original or belated returns, such as omitted income, ...
Tax Guru

Audit Rules Under Presumptive Taxation Scheme: IT Act 1961 vs IT Act 2025

The 2025 Act introduces compulsory tax audit for businesses declaring profits below 6% or 8% of turnover. The shift eliminates the earlier opt-out condition, expanding audit applicability from ...
Tax Guru

ITAT Cannot Uphold Section 263 Revision on Grounds Not Raised by Commissioner: Kerala HC

The Kerala High Court held that the Commissioner’s suo motu revision under Section 263 was unjustified, confirming that donations to other charitable trusts qualify as application of income under ...