Judgement

ITAT Mumbai ruled that tax authorities cannot arbitrarily apply a higher presumptive income rate when a taxpayer has correctly declared income under Section 44AD.

No Arbitrary Higher Tax Can Be Imposed When Presumptive Income Is Properly Declared: ITAT

It was observed that profits from one client were shifted to another by changing the codes. This suggested that there was no punching mistake but a deliberate attempt.

ITAT Upholds Addition Due to Non-Genuine Client Code Modifications

The ITAT Bangalore held that interest earned from temporary surplus funds is business income eligible for Section 80P deduction, not “income from other sources".

Interest earned by Cooperative society from temporary deployment Surplus business Funds eligible for Section 80P Deduction: ITAT

News

The IT Department has replaced old Form 49B with new Forms 134 and 135 to simplify the TAN application process.

Applying for TAN? Here’s What’s Changed with the New Forms

HC dismisses revenue appeal upholding ITAT relief on multiple tax additions and disallowances

UPS forms integral part of computer and is eligible for higher rate depreciation: High Court

High Court quashes rectification holding DTVSV settlement final and bars further proceedings under Section 154.

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No Arbitrary Higher Tax Can Be Imposed When Presumptive Income Is Properly Declared: ITAT

ITAT Upholds Addition Due to Non-Genuine Client Code Modifications

Interest earned by Cooperative society from temporary deployment Surplus business Funds eligible for Section 80P Deduction: ITAT

Applying for TAN? Here’s What’s Changed with the New Forms

UPS forms integral part of computer and is eligible for higher rate depreciation: High Court

Income Tax Section 154 Cannot Override DTVSV Final Settlement, Holds HC