Judgement

The High Court rules that delay in statutory audit appointment and audit completion constitutes genuine hardship, condoning late ITR filing and directing tax authorities to adopt a liberal, justice-oriented approach under Section 119(2)(b).

Audit Delay Is Genuine Hardship: High Court Condones Late ITR Filing, Urges Liberal Approach

Shares received on amalgamation can be taxed as business income if held as stock-in-trade

Supreme Court Rules on Taxability of Shares in Amalgamation: Stock-in-Trade vs. Capital Assets

Tribunal held that long-outstanding unsecured loans cannot be treated as taxable income in absence of any evidence of waiver or write-off.

Waiver of Loan Cannot be Considered to be a 'Benefit' Without Specific Acknowledgment from Lenders: ITAT

Tribunal remands Section 69A addition for fresh verification and rejects ad hoc 8% profit estimation where audited books showed 7% margin

ITAT: 8% Profit Estimation Unjustified When Books Are Audited & No Incriminating Material Is Found

Articles

A simplified and modern income tax law replacing the 60-year-old Act, effective from April 1, 2025, aimed at clarity, ease of compliance, and reduced litigation without changing tax rates.

New Amended Income Tax Act 2025 Comes into Force from April 1: Here's What Taxpayers Should Know

Advance tax deposit of Rs. 2.5 crore directed as safeguard; Court refrains from ruling on merits of undisclosed income allegations

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Audit Delay Is Genuine Hardship: High Court Condones Late ITR Filing, Urges Liberal Approach

Supreme Court Rules on Taxability of Shares in Amalgamation: Stock-in-Trade vs. Capital Assets

Waiver of Loan Cannot be Considered to be a 'Benefit' Without Specific Acknowledgment from Lenders: ITAT

ITAT: 8% Profit Estimation Unjustified When Books Are Audited & No Incriminating Material Is Found

New Amended Income Tax Act 2025 Comes into Force from April 1: Here's What Taxpayers Should Know

HC Orders Conditional Release of Seized Jewellery and Cash After Income Tax Search