The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has once again delivered an important judgment protecting taxpayers from invalid reassessment proceedings initiated without following mandatory legal procedures. In the case of Mathew Julius Menezes ITAT Mumbai Case, the Tribunal quashed the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax …
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The Mumbai Bench of the Income Tax Appellate Tribunal in the case of Jamshed Naval Karanjia vs Commissioner of Income Tax Appeal 57 ITA No 3508 Mum 2025 has delivered an important ruling concerning demonetisation cash deposits and additions made under Section 69A of the Income Tax Act. The Tribunal granted substantial relief to an …
The Delhi Bench of the Income Tax Appellate Tribunal in the case of Rajiv Garg vs Commissioner of Income Tax Appeals ITA No 7804 Del 2025 has delivered an important ruling on reassessment proceedings initiated under Section 148 of the Income Tax Act after the amendments introduced by the Finance Act, 2021. The Tribunal held …
A significant ruling has recently been delivered by the Delhi Bench of the Income Tax Appellate Tribunal in the case of Vinay Chaudhary vs ACIT for AY 2021-22. The judgment is highly relevant for taxpayers, especially NRIs, investors, and individuals claiming exemption under Section 54F of the Income Tax Act. The Tribunal quashed the assessment …
Introduction With the implementation of the Income-tax Act, 2025 effective from 1st April 2026, one of the most practical and immediate changes for taxpayers and professionals is the restructuring and renumbering of income tax forms. While the core compliance framework remains largely unchanged, the way forms are presented, numbered, and accessed on the e-Filing portal …
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A New Beginning for Taxpayers The start of a new financial year always brings fresh opportunities for tax planning, and FY 2026–27 is even more significant because it marks the implementation of the Income-tax Act, 2025. While the new law does not drastically change tax rates or introduce new taxes, it brings important refinements and …
Tax planning becomes extremely important as the financial year approaches its end. Many taxpayers review their investments, business income, and other financial activities to reduce their overall tax liability. One of the most important provisions available under the Income Tax Act, 1961 for tax optimization is the set-off of losses against income under different heads. …
The employees are constantly worried about their income tax because they fall into the high tax bracket, which is 30 per cent plus cess and surcharges. The high-paying salaried employees are always worried about the income tax withheld by their employer. Generally, in the month of January, the company where you are working asks you …
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Taxability of Export Commission paid to Non-resident has always been a question. It looks non-taxable transaction when commission is paid to a person residing outside India and selling goods of Indian exporter outside India without having significant economic presence in India, however actual position is not as simple as we think. We need to look …
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Rachna sold her residential property and invested the entire amount in the purchase of a new residential property in the joint names of her daughter and son-in-law and claimed exemption under section 54 of the income tax act. The tax officer disallowed her exemption on the grounds that new property can only be purchased in …
