Judgement

The Tribunal cited the case of Arvind Kumar Agarwal vs. ITO (supra), which also clarified that the condition requiring the timely submission of a return for claiming a deduction under section 10AA was applicable from 1.04.2024.

ITAT: Section 10AA Deduction Can’t Be Denied for AY 2023-24 for Belated Return or Form 56F Filed Within Extended Time

News

India’s tax landscape is shifting as young professionals increasingly earn from salaries, driving a sharp rise in complex, multi-income tax filings.

Indian's Shift from Salary Earners to Multi-Income Taxpayers as number of ITR-3 filers increase

The ITAT held that since the loss was withdrawn and no benefit was availed by the assessee, the required condition for levying a penalty under Section 271(1)(c) was not satisfied.

ITAT Deletes Section 271(1)(c) Penalty for Withdrawn claim of carry forward of loss

ITAT Mumbai dismissed the taxpayer’s appeal for repeated non-appearance, upholding a Rs. 28.59 lakh addition for unexplained cash deposits.

ITAT Upholds 28.59 Lakh Addition on Taxpayer for Unexplained Cash Deposits; Appeal Dismissed

The number of people earning more than Rs 1 crore a year has increased sharply eventhough the people who file income tax returns has not grown much.

Slow growth in Tax filers but, India Sees Sharp Rise in Crore-Plus Earners

ITAT deletes the entire CPC demand of Rs. 25,710, holding that the Section 87A rebate is fully allowable on LTGCs from debt, as the restriction under Section 112A applies only to equity LTCG.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

ITAT: Section 10AA Deduction Can’t Be Denied for AY 2023-24 for Belated Return or Form 56F Filed Within Extended Time

Indian's Shift from Salary Earners to Multi-Income Taxpayers as number of ITR-3 filers increase

ITAT Deletes Section 271(1)(c) Penalty for Withdrawn claim of carry forward of loss

ITAT Upholds 28.59 Lakh Addition on Taxpayer for Unexplained Cash Deposits; Appeal Dismissed

Slow growth in Tax filers but, India Sees Sharp Rise in Crore-Plus Earners

Income Tax Rebate Restriction Applies Only to Equity LTCG u/s Section 112A, Not LTCG from debt investments: Rules ITAT