Judgement

ITAT dismisses Revenue’s rectification application u/s 254(2) against earlier order quashing cancellation of 12A registration; holds that territorial jurisdiction is not a “mistake apparent from record.”

ITAT Rejects Revenue’s Rectification Plea Alleging Lack of Territorial Jurisdiction in Trust’s 12AB Cancellation Matter

The ITAT Ahmedabad deletes the addition of Rs. 50 lakh received by the company through bank transfers, on the grounds of a genuine bank transaction, interest and TDS were properly paid, and the loan was repaid later.

Loan Routed Through bank, Interest Paid with TDS, and Fully Repaid Cannot Be Treated as Unexplained Cash Credit: ITAT

The ITAT Mumbai granted partial relief by deleting the shop addition and directing a fresh review of the deemed rent calculation.

No ad hoc estimate allowed; MRV must be basis for deemed rent computation

Notifications

Govt. of India has notified the implementation of the amended India–Belgium Double Taxation Avoidance Agreement effective June 26, 2025.

Government notifies Amended India-Belgium Agreement on Avoidance of Double Taxation

News

Here's a comprehensive guide of even high-value financial transactions that are closely monitored by the Income Tax Department and can trigger scrutiny if they exceed specified limits.

Beware! 10 Key Financial Transactions That May Trigger Income Tax Scrutiny

The Tribunal decided to restore the case to the AO, giving the assessee an opportunity to present documents and explain his side

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ITAT Rejects Revenue’s Rectification Plea Alleging Lack of Territorial Jurisdiction in Trust’s 12AB Cancellation Matter

Loan Routed Through bank, Interest Paid with TDS, and Fully Repaid Cannot Be Treated as Unexplained Cash Credit: ITAT

No ad hoc estimate allowed; MRV must be basis for deemed rent computation

Government notifies Amended India-Belgium Agreement on Avoidance of Double Taxation

Beware! 10 Key Financial Transactions That May Trigger Income Tax Scrutiny

ITAT Holds NRI Status and US Residency Valid Grounds for Delay Condonation in Income Tax Appeal