Judgement

ITAT holds that where an assessee chooses treaty exemption on capital gains in a later year, it does not affect the right to carry forward capital losses computed under domestic law in earlier years.

ITAT Allows Carry Forward of Capital Losses Despite Exemption of Gains under India–Singapore DTAA

ITAT Allows Carry Forward of Capital Losses Despite Exemption of Gains under India-Singapore DTAA

High Court dismisses Revenue’s appeal; upholds ITAT’s order confirming CIT(A)’s restriction of bogus purchase addition to 15% of alleged hawala transactions.

High Court Dismisses Revenue Appeal; Upholds 15% Restriction on Bogus Purchase Addition

ITAT Mumbai confirms that deductions under Sections 36(1)(vii), 36(1)(viia)(c) and 36(1)(viii) are independent; restricts Section 14A disallowance to assessee’s own working and remands lease-premium issue under Section 158A.

Rs 5.5 Crore 14A Disallowance Cut Down to Rs 1.16 Cr: ITAT Favors Assessee on Rule 8D Misuse

Notifications

The Government of India has officially notified the Agreement and Protocol between India and Qatar, strengthening bilateral economic and trade relations. Read the full notification here.

Government notifies Agreement and Protocol between India and Qatar [Read Notification]

Articles

The last date of filing the income tax audit report and ITR of Audit cases for FY 2024-25 is October 31, with almost 5 days left

ITR and Tax Audit due date will not be extended: File Before 31st October

The ICAI is inviting suggestions and opinions from the members and other stakeholders on the simplification of Income Tax Returns (ITRs) and its related forms.

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ITAT Allows Carry Forward of Capital Losses Despite Exemption of Gains under India-Singapore DTAA

High Court Dismisses Revenue Appeal; Upholds 15% Restriction on Bogus Purchase Addition

Rs 5.5 Crore 14A Disallowance Cut Down to Rs 1.16 Cr: ITAT Favors Assessee on Rule 8D Misuse

Government notifies Agreement and Protocol between India and Qatar [Read Notification]

ITR and Tax Audit due date will not be extended: File Before 31st October

ICAI Invites Suggestions for Simplification of ITRs and Related Forms