Introduction The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently delivered a significant judgment on January 2, 2025, concerning the imposition of penalties under Section 271B of the Income Tax Act, 1961. This case involved Dr. Murugesh Shantveerya Hiremath, a renowned cardiologist, who appealed against the penalty imposed for failing to file the tax …
The Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets and foreign income in the income tax return. This indicates that, in the future, the Income Tax Department will take strict action if foreign income and assets are not reported in the income tax return. Recently, the Income Tax …
In India, rental income from house property is charged under the head “Income from House Property.” However, before the income is taxed, certain deductions are allowed under Section 24 of the Income Tax Act, which can reduce the taxable income. These deductions help ease the tax burden on property owners and encourage investment in real …
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The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute income. Eligibility for Section 44ADA Professionals can opt for the presumptive taxation scheme …
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The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Delhi dealt with an appeal filed by the Assessee, Mr. Vikas from Gurgaon, regarding a delay in filing an appeal before the CIT(A) for the Assessment Year 2012-13. The appeal before the ITAT was directed against the order passed by the National Faceless Appeal …
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Income tax law is complex, and at times, disputes arise between taxpayers and the authorities. A recent case before the Income Tax Appellate Tribunal (ITAT) in Delhi, titled Hirdey Ram vs. DCIT, ITA NO. 319/Del/2022 sheds light on issues related to the rectification of errors in tax assessments under Section 154 of the Income Tax …
In a significant development, the Central Board of Direct Taxes (CBDT) has revised the monetary limits for filing income tax appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts, and the Supreme Court. This move is part of the broader effort to reduce litigation and bring greater certainty to taxpayers’ income …
Quashing of Reassessment Proceedings: Legal Grounds and Impact on Penalty In a recent case, the appeals in ITA No. 1413 & 435/Del/2023 for the assessment year (AY) 2016-17 were filed against the order of the Commissioner of Income Tax (Appeals)-29, New Delhi (CIT(A)), concerning the reassessment order passed under sections 147/148 of the Income-tax Act, …
Background of the Case A search and seizure action was conducted under Section 132 of the Income Tax Act on 14th February 2019, involving the Antariksh Group, a company engaged in construction, warehousing, and commercial retail development for several years. The assessee, who provided contractual services to the Antariksh Group, had its documents seized during …
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