Judgement

Tribunal holds that misquoting the penalty provision was a clear, rectifiable mistake, rejects assessee’s claim that AO changed his “satisfaction” or exceeded jurisdiction.

ITAT Upholds Penalty Rectification: AO Can Correct Wrong Section from 271AAB to 271AAC Using Section 154

Tribunal holds that additions based solely on “Base Notes” and uncorroborated foreign account linkages cannot survive; confirms CIT(A)’s deletion of Section 69A additions

ITAT Dismisses Revenue’s Appeals Against Relief Given to Anil Ambani in HSBC Geneva “Base Note” Additions

Articles

As per the data produced in the Rajya Sabha, the number of pending cases before the first appellate state has increased from 448,992 in FY2020-21 to 548,278 in FY2023-24.

Income Tax Litigation Backlog: Pending Income Tax Cases Touch 539,000 for FY 2025

The Finance Ministry confirms new user-friendly ITR forms are being developed for rollout by FY 2027-28.

Government Confirms Timeline for New ITR Forms Under Income Tax Act 2025

News

InterGlobe Aviation said that the tax demand raised by the Kuwait Tax authorities has no significant impact on the financials, operation of any other activities of the company.

IndiGo Hit With Penalty of Rs 13.16 Crore Imposed by Kuwait Tax Department Amid Operational Disruptions

Court Rejects Claim of ‘Genuine Hardship’; Says Companies Cannot Skip Mandatory Compliance Due to Internal Infighting

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ITAT Upholds Penalty Rectification: AO Can Correct Wrong Section from 271AAB to 271AAC Using Section 154

ITAT Dismisses Revenue’s Appeals Against Relief Given to Anil Ambani in HSBC Geneva “Base Note” Additions

Income Tax Litigation Backlog: Pending Income Tax Cases Touch 539,000 for FY 2025

Government Confirms Timeline for New ITR Forms Under Income Tax Act 2025

IndiGo Hit With Penalty of Rs 13.16 Crore Imposed by Kuwait Tax Department Amid Operational Disruptions

30-Month Delay in ITR Filing Not Condonable; Director Disputes No Excuse for Ignoring Statutory Deadlines, Says HC