Judgement

The Court said that since the authorities had not yet taken a final decision on the show cause notices under Section 276C(2) of the Income Tax Act for the assessment year 2024–2025, moving to the Court at this stage was too early.

Punjab & Haryana HC Dismisses Premature Income Tax Petition

News

TVS Srichakra disclosed that its Income Tax demand was reduced from Rs 29.47 crore to Rs 31.1 crore after rectification, with no material impact on its financials, while its appeal against the original order remains pending.

Income Tax Demand of Rs. 29.47 Cr of TVS Srichakra Reduced to Rs. 3.11 Cr

IIFL Capital has received an income tax demand of Rs 68.07 crore from the Joint Commissioner of Income Tax, Mumbai, for the period between April 2018 and March 2025 under the Income Tax Act, 1961.

IIFL Capital Receives Rs 68.07 Crore Income Tax Demand

ITAT deletes additions based solely on third-party data without corroborative evidence or cross-examination opportunity.

Third-Party Statements Alone Insufficient; ITAT Deletes Additions

Articles

Correctness in ITR filing is very important; otherwise, you may face penalties, Notices, and interest, know the common mistakes to avoid while filing an ITR.

ITR Filing Not So Simple Anymore: 10 Mistakes That Can Trigger Tax Notices

ITAT quashes reassessment as alleged penny stock transactions belonged to the client, not the assessee.

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Punjab & Haryana HC Dismisses Premature Income Tax Petition

Income Tax Demand of Rs. 29.47 Cr of TVS Srichakra Reduced to Rs. 3.11 Cr

IIFL Capital Receives Rs 68.07 Crore Income Tax Demand

Third-Party Statements Alone Insufficient; ITAT Deletes Additions

ITR Filing Not So Simple Anymore: 10 Mistakes That Can Trigger Tax Notices

Reassessment Invalid Where Alleged Penny Stock Transactions Belonged to Client: ITAT