Judgement

The ITAT cited the Supreme Court's ruling that a mere wrong claim, without concealing facts, does not amount to "furnishing inaccurate particulars".

Penalty Under Section 271(1)(c) Cannot Be Imposed When No Income is Concealed: ITAT

The ITAT deletes the penalty holding disallowance of the Section 54 claim and does not amount to concealment.

ITAT Deletes Penalty; Disallowance of Section 54 Claim Not Concealment

The ITAT restores the appeal, holds the advance tax condition inapplicable, and sets aside penalty proceedings.

Ex Parte Assessment Set Aside; Appeal Restored Despite Advance Tax Issue

Articles

The Income Tax Department introduced Form 121 to replace Forms 15G and 15H, simplifying TDS exemption. It allowed eligible taxpayers to declare low income and prevent tax deductions efficiently.

New Income Tax Act 2025 Replaces Form 15G and 15H With Form 121; A Simple Way to Avoid TDS

The Income Tax Department simplified TCS filing by replacing Form 27EQ with the new Form 143, which introduced a better structure and improved error-checking features.

TCS Filing Simplified: Income Tax Department Replaces Form 27EQ with New Form 143

The ITAT held that maturity proceeds from a life insurance policy are fully taxable under Section 10(10D) when the annual premium exceeds 20% of the sum assured.

Premium Above 20%? ITAT Denies Section 10(10D) Exemption on LIC Maturity; Holds Entire Amount Taxable

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