Judgement

The ITAT held that the reason was levying a penalty, saying that the assessee failed to benchmark the international as well as specified domestic transactions, is not permissible under the provisions of section 271G of the Act.

Section 271G Penalty is Levied for Non-Submission of Information and Not for Failure to Benchmark: ITAT Ahmedabad

The Income Tax Appellate Tribunal (ITAT), Ahmedabad, grants full relief to the assessee, deleting Rs. 11.70 lakh added as unexplained loan under Section 68.

Relief Granted: ITAT Deletes Entire Rs. 11.70 Lakh Addition in Loan Dispute Under Section 68

News

Income Tax Department Alerts Taxpayers to Phishing Scams, Fraudulent Refund Emails, and Fake Websites; Advises Caution and Reporting Steps.

IT Dept Warns Taxpayers About Phishing, Fake Refund Emails, and Fraudulent Websites

The Court observed that just extending the specified due date, without extending the due date for filing the ITR, would go against Explanation (ii) to Section 44AB of the Act.

Gujarat High Court Directs CBDT to Extend ITR Filing Deadline for Audit Cases

Articles

The major contributors to this growth are higher collections from both corporate taxes and non-corporate taxes, which include individuals, firms, etc.

India's Direct Tax Collections Show Growth in FY 2025-26 by 6.33%

The Gujarat HC has recently allowed an NRI’s late ITR, referencing genuine COVID-19 hardships, and directed the tax department to accept his return within 12 weeks.

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Section 271G Penalty is Levied for Non-Submission of Information and Not for Failure to Benchmark: ITAT Ahmedabad

Relief Granted: ITAT Deletes Entire Rs. 11.70 Lakh Addition in Loan Dispute Under Section 68

IT Dept Warns Taxpayers About Phishing, Fake Refund Emails, and Fraudulent Websites

Gujarat High Court Directs CBDT to Extend ITR Filing Deadline for Audit Cases

India's Direct Tax Collections Show Growth in FY 2025-26 by 6.33%

Gujarat High Court Allows NRIs’ Delayed Income Tax Return, Citing COVID Hardship