News

The Finance Act, 2025 revamps New Tax Regime from FY 2025-26 with lower tax rates, higher exemptions, and relief for salaried and middle-class taxpayers.

Finance Act 2025 Introduces Lower Tax Burden and Higher Exemption Under New Tax Regime

Judgement

ITAT dismissed the tax department’s appeal and upheld the deletion of a Rs. 3.97 crore ad hoc expense disallowance, holding that the AO failed to point out any specific defects.

ITAT Upholds CIT(A)'s Deletion of Rs. 3.97 Crore Ad Hoc Expense Disallowance in Charitable Trust Case

The Tribunal ruled that reopening just because of a change of opinion is bad under the law and quashed the relevant reassessment order.

ITAT Quashes Reassessment Beyond Four Years; Deletes Rs 14.03 Crore Sub-Contract Expense Disallowance 

ITAT holds that failure to supply recorded reopening reasons, despite a specific request, makes the reassessment invalid in law, and deleted Rs. 73 lakh additions.

ITAT Quashes Reassessment Proceedings for Non-Furnishing of Reopening Reasons; Rs. 73 Lakh Additions Deleted

The ITAT held that GST cannot be treated as "charges" related to the carriage of goods under Section 44B and the same cannot be included in the gross receipts while calculating presumptive income under section 44B of the Act.

GST Not Includible in Presumptive Income Under Section 44B for Shipping Company: ITAT Mumbai

ITAT Indore Condones 508-Day Appeal Delay, Remands Ex-Parte Assessment to AO

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Finance Act 2025 Introduces Lower Tax Burden and Higher Exemption Under New Tax Regime

ITAT Upholds CIT(A)'s Deletion of Rs. 3.97 Crore Ad Hoc Expense Disallowance in Charitable Trust Case

ITAT Quashes Reassessment Beyond Four Years; Deletes Rs 14.03 Crore Sub-Contract Expense Disallowance

ITAT Quashes Reassessment Proceedings for Non-Furnishing of Reopening Reasons; Rs. 73 Lakh Additions Deleted

GST Not Includible in Presumptive Income Under Section 44B for Shipping Company: ITAT Mumbai

ITAT Indore Condones 508-Day Appeal Delay Due to Counsel Lapse and COVID