News

To encourage the taxpayers for voluntary compliance, the department has started the Saksham Nudge campaign. Under this campaign, the taxpayers are advised to voluntarily correct their mistakes.

Income Tax survey on Restaurants reveals suppression of sales of around Rs. 408 crore

Taxpayers are being warned about a circulating fake income tax message, fraudulently demanding Rs. 8.38 lakh and attempting to steal personal and financial information.

Fake Income Tax Notice Demanding Rs 8.38 Lakh Circulating; Taxpayers Advised to Stay Caution

Investigators believe that these restaurants used several methods to suppress their sales, such as bulk deletion of billing records, deleting cash invoices, and underreporting sales.

Income Tax Department Launches Nationwide Search on Restaurants After Uncovering Rs 70,000 Suppressed Sales

Judgement

The Supreme Court refused to entertain a PIL, holding it cannot assume that a certain provision will be misused in the future, especially when there are already legal remedies available.

SC Denies Considering PIL Challenging Search Powers of Tax Authorities; Holds Concerns are Highly Speculative

ITAT held that amortization of goodwill arising from slump sale should be treated as an extraordinary expense and excluded while computing PLI under TNMM for transfer pricing

ITAT: Transfer Pricing Margin Must Exclude Goodwill Amortization From Slump Sale

ITAT held that revision under section 263 cannot be invoked where the Assessing Officer conducted a detailed inquiry on Section 14A disallowance

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Income Tax survey on Restaurants reveals suppression of sales of around Rs. 408 crore

Fake Income Tax Notice Demanding Rs 8.38 Lakh Circulating; Taxpayers Advised to Stay Caution

Income Tax Department Launches Nationwide Search on Restaurants After Uncovering Rs 70,000 Suppressed Sales

SC Denies Considering PIL Challenging Search Powers of Tax Authorities; Holds Concerns are Highly Speculative

ITAT: Transfer Pricing Margin Must Exclude Goodwill Amortization From Slump Sale

Income Tax: Section 263 Revision Invalid Where Assessing Officer Conducted Proper Inquiry